Hsbc Holdings PLC Reduces Stake in Qorvo, Inc. $QRVO

Key Points

• HSBC Holdings PLC sharply reduced its Qorvo stake by 76.9% in the fourth quarter, selling 60,721 shares and leaving it with 18,222 shares worth about $1.55 million.
• Insider selling has been significant, including Director Peter A. Feld’s sale of 1.9 million shares and SVP Paul J. Fego’s sale of 2,500 shares; insiders sold nearly 2.0 million shares in the last quarter overall.
• Analyst sentiment remains cautious, with Qorvo carrying a consensus “Hold” rating and an average price target of $96.62, even after a mixed set of rating changes from various firms.

Hsbc Holdings PLC lessened its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 76.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,222 shares of the semiconductor company's stock after selling 60,721 shares during the quarter. Hsbc Holdings PLC's holdings in Qorvo were worth $1,552,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of QRVO. Jones Financial Companies Lllp boosted its holdings in shares of Qorvo by 440.1% in the 1st quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company's stock valued at $589,000 after acquiring an additional 6,628 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Qorvo by 158.7% during 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 lifted its position in Qorvo by 56.5% during 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 Qorvo in the second quarter valued at $428,000. Finally, Cerity Partners LLC acquired a new stake in Qorvo during the 2nd quarter worth about $327,000. 88.57% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Qorvo news, Director Peter A. Feld sold 1,900,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the transaction, the director owned 5,611,526 shares in the company, valued at approximately $567,886,431.20. This represents a 25.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Paul J. Fego sold 2,500 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the senior vice president directly owned 71,038 shares in the company, valued at approximately $7,103,800. The trade was a 3.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,966,127 shares of company stock worth $198,911,103. 0.41% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Zacks Research lowered Qorvo from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 16th. Barclays upgraded Qorvo from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Wolfe Research cut Qorvo from an "outperform" rating to a "peer perform" rating in a research report on Friday, April 17th. Citigroup boosted their price target on Qorvo from $90.00 to $100.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Qorvo in a research report on Monday, April 27th. Three research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $96.62.

Qorvo Trading Down 0.3%

Shares of Qorvo stock opened at $93.27 on Wednesday. The firm has a 50-day simple moving average of $95.60 and a two-hundred day simple moving average of $86.57. The company has a market cap of $8.23 billion, a P/E ratio of 25.77, a price-to-earnings-growth ratio of 1.47 and a beta of 1.43. Qorvo, Inc. has a fifty-two week low of $74.92 and a fifty-two week high of $109.49. 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 (NASDAQ:QRVO - Get Free Report) last posted its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.48. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The business had revenue of $808.28 million for the quarter, compared to analyst estimates of $801.31 million. During the same period in the prior year, the company posted $1.42 EPS. The company's revenue for the quarter was down 7.0% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, equities analysts predict that Qorvo, Inc. will post 5.84 earnings per share for the current fiscal 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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