NINE MASTS CAPITAL Ltd Buys Shares of 130,035 Qorvo, Inc. $QRVO

Key Points

• NINE MASTS CAPITAL acquired 130,035 Qorvo shares worth approximately $12.1 million, making Qorvo its 14th-largest holding and representing about 0.15% of the company.
• Institutional ownership remains high at 88.57%, while several major investors increased their positions. However, Qorvo insiders sold nearly 2 million shares worth about $198.8 million over the past 90 days.
• Qorvo beat quarterly expectations with $1.64 in EPS versus the $1.11 consensus and revenue of $784.8 million, though sales declined 4.2% year over year. Analysts maintain a consensus “Hold” rating with a $94 price target.

NINE MASTS CAPITAL Ltd bought a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 130,035 shares of the semiconductor company's stock, valued at approximately $12,128,000. Qorvo accounts for about 1.2% of NINE MASTS CAPITAL Ltd's portfolio, making the stock its 14th largest holding. NINE MASTS CAPITAL Ltd owned about 0.15% of Qorvo at the end of the most recent reporting period.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other large investors also recently modified their holdings of the company. Bank of America Corp DE raised its stake in shares of Qorvo by 801.4% in 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 buying an additional 1,571,303 shares during the period. LSV Asset Management lifted its position in shares of Qorvo by 2.3% during the 4th quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company's stock valued at $131,452,000 after buying an additional 34,605 shares during the last quarter. M&T Bank Corp grew its stake in shares of Qorvo by 3,397.3% during the 4th quarter. M&T Bank Corp now owns 150,173 shares of the semiconductor company's stock worth $12,691,000 after acquiring an additional 145,879 shares during the period. Credit Industriel ET Commercial bought a new position in shares of Qorvo during the 4th quarter worth $5,223,000. Finally, Fieldview Capital Management LLC grew its stake in shares of Qorvo by 570.1% during the 4th quarter. Fieldview Capital Management LLC now owns 24,352 shares of the semiconductor company's stock worth $2,058,000 after acquiring an additional 20,718 shares during the period. Hedge funds and other institutional investors own 88.57% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on QRVO shares. Barclays upgraded Qorvo from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Mizuho reiterated an "underperform" rating and set a $66.00 target price (down from $70.00) on shares of Qorvo in a research report on Monday, April 20th. UBS Group lifted their target price on shares of Qorvo from $91.00 to $96.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Wall Street Zen raised shares of Qorvo from a "hold" rating to a "buy" rating in a research report on Sunday, August 2nd. Finally, TD Cowen restated a "hold" rating on shares of Qorvo in a research note on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $94.00.

Insider Activity

In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $100.40, for a total value of $5,818,882.80. Following the sale, the chief executive officer directly owned 319,880 shares in the company, valued at $32,115,952. This represents a 15.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Gina Harrison sold 4,714 shares of the firm's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $471,400.00. Following the completion of the transaction, the vice president directly owned 24,429 shares of the company's stock, valued at approximately $2,442,900. The trade was a 16.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,965,171 shares of company stock valued at $198,820,283 over the last ninety days. 0.49% of the stock is owned by insiders.

Qorvo Stock Performance

NASDAQ:QRVO opened at $96.04 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54. Qorvo, Inc. has a 52-week low of $74.92 and a 52-week high of $109.49. The firm has a market cap of $8.47 billion, a price-to-earnings ratio of 22.28, a PEG ratio of 1.43 and a beta of 1.44. The business's fifty day moving average is $92.29 and its 200 day moving average is $88.02.

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

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.

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