Legal & General Group Plc Invests $18.50 Million in Qorvo, Inc. $QRVO

Key Points

• Legal & General Group Plc acquired 198,395 Qorvo shares during the second quarter, worth approximately $18.5 million and representing about 0.22% of the semiconductor company.
• Qorvo reported quarterly earnings of $1.64 per share, exceeding the $1.11 consensus estimate, while revenue of $784.8 million also surpassed expectations. However, revenue declined 4.2% year over year.
• Analyst sentiment remains cautious, with an overall “Hold” rating and a $94 consensus price target. Institutional investors own 88.57% of Qorvo, while insiders sold roughly $193.3 million of stock over the past 90 days.

Legal & General Group Plc bought a new position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 198,395 shares of the semiconductor company's stock, valued at approximately $18,504,000. Legal & General Group Plc owned approximately 0.22% of Qorvo as of its most recent filing with the Securities & Exchange Commission.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Qorvo during the 2nd quarter valued at about $942,610,000. State Street Corp lifted its position in Qorvo by 5.0% in the 2nd quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company's stock worth $314,516,000 after buying an additional 175,031 shares during the last quarter. FIL Ltd boosted its stake in Qorvo by 13.2% in the fourth quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company's stock worth $305,085,000 after buying an additional 421,224 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Qorvo by 16.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,181,479 shares of the semiconductor company's stock worth $168,842,000 after buying an additional 311,645 shares in the last quarter. Finally, Bank of America Corp DE grew its position in Qorvo by 801.4% during the first quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company's stock valued at $136,795,000 after acquiring an additional 1,571,303 shares during the last quarter. Institutional investors own 88.57% of the company's stock.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $94.73 on Monday. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45. Qorvo, Inc. has a 52 week low of $74.92 and a 52 week high of $109.49. The firm's fifty day moving average is $91.92 and its 200 day moving average is $88.98. The company has a market cap of $8.36 billion, a price-to-earnings ratio of 21.98 and a beta of 1.44.

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

Analyst Ratings Changes

QRVO has been the topic of several research reports. JPMorgan Chase & Co. lifted their price target on shares of Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Qorvo in a report on Friday, July 24th. TD Cowen reissued a "hold" rating on shares of Qorvo in a research note on Wednesday, July 29th. Citigroup cut their price target on shares of Qorvo from $100.00 to $95.00 and set a "neutral" rating for the company in a research report on Wednesday, July 29th. Finally, UBS Group raised 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. Three investment 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 data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $94.00.

Insider Transactions at Qorvo

In other news, SVP Philip Chesley sold 5,487 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $97.50, for a total transaction of $534,982.50. Following the completion of the sale, the senior vice president directly owned 44,021 shares in the company, valued at approximately $4,292,047.50. This represents a 11.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter A. Feld sold 1,900,000 shares of the firm's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total value of $192,280,000.00. Following the completion of the sale, the director directly owned 5,611,526 shares in the company, valued at $567,886,431.20. The trade was a 25.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,910,666 shares of company stock worth $193,319,935. Company insiders own 0.49% of the company's stock.

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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