Fifth Third Bancorp Acquires 19,032 Shares of Qorvo, Inc. $QRVO

Key Points

• Fifth Third Bancorp sharply increased its Qorvo stake in the first quarter, adding 19,032 shares and lifting its holdings by 3,590.9% to 19,562 shares valued at about $1.5 million.
• Several other institutional investors also boosted or initiated positions in Qorvo, and institutions now own 88.57% of the semiconductor company’s stock.
• Qorvo beat quarterly earnings expectations, reporting $1.69 EPS versus the expected $1.21, though revenue still declined 7% year over year; the stock was trading down 3.1% at $86.73.

Fifth Third Bancorp boosted its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 3,590.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,562 shares of the semiconductor company's stock after acquiring an additional 19,032 shares during the quarter. Fifth Third Bancorp's holdings in Qorvo were worth $1,514,000 at the end of the most recent quarter.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several other large investors have also recently modified their holdings of QRVO. Jones Financial Companies Lllp increased its holdings in Qorvo by 440.1% in the first quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company's stock valued at $589,000 after purchasing an additional 6,628 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Qorvo by 158.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company's stock valued at $180,000 after buying an additional 1,301 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Qorvo by 56.5% in the second quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company's stock valued at $12,100,000 after buying an additional 51,475 shares during the period. Marshall Wace LLP acquired a new stake in shares of Qorvo in the second quarter valued at about $428,000. Finally, Cerity Partners LLC bought a new position in shares of Qorvo during the second quarter worth about $327,000. Institutional investors own 88.57% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on QRVO. Craig Hallum reaffirmed a "buy" rating and issued a $120.00 price objective on shares of Qorvo in a research note on Wednesday, May 6th. JPMorgan Chase & Co. raised 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. Weiss Ratings restated a "hold (c)" rating on shares of Qorvo in a research report on Monday, April 27th. Citigroup upped their price objective on shares of Qorvo from $90.00 to $100.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Finally, Wall Street Zen upgraded shares of Qorvo from a "hold" rating to a "buy" rating in a research report on Sunday, July 12th. Three analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $97.07.

Insider Activity at Qorvo

In other news, SVP Paul J. Fego sold 2,500 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the senior vice president owned 71,038 shares of the company's stock, valued at $7,103,800. This represents a 3.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Gina Harrison sold 4,714 shares of the firm's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $471,400.00. Following the completion of the sale, the vice president owned 24,429 shares of the company's stock, valued at approximately $2,442,900. This represents a 16.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,966,127 shares of company stock worth $198,911,103 over the last three months. 0.49% of the stock is currently owned by company insiders.

Qorvo Trading Down 3.1%

Shares of QRVO stock opened at $86.73 on Friday. The company has a market cap of $7.65 billion, a P/E ratio of 23.96, a PEG ratio of 1.41 and a beta of 1.44. The stock has a 50 day simple moving average of $94.78 and a two-hundred day simple moving average of $86.58. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.46 and a current ratio of 3.24. Qorvo, Inc. has a fifty-two week low of $74.92 and a fifty-two week high of $109.49.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.21 by $0.48. The company had revenue of $808.28 million for the quarter, compared to the consensus estimate of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. Qorvo's quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Research analysts forecast that Qorvo, Inc. will post 5.83 earnings per share for the current year.

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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