Jericho Capital Asset Management L.P. Invests $168.98 Million in Qorvo, Inc. $QRVO

Key Points

• Jericho Capital Asset Management has made a significant investment of approximately $168.98 million in Qorvo, acquiring 2,333,650 shares, which now constitutes about 3.1% of its portfolio.
• Qorvo recently reported a quarterly earnings per share (EPS) of $0.92, surpassing analysts' expectations of $0.62, with revenues reaching $818.80 million.
• Several institutional investors have increased their stakes in Qorvo, highlighting strong interest in the semiconductor company's stock, with 88.57% of shares currently held by hedge funds and other institutions.

Jericho Capital Asset Management L.P. purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 2,333,650 shares of the semiconductor company's stock, valued at approximately $168,980,000. Qorvo accounts for approximately 3.1% of Jericho Capital Asset Management L.P.'s holdings, making the stock its 13th largest position. Jericho Capital Asset Management L.P. owned 2.50% of Qorvo as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Contour Asset Management LLC purchased a new position in Qorvo during the first quarter worth about $151,698,000. Woodline Partners LP boosted its position in shares of Qorvo by 31.3% during the 4th quarter. Woodline Partners LP now owns 968,103 shares of the semiconductor company's stock worth $67,699,000 after purchasing an additional 230,710 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Qorvo by 7.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 888,814 shares of the semiconductor company's stock worth $64,359,000 after purchasing an additional 57,838 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Qorvo by 20.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 682,076 shares of the semiconductor company's stock worth $47,698,000 after purchasing an additional 117,053 shares during the period. Finally, LSV Asset Management boosted its position in shares of Qorvo by 114.4% during the 1st quarter. LSV Asset Management now owns 634,381 shares of the semiconductor company's stock worth $45,936,000 after purchasing an additional 338,521 shares during the period. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Stock Performance

Shares of Qorvo stock traded up $0.35 on Tuesday, reaching $92.11. 2,024,328 shares of the stock were exchanged, compared to its average volume of 2,321,832. The company has a current ratio of 2.81, a quick ratio of 2.01 and a debt-to-equity ratio of 0.45. The business has a fifty day moving average price of $88.39 and a two-hundred day moving average price of $77.66. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $108.44. The firm has a market capitalization of $8.53 billion, a PE ratio of 108.37, a PEG ratio of 1.81 and a beta of 1.39.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, topping 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 analyst estimates of $775.61 million. During the same period in the prior year, the business posted $0.87 earnings per share. The firm'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. As a group, research analysts anticipate that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on QRVO. Citigroup reaffirmed a "sell" rating on shares of Qorvo in a research report on Tuesday, June 10th. Benchmark increased their price objective on shares of Qorvo from $95.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Stifel Nicolaus set a $88.00 price objective on shares of Qorvo and gave the stock a "hold" rating in a research report on Wednesday, July 30th. UBS Group set a $100.00 price objective on shares of Qorvo and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. Finally, Barclays increased their price objective on shares of Qorvo from $70.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Five 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $95.35.

Qorvo Company Profile

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.