Greenland Capital Management LP Reduces Holdings in Qorvo, Inc. $QRVO

Key Points

• Greenland Capital Management cut its Qorvo stake by 84.9% in the second quarter, selling 32,276 shares and retaining 5,726 shares worth approximately $534,000.
• Analyst sentiment remains mixed: Qorvo has an overall “Hold” rating and an average price target of $94, while institutional investors own 88.57% of the company.
• Qorvo exceeded quarterly expectations with $1.64 in EPS versus the $1.11 estimate and revenue of $784.79 million, though revenue declined 4.2% year over year; insiders also sold nearly 55,000 shares worth $5.46 million during the quarter.

Greenland Capital Management LP decreased its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 84.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 5,726 shares of the semiconductor company's stock after selling 32,276 shares during the quarter. Greenland Capital Management LP's holdings in Qorvo were worth $534,000 at the end of the most recent quarter.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several other large investors also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp boosted its position in Qorvo by 440.1% during the first quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company's stock worth $589,000 after purchasing an additional 6,628 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Qorvo by 158.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company's stock valued at $180,000 after purchasing an additional 1,301 shares during the period. First Trust Advisors LP raised its position 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 purchasing an additional 51,475 shares during the period. Marshall Wace LLP purchased a new stake in shares of Qorvo during the 2nd quarter valued at approximately $428,000. Finally, Cerity Partners LLC purchased a new stake in shares of Qorvo during the 2nd quarter valued at approximately $327,000. Hedge funds and other institutional investors own 88.57% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on QRVO shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Qorvo in a report on Friday, July 24th. UBS Group increased their target price on Qorvo from $91.00 to $96.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. TD Cowen reiterated a "hold" rating on shares of Qorvo in a research report on Wednesday, July 29th. Wall Street Zen upgraded Qorvo from a "hold" rating to a "buy" rating in a research note on Sunday, August 2nd. Finally, Citigroup dropped their price objective on Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a 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 assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $94.00.

Insider Transactions at Qorvo

In related news, SVP Paul J. Fego sold 2,500 shares of the company's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the senior vice president directly owned 76,960 shares in the company, valued at approximately $7,696,000. This represents a 3.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Grant Brown sold 5,179 shares of the firm'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 transaction of $504,952.50. Following the completion of the sale, the chief financial officer directly owned 49,268 shares in the company, valued at $4,803,630. This represents a 9.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 54,999 shares of company stock worth $5,458,714. 0.49% of the stock is owned by insiders.

Qorvo Stock Performance

NASDAQ QRVO opened at $102.84 on Tuesday. The company's 50 day simple moving average is $92.28 and its two-hundred day simple moving average is $89.64. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.68. Qorvo, Inc. has a 1 year low of $74.92 and a 1 year high of $109.49. The stock has a market capitalization of $9.07 billion, a PE ratio of 23.86, a P/E/G ratio of 1.81 and a beta of 1.45.

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

Qorvo 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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