BNP Paribas Financial Markets Lowers Holdings in Qorvo, Inc. $QRVO

BNP Paribas Financial Markets decreased its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 50.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 108,609 shares of the semiconductor company's stock after selling 110,385 shares during the quarter. BNP Paribas Financial Markets owned 0.12% of Qorvo worth $9,179,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in QRVO. Norges Bank acquired a new stake in Qorvo in the fourth quarter valued at approximately $92,430,000. Marshall Wace LLP boosted its holdings in shares of Qorvo by 16,066.5% in the third quarter. Marshall Wace LLP now owns 814,630 shares of the semiconductor company's stock valued at $74,197,000 after acquiring an additional 809,591 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of Qorvo in the third quarter valued at approximately $66,594,000. Dorsal Capital Management LP raised its stake in shares of Qorvo by 146.9% during the third quarter. Dorsal Capital Management LP now owns 1,000,000 shares of the semiconductor company's stock worth $91,080,000 after purchasing an additional 595,000 shares during the last quarter. Finally, Voloridge Investment Management LLC raised its stake in shares of Qorvo by 2,502.2% during the third quarter. Voloridge Investment Management LLC now owns 553,596 shares of the semiconductor company's stock worth $50,422,000 after purchasing an additional 532,322 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.

Qorvo Trading Up 1.6%

QRVO opened at $99.89 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.24 and a quick ratio of 2.46. Qorvo, Inc. has a 12-month low of $74.92 and a 12-month high of $109.49. The firm's fifty day moving average price is $89.87 and its 200 day moving average price is $85.33. The stock has a market capitalization of $8.79 billion, a PE ratio of 27.59, a P/E/G ratio of 1.53 and a beta of 1.43.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.48. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The firm had revenue of $808.28 million during the quarter, compared to analyst estimates of $801.31 million. During the same quarter in the previous year, the firm earned $1.42 earnings per share. The firm's revenue for the quarter was down 7.0% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, research analysts expect that Qorvo, Inc. will post 5.87 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on QRVO. Mizuho reaffirmed an "underperform" rating and set a $66.00 price objective (down from $70.00) on shares of Qorvo in a report on Monday, April 20th. Craig Hallum reissued a "buy" rating and issued a $120.00 price target on shares of Qorvo in a report on Wednesday, May 6th. Citigroup lifted their price objective on Qorvo from $90.00 to $100.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. Barclays upgraded Qorvo from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $95.00 to $100.00 in a report on Wednesday, April 22nd. Finally, UBS Group raised their price objective on Qorvo from $87.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $96.63.

Insider Activity

In other news, SVP Paul J. Fego sold 2,500 shares of the business's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the senior vice president owned 71,038 shares of the company's stock, valued at approximately $7,103,800. The trade was a 3.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Peter A. Feld sold 1,900,000 shares of Qorvo stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the sale, the director owned 5,611,526 shares in the company, valued at approximately $567,886,431.20. This represents a 25.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,966,127 shares of company stock worth $198,911,103. 0.41% of the stock is owned by insiders.

Qorvo Company Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo's product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.

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