Clearbridge Investments LLC Cuts Stock Holdings in Qorvo, Inc. $QRVO

Key Points

• Clearbridge Investments LLC cut its Qorvo stake by 51.8% in the fourth quarter, selling 291,054 shares and leaving it with 271,236 shares worth about $22.9 million.
• Qorvo reported stronger-than-expected quarterly results, with EPS of $1.69 versus the $1.21 estimate and revenue of $808.3 million, though revenue was still down 7% year over year.
• Analyst sentiment remains mixed: the consensus rating is Hold with an average price target of $96.63, while insiders have also been selling shares, including the CEO and a vice president.

Clearbridge Investments LLC trimmed its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 51.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 271,236 shares of the semiconductor company's stock after selling 291,054 shares during the quarter. Clearbridge Investments LLC owned approximately 0.29% of Qorvo worth $22,922,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Syon Capital LLC increased its holdings in shares of Qorvo by 74.9% during the 4th quarter. Syon Capital LLC now owns 7,829 shares of the semiconductor company's stock valued at $662,000 after purchasing an additional 3,352 shares in the last quarter. Pinebridge Investments LLC purchased a new stake in Qorvo in the 4th quarter worth $806,000. Vise Technologies Inc. increased its holdings in Qorvo by 19.7% in the 4th quarter. Vise Technologies Inc. now owns 3,516 shares of the semiconductor company's stock worth $297,000 after acquiring an additional 578 shares in the last quarter. Lido Advisors LLC increased its holdings in Qorvo by 4.1% in the 4th quarter. Lido Advisors LLC now owns 4,816 shares of the semiconductor company's stock worth $431,000 after acquiring an additional 191 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Qorvo by 1.2% in the 4th quarter. Bank of New York Mellon Corp now owns 532,586 shares of the semiconductor company's stock worth $45,009,000 after acquiring an additional 6,563 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Trading Down 2.0%

Shares of QRVO opened at $97.94 on Wednesday. Qorvo, Inc. has a 52-week low of $74.92 and a 52-week high of $109.49. The company has a quick ratio of 2.46, a current ratio of 3.24 and a debt-to-equity ratio of 0.46. The firm's fifty day moving average is $90.28 and its two-hundred day moving average is $85.45. The stock has a market cap of $8.62 billion, a PE ratio of 27.06, a price-to-earnings-growth ratio of 1.56 and a beta of 1.43.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping 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 company had revenue of $808.28 million for the quarter, compared to analysts' expectations of $801.31 million. During the same quarter in the previous year, the company posted $1.42 EPS. The firm's quarterly revenue was down 7.0% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Research analysts forecast that Qorvo, Inc. will post 5.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on QRVO. UBS Group boosted their price target on shares of Qorvo from $87.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Zacks Research lowered shares of Qorvo from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 16th. JPMorgan Chase & Co. boosted their price target on shares of Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Barclays raised shares of Qorvo from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $95.00 to $100.00 in a report on Wednesday, April 22nd. Finally, Craig Hallum reissued a "buy" rating and issued a $120.00 price target on shares of Qorvo in a report on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $96.63.

Insider Activity

In other news, VP Gina Harrison sold 4,714 shares of the business's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $471,400.00. Following the transaction, the vice president owned 24,429 shares of the company's stock, valued at approximately $2,442,900. The trade was a 16.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert A. Bruggeworth sold 57,957 shares of the business's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the transaction, the chief executive officer directly owned 319,880 shares in the company, valued at approximately $32,115,952. The trade was a 15.34% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, 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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