Maytus Capital Management LLC Has $6.34 Million Stake in Qorvo, Inc. $QRVO

Key Points

• Maytus Capital Management increased its Qorvo stake by 17.1% in the fourth quarter, ending with 75,000 shares valued at about $6.34 million.
• Insiders have been selling shares, including Director Peter A. Feld’s $192.3 million sale and CEO Robert A. Bruggeworth’s $5.8 million sale, with insiders offloading nearly 2 million shares over the past 90 days.
• Qorvo reported better-than-expected quarterly earnings of $1.69 per share and revenue of $808.3 million, but revenue still fell 7% year over year; analysts currently rate the stock a Hold on average with a price target near $96.63.

Maytus Capital Management LLC raised its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 17.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 75,000 shares of the semiconductor company's stock after purchasing an additional 10,942 shares during the quarter. Qorvo accounts for approximately 1.5% of Maytus Capital Management LLC's holdings, making the stock its 26th largest holding. Maytus Capital Management LLC owned 0.08% of Qorvo worth $6,338,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jain Global LLC raised its stake in shares of Qorvo by 71.6% in the 3rd quarter. Jain Global LLC now owns 277,219 shares of the semiconductor company's stock valued at $25,249,000 after purchasing an additional 115,640 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Qorvo by 58.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 313,156 shares of the semiconductor company's stock valued at $28,522,000 after purchasing an additional 115,890 shares during the period. SG Americas Securities LLC raised its stake in shares of Qorvo by 2,687.9% in the 4th quarter. SG Americas Securities LLC now owns 234,464 shares of the semiconductor company's stock valued at $19,815,000 after purchasing an additional 226,054 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Qorvo by 83.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 40,443 shares of the semiconductor company's stock valued at $3,684,000 after purchasing an additional 18,415 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in shares of Qorvo in the 3rd quarter valued at about $3,977,000. Institutional investors and hedge funds own 88.57% of the company's stock.

Insiders Place Their Bets

In related news, Director Peter A. Feld sold 1,900,000 shares of Qorvo stock in a transaction dated 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 completion of the transaction, the director owned 5,611,526 shares in the company, valued at approximately $567,886,431.20. This trade represents a 25.29% 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, CEO Robert A. Bruggeworth sold 57,957 shares of Qorvo stock in a transaction dated 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 of the company's stock, valued at $32,115,952. The trade was a 15.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 1,966,127 shares of company stock worth $198,911,103. Company insiders own 0.41% of the company's stock.

Qorvo Price Performance

NASDAQ:QRVO opened at $96.56 on Wednesday. Qorvo, Inc. has a 52-week low of $74.92 and a 52-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. The company has a market cap of $8.50 billion, a P/E ratio of 26.67, a P/E/G ratio of 1.58 and a beta of 1.43. The stock's 50-day simple moving average is $92.30 and its 200 day simple moving average is $85.98.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, topping analysts' consensus estimates of $1.21 by $0.48. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The business had revenue of $808.28 million during the quarter, compared to analysts' expectations of $801.31 million. During the same quarter last year, the company posted $1.42 earnings per share. Qorvo's quarterly revenue 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, sell-side analysts forecast that Qorvo, Inc. will post 5.87 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on QRVO. Barclays raised Qorvo from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Mizuho reissued an "underperform" rating and issued a $66.00 price target (down from $70.00) on shares of Qorvo in a research note on Monday, April 20th. Wolfe Research downgraded Qorvo from an "outperform" rating to a "peer perform" rating in a research report on Friday, April 17th. Citigroup lifted their target price on Qorvo from $90.00 to $100.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. Finally, Zacks Research downgraded Qorvo from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 16th. Three research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Qorvo currently has an average rating of "Hold" and an average price target of $96.63.

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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