Corient Private Wealth LP Purchases New Holdings in Qorvo, Inc. $QRVO

Key Points

• Corient Private Wealth acquired 159,911 Qorvo shares worth approximately $14.9 million, while institutional ownership reached 88.57%. Other major investors, including BlackRock and Bank of America, also established or increased positions.
• Analysts remain cautious: Qorvo has a consensus “Hold” rating and a $94 target price, with three Buy ratings, fourteen Holds, and one Sell.
• Qorvo exceeded quarterly expectations, reporting $1.64 in adjusted EPS versus a $1.11 estimate and revenue of $784.79 million. However, insiders sold nearly 1.97 million shares worth about $199.1 million over the past 90 days.

Corient Private Wealth LP acquired a new position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 159,911 shares of the semiconductor company's stock, valued at approximately $14,915,000. Corient Private Wealth LP owned approximately 0.18% of Qorvo as of its most recent SEC filing.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in QRVO. BlackRock Inc. bought a new position in Qorvo during the second quarter worth about $942,610,000. State Street Corp increased its holdings in shares of Qorvo by 5.0% during the 2nd quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company's stock worth $314,516,000 after acquiring an additional 175,031 shares during the last quarter. FIL Ltd increased its holdings in shares of Qorvo by 13.2% during the 4th quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company's stock worth $305,085,000 after acquiring an additional 421,224 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Qorvo by 16.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,181,479 shares of the semiconductor company's stock valued at $168,842,000 after acquiring an additional 311,645 shares during the period. Finally, Bank of America Corp DE bought a new stake in Qorvo in the 2nd quarter valued at $182,131,000. 88.57% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on QRVO. Weiss Ratings restated a "hold (c)" rating on shares of Qorvo in a research note on Friday, July 24th. TD Cowen reaffirmed a "hold" rating on shares of Qorvo in a research report on Wednesday, July 29th. Craig Hallum reiterated a "buy" rating and set a $120.00 target price on shares of Qorvo in a research note on Wednesday, May 6th. Citigroup dropped their price target on Qorvo from $100.00 to $95.00 and set a "neutral" rating for the company in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. boosted their price target on Qorvo from $85.00 to $100.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $94.00.

Qorvo Stock Performance

NASDAQ QRVO opened at $94.73 on Friday. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $8.36 billion, a P/E ratio of 21.98, a P/E/G ratio of 1.38 and a beta of 1.44. Qorvo, Inc. has a 12-month low of $74.92 and a 12-month high of $109.49. The firm has a 50-day moving average price of $91.92 and a two-hundred day moving average price of $88.94.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The company had revenue of $784.79 million for the quarter, compared to analysts' expectations of $743.28 million. During the same period last year, the firm earned $0.92 earnings per share. The business's revenue for the quarter was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts anticipate that Qorvo, Inc. will post 6.3 earnings per share for the current year.

Insider Activity

In other Qorvo news, Director Peter A. Feld sold 1,900,000 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 5,611,526 shares in the company, valued at $567,886,431.20. The trade was a 25.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Grant Brown sold 5,179 shares of Qorvo stock in a transaction 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 owned 49,268 shares in the company, valued at approximately $4,803,630. The trade was a 9.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,968,623 shares of company stock worth $199,138,818. Insiders own 0.49% of the company's stock.

About Qorvo

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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