Corient Private Wealth LP Decreases Stock Position in Qorvo, Inc. $QRVO

Corient Private Wealth LP lessened its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 12.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 161,583 shares of the semiconductor company's stock after selling 22,753 shares during the period. Corient Private Wealth LP owned about 0.18% of Qorvo worth $15,071,000 as of its most recent SEC filing.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in Qorvo in the 2nd quarter worth $942,610,000. Bank of America Corp DE bought a new position in shares of Qorvo during the second quarter valued at approximately $182,131,000. Norges Bank purchased a new stake in Qorvo in the fourth quarter worth $92,430,000. Assenagon Asset Management S.A. boosted its holdings in Qorvo by 435.0% in the second quarter. Assenagon Asset Management S.A. now owns 1,183,896 shares of the semiconductor company's stock valued at $110,422,000 after acquiring an additional 962,593 shares in the last quarter. Finally, Jupiter Topco LLC bought a new stake in Qorvo in the second quarter valued at $52,975,000. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Grant Brown sold 5,179 shares of the business's 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 $504,952.50. Following the completion of the transaction, the chief financial officer directly owned 49,268 shares in the company, valued at $4,803,630. The trade was a 9.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Steven Creviston sold 4,810 shares of the company's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $100.87, for a total value of $485,184.70. Following the completion of the transaction, the senior vice president directly owned 119,451 shares in the company, valued at $12,049,022.37. This trade represents a 3.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 57,499 shares of company stock valued at $5,743,989. Company insiders own 0.49% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on QRVO shares. Weiss Ratings restated a "hold (c)" rating on shares of Qorvo in a report on Friday, July 24th. Wall Street Zen raised shares of Qorvo from a "hold" rating to a "buy" rating in a research note on Sunday, August 2nd. Citigroup reduced their price target on shares of Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 29th. TD Cowen restated a "hold" rating on shares of Qorvo in a report on Wednesday, July 29th. Finally, UBS Group lifted their price objective on Qorvo from $91.00 to $96.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $94.00.

Qorvo Trading Up 9.3%

Qorvo stock opened at $118.06 on Wednesday. Qorvo, Inc. has a 12 month low of $74.92 and a 12 month high of $120.52. The company has a market capitalization of $10.42 billion, a price-to-earnings ratio of 27.39, a price-to-earnings-growth ratio of 1.87 and a beta of 1.45. The business's fifty day simple moving average is $94.93 and its two-hundred day simple moving average is $90.83. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.53. The firm had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The company's revenue was down 4.2% on a year-over-year basis. During the same period last year, the company earned $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, equities analysts predict 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.

Want to see what other hedge funds are holding QRVO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Qorvo, Inc. (NASDAQ:QRVO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.