Clear Harbor Asset Management LLC Reduces Stake in Qorvo, Inc. $QRVO

Key Points

• Clear Harbor Asset Management LLC has reduced its stake in Qorvo, Inc. by 22.5%, selling 3,310 shares and holding 11,422 shares valued at approximately $970,000.
• Several hedge funds have increased their positions with notable acquisitions, including Jericho Capital Asset Management L.P. with a new position worth around $168.98 million and The Manufacturers Life Insurance Company growing its stake by 2,096.5%.
• Analyst reports indicate a general neutral consensus rating for Qorvo, with price targets ranging from $80.00 to $125.00, reflecting varying levels of optimism across research firms.

Clear Harbor Asset Management LLC lowered its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 22.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 11,422 shares of the semiconductor company's stock after selling 3,310 shares during the quarter. Clear Harbor Asset Management LLC's holdings in Qorvo were worth $970,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in QRVO. Jericho Capital Asset Management L.P. purchased a new position in shares of Qorvo in the 1st quarter valued at about $168,980,000. Contour Asset Management LLC purchased a new position in shares of Qorvo in the 1st quarter valued at about $151,698,000. The Manufacturers Life Insurance Company increased its holdings in shares of Qorvo by 2,096.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 498,122 shares of the semiconductor company's stock valued at $36,069,000 after acquiring an additional 475,444 shares during the last quarter. Shannon River Fund Management LLC purchased a new position in shares of Qorvo in the 1st quarter valued at about $32,085,000. Finally, Assenagon Asset Management S.A. grew its stake in Qorvo by 82.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 763,654 shares of the semiconductor company's stock worth $64,842,000 after buying an additional 345,929 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. The Goldman Sachs Group assumed coverage on Qorvo in a research note on Thursday, July 10th. They set a "neutral" rating and a $90.00 price target on the stock. UBS Group set a $100.00 price target on Qorvo and gave the stock a "neutral" rating in a research note on Wednesday, July 30th. TD Cowen raised their price target on Qorvo from $80.00 to $95.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Mizuho set a $84.00 price objective on Qorvo and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Finally, Piper Sandler increased their price objective on Qorvo from $110.00 to $125.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Qorvo presently has a consensus rating of "Hold" and a consensus target price of $95.35.

Qorvo Stock Performance

Qorvo stock opened at $96.31 on Tuesday. The stock's 50-day moving average is $88.80 and its 200-day moving average is $78.84. The company has a market cap of $8.92 billion, a price-to-earnings ratio of 113.31, a price-to-earnings-growth ratio of 1.79 and a beta of 1.39. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $107.33. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The semiconductor company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.30. The company had revenue of $818.80 million for the quarter, compared to analysts' expectations of $775.61 million. Qorvo had a return on equity of 12.63% and a net margin of 2.21%.The firm's quarterly revenue was down 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.87 earnings per share. Qorvo has set its Q2 2026 guidance at 1.750-2.250 EPS. Equities analysts anticipate that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Qorvo Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.

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