Fred Alger Management LLC Buys Shares of 3,639 Qorvo, Inc. $QRVO

Key Points

• Fred Alger Management LLC has invested $264,000 in Qorvo, Inc. by acquiring 3,639 shares, indicating confidence in the semiconductor company as it navigates market fluctuations.
• Qorvo's shares have recently been rated a "strong-buy" by Wall Street Zen, with analysts raising the price target to $125.00, reflecting positive sentiment for future performance.
• The company's quarterly earnings fell 7.7% year-over-year, but it reported earnings per share of $0.92, exceeding analyst expectations of $0.62.

Fred Alger Management LLC purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 3,639 shares of the semiconductor company's stock, valued at approximately $264,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of Qorvo by 10.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,561 shares of the semiconductor company's stock worth $547,000 after purchasing an additional 717 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Qorvo during the first quarter worth approximately $963,000. Allspring Global Investments Holdings LLC increased its stake in Qorvo by 36.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 38,576 shares of the semiconductor company's stock valued at $2,786,000 after purchasing an additional 10,209 shares during the period. Cetera Investment Advisers raised its stake in Qorvo by 22.3% during the 4th quarter. Cetera Investment Advisers now owns 10,364 shares of the semiconductor company's stock valued at $725,000 after acquiring an additional 1,892 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Qorvo by 99.1% in the 1st quarter. GAMMA Investing LLC now owns 3,665 shares of the semiconductor company's stock valued at $265,000 after purchasing an additional 1,824 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.

Qorvo Price Performance

NASDAQ QRVO traded up $0.53 during trading hours on Tuesday, reaching $86.94. The company's stock had a trading volume of 1,635,337 shares, compared to its average volume of 1,545,275. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.01 and a current ratio of 2.81. The stock has a market cap of $8.05 billion, a PE ratio of 102.28, a PEG ratio of 1.69 and a beta of 1.39. The company's 50-day moving average is $88.61 and its two-hundred day moving average is $78.24. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $107.33.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.30. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The company had revenue of $818.80 million for the quarter, compared to the consensus estimate of $775.61 million. During the same quarter in the prior year, the firm earned $0.87 earnings per share. The company's revenue for the quarter was down 7.7% compared to the same quarter last year. Qorvo has set its Q2 2026 guidance at 1.750-2.250 EPS. Analysts forecast that Qorvo, Inc. will post 4.09 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on QRVO shares. Mizuho set a $84.00 price target on Qorvo and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. Citigroup restated a "sell" rating on shares of Qorvo in a research report on Wednesday, September 10th. Susquehanna restated a "neutral" rating and issued a $95.00 target price (up previously from $90.00) on shares of Qorvo in a research note on Wednesday, July 30th. Craig Hallum reiterated a "buy" rating on shares of Qorvo in a research note on Wednesday, July 30th. Finally, Loop Capital raised their price objective on shares of Qorvo from $75.00 to $90.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Qorvo presently has an average rating of "Hold" and a consensus price target of $95.35.

About Qorvo

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.