California State Teachers Retirement System Sells 2,812 Shares of Qorvo, Inc. $QRVO

Key Points

• California State Teachers Retirement System reduced its Qorvo position by 2.8%, selling 2,812 shares and retaining 98,728 shares worth approximately $9.2 million. Institutional investors collectively own 88.57% of the company.
• Analysts remain broadly cautious, with Qorvo carrying an average “Hold” rating and a consensus price target of $94, despite UBS raising its target to $96 and issuing a “Buy” rating.
• Qorvo exceeded quarterly expectations with $1.64 in EPS and $784.79 million in revenue, while insiders sold nearly 55,000 shares worth $5.46 million over the past 90 days. The stock recently traded at $116.14, near its 52-week high of $120.52.

California State Teachers Retirement System cut its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 2.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,728 shares of the semiconductor company's stock after selling 2,812 shares during the quarter. California State Teachers Retirement System owned about 0.11% of Qorvo worth $9,208,361 as of its most recent filing with the Securities and Exchange Commission (SEC).

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wedmont Private Capital raised its holdings in shares of Qorvo by 1.6% during the 2nd quarter. Wedmont Private Capital now owns 10,247 shares of the semiconductor company's stock worth $879,000 after acquiring an additional 162 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Qorvo by 4.4% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,955 shares of the semiconductor company's stock worth $306,000 after acquiring an additional 167 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of Qorvo by 14.6% during the fourth quarter. Larson Financial Group LLC now owns 1,483 shares of the semiconductor company's stock worth $125,000 after purchasing an additional 189 shares in the last quarter. Optimize Financial Inc grew its stake in shares of Qorvo by 1.5% in the 4th quarter. Optimize Financial Inc now owns 15,024 shares of the semiconductor company's stock valued at $1,270,000 after purchasing an additional 216 shares during the last quarter. Finally, Parallel Advisors LLC raised its stake in shares of Qorvo by 29.6% during the 1st quarter. Parallel Advisors LLC now owns 1,230 shares of the semiconductor company's stock worth $95,000 after buying an additional 281 shares during the last quarter. 88.57% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on QRVO. UBS Group boosted their price target on shares of Qorvo from $91.00 to $96.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Wall Street Zen upgraded shares of Qorvo from a "hold" rating to a "buy" rating in a research note on Sunday, August 2nd. Weiss Ratings reiterated a "hold (c)" rating on shares of Qorvo in a research report on Friday, July 24th. Citigroup reduced their price objective on Qorvo from $100.00 to $95.00 and set a "neutral" rating for the company in a report on Wednesday, July 29th. Finally, TD Cowen reissued a "hold" rating on shares of Qorvo in a research note on Wednesday, July 29th. Three investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $94.00.

Insider Buying and Selling at Qorvo

In other Qorvo news, SVP Philip Chesley sold 5,487 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $534,982.50. Following the sale, the senior vice president directly owned 44,021 shares in the company, valued at $4,292,047.50. This represents a 11.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert A. Bruggeworth sold 28,744 shares of the business's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $100.87, for a total value of $2,899,407.28. Following the completion of the sale, the chief executive officer directly owned 325,546 shares in the company, valued at approximately $32,837,825.02. This represents a 8.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 54,999 shares of company stock valued at $5,458,714 in the last 90 days. Company insiders own 0.49% of the company's stock.

Qorvo Stock Performance

QRVO traded up $8.16 during trading on Tuesday, reaching $116.14. The company's stock had a trading volume of 1,298,007 shares, compared to its average volume of 1,266,378. The company's fifty day moving average price is $94.27 and its 200-day moving average price is $90.58. Qorvo, Inc. has a 52-week low of $74.92 and a 52-week high of $120.52. The company has a market capitalization of $10.25 billion, a price-to-earnings ratio of 26.95, a price-to-earnings-growth ratio of 2.02 and a beta of 1.45. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.53. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The company had revenue of $784.79 million for the quarter, compared to the consensus estimate of $743.28 million. During the same quarter last year, the business posted $0.92 EPS. Qorvo's quarterly revenue was down 4.2% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, equities analysts forecast that Qorvo, Inc. will post 6.41 earnings per share for the current fiscal year.

Qorvo Profile

Qorvo, Inc is a semiconductor company that develops and manufactures radio-frequency (RF) and related connectivity solutions. Its products are used to generate, filter, amplify and manage wireless signals in communications equipment and electronic devices.

The company supplies RF components, modules and integrated circuits for smartphones, cellular base stations, Wi-Fi equipment, automotive systems, Internet of Things devices, consumer electronics, and aerospace and defense applications.

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