Jupiter Topco LLC Makes New Investment in Qorvo, Inc. $QRVO

Key Points

• Jupiter Topco LLC acquired 568,187 Qorvo shares worth approximately $53.0 million, giving it a 0.64% stake. Institutional investors and hedge funds collectively own 88.57% of Qorvo.
• Qorvo reported quarterly EPS of $1.64, beating estimates of $1.11, while revenue of $784.8 million exceeded forecasts but declined 4.2% year over year.
• Analysts maintain a consensus “Hold” rating with a $94 price target, while insiders have sold nearly 2.0 million shares worth about $199.1 million over the past 90 days.

Jupiter Topco LLC acquired a new position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 568,187 shares of the semiconductor company's stock, valued at approximately $52,975,000. Jupiter Topco LLC owned approximately 0.64% of Qorvo as of its most recent SEC filing.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several other large investors also recently made changes to their positions in the stock. Jones Financial Companies Lllp raised 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 acquiring an additional 6,628 shares in the last quarter. 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 acquiring an additional 1,301 shares during the period. First Trust Advisors LP increased its stake in shares of Qorvo by 56.5% during the 2nd quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company's stock worth $12,100,000 after purchasing an additional 51,475 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Qorvo during the 2nd quarter worth about $428,000. Finally, Cerity Partners LLC bought a new stake in shares of Qorvo in the 2nd quarter valued at about $327,000. Institutional investors and hedge funds own 88.57% of the company's stock.

Qorvo Stock Performance

NASDAQ QRVO opened at $96.18 on Friday. The stock has a market cap of $8.48 billion, a PE ratio of 22.32, a P/E/G ratio of 1.38 and a beta of 1.44. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54. The firm has a 50-day moving average of $92.00 and a 200-day moving average of $88.90. Qorvo, Inc. has a 52-week low of $74.92 and a 52-week high of $109.49.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating analysts' consensus estimates of $1.11 by $0.53. The business had revenue of $784.79 million for the quarter, compared to analyst estimates of $743.28 million. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. Qorvo's quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, sell-side analysts anticipate that Qorvo, Inc. will post 6.3 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on QRVO shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Qorvo in a research note on Friday, July 24th. Craig Hallum reissued a "buy" rating and set a $120.00 price target on shares of Qorvo in a research report on Wednesday, May 6th. UBS Group upped their price objective on Qorvo from $91.00 to $96.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Wall Street Zen raised Qorvo from a "hold" rating to a "buy" rating in a research report on Sunday, August 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Qorvo currently has an average rating of "Hold" and a consensus price target of $94.00.

Insider Transactions at Qorvo

In other news, CFO Grant Brown sold 5,179 shares of the company's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $97.50, for a total value of $504,952.50. Following the transaction, the chief financial officer owned 49,268 shares of the company's stock, valued at approximately $4,803,630. This represents a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert A. Bruggeworth sold 57,957 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $100.40, for a total value of $5,818,882.80. Following the transaction, the chief executive officer owned 319,880 shares in the company, valued at approximately $32,115,952. This trade represents a 15.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,968,623 shares of company stock worth $199,138,818. Insiders own 0.49% of the company's stock.

Qorvo Company 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.

Want to see what other hedge funds are holding QRVO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Qorvo, Inc. (NASDAQ:QRVO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source