Mirae Asset Global Investments Co. Ltd. Raises Stake in Qorvo, Inc. $QRVO

Key Points

• Mirae Asset increased its Qorvo stake by 11.1% in the second quarter, holding 117,401 shares worth approximately $10.95 million. Institutional investors collectively own 88.57% of Qorvo.
• Qorvo reported quarterly earnings of $1.64 per share, exceeding the $1.11 consensus estimate, while revenue of $784.79 million also topped expectations. However, revenue declined 4.2% year over year.
• Analysts maintain a consensus “Hold” rating with a $94 price target, while Qorvo shares recently opened at $98.44. Company insiders sold nearly 1.97 million shares worth about $198.9 million during the latest quarter.

Mirae Asset Global Investments Co. Ltd. grew its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 11.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 117,401 shares of the semiconductor company's stock after purchasing an additional 11,745 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.13% of Qorvo worth $10,950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE grew its holdings in Qorvo by 801.4% during the 1st quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company's stock valued at $136,795,000 after buying an additional 1,571,303 shares in the last quarter. AQR Arbitrage LLC purchased a new position in shares of Qorvo in the fourth quarter worth $118,204,000. Norges Bank purchased a new position in shares of Qorvo in the fourth quarter worth $92,430,000. Assenagon Asset Management S.A. boosted its position in shares of Qorvo by 435.0% during the second quarter. Assenagon Asset Management S.A. now owns 1,183,896 shares of the semiconductor company's stock worth $110,422,000 after acquiring an additional 962,593 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in shares of Qorvo by 16,066.5% during the third quarter. Marshall Wace LLP now owns 814,630 shares of the semiconductor company's stock worth $74,197,000 after acquiring an additional 809,591 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

QRVO has been the topic of a number of research reports. TD Cowen reaffirmed a "hold" rating on shares of Qorvo in a research note on Wednesday, July 29th. Weiss Ratings reiterated a "hold (c)" rating on shares of Qorvo in a research report on Friday, July 24th. Zacks Research lowered shares of Qorvo from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 16th. Barclays raised shares of Qorvo from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Finally, Mizuho restated an "underperform" rating and issued a $66.00 target price (down from $70.00) on shares of Qorvo in a report on Monday, April 20th. Three equities research 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 stock currently has a consensus rating of "Hold" and a consensus price target of $94.00.

Qorvo Price Performance

Shares of QRVO stock opened at $98.44 on Friday. The company has a market capitalization of $8.68 billion, a P/E ratio of 22.84, a P/E/G ratio of 1.43 and a beta of 1.44. The company's 50-day simple moving average is $92.37 and its two-hundred day simple moving average is $87.81. Qorvo, Inc. has a one year low of $74.92 and a one year high of $109.49. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.68.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted 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. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The firm had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. During the same quarter in the previous year, the firm posted $0.92 earnings per share. The company's revenue was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, equities analysts anticipate that Qorvo, Inc. will post 6.3 EPS for the current year.

Insider Transactions at Qorvo

In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of the company's stock in a transaction 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 completion of the sale, the chief executive officer directly owned 319,880 shares in the company, valued at approximately $32,115,952. This represents a 15.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Paul J. Fego sold 2,500 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the senior vice president directly owned 71,038 shares in the company, valued at $7,103,800. The trade was a 3.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 1,966,127 shares of company stock valued at $198,911,103. Company insiders own 0.49% of the company's stock.

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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