Qorvo, Inc. $QRVO Shares Acquired by Algert Global LLC

Key Points

• Algert Global increased its Qorvo stake by 42.8% in the second quarter, acquiring 40,810 additional shares and bringing its total holdings to 136,140 shares valued at approximately $12.7 million. Institutional investors collectively own 88.57% of Qorvo.
• Qorvo reported quarterly EPS of $1.64, exceeding the $1.11 analyst consensus, while revenue of $784.8 million also topped estimates. However, revenue declined 4.2% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $94 price target. Meanwhile, insiders sold nearly 1.97 million shares worth about $199.1 million over the past three months.

Algert Global LLC boosted its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 42.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 136,140 shares of the semiconductor company's stock after purchasing an additional 40,810 shares during the period. Algert Global LLC owned approximately 0.15% of Qorvo worth $12,698,000 at the end of the most recent reporting period.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several other hedge funds also recently added to or reduced their stakes in the stock. Fred Alger Management LLC boosted its position in shares of Qorvo by 5.3% in the third quarter. Fred Alger Management LLC now owns 3,179 shares of the semiconductor company's stock worth $290,000 after buying an additional 160 shares during the period. Fifth Third Wealth Advisors LLC raised its holdings in shares of Qorvo by 4.4% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,955 shares of the semiconductor company's stock valued at $306,000 after buying an additional 167 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in Qorvo by 60.0% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company's stock worth $41,000 after acquiring an additional 180 shares in the last quarter. Larson Financial Group LLC lifted its position in Qorvo by 14.6% during the 4th quarter. Larson Financial Group LLC now owns 1,483 shares of the semiconductor company's stock worth $125,000 after acquiring an additional 189 shares in the last quarter. Finally, Lido Advisors LLC boosted its holdings in Qorvo by 4.1% in the 4th quarter. Lido Advisors LLC now owns 4,816 shares of the semiconductor company's stock worth $431,000 after acquiring an additional 191 shares during the period. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Stock Performance

Qorvo stock opened at $94.34 on Wednesday. Qorvo, Inc. has a 52 week low of $74.92 and a 52 week high of $109.49. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45. The stock has a market cap of $8.32 billion, a P/E ratio of 21.89, a price-to-earnings-growth ratio of 1.39 and a beta of 1.44. The stock has a 50 day moving average of $92.03 and a 200-day moving average of $88.73.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.11 by $0.53. The business had revenue of $784.79 million during 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%. The business's revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, analysts expect that Qorvo, Inc. will post 6.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on QRVO shares. UBS Group increased their price objective on shares of Qorvo from $91.00 to $96.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Weiss Ratings restated a "hold (c)" rating on shares of Qorvo in a research note on Friday, July 24th. TD Cowen reaffirmed a "hold" rating on shares of Qorvo in a research note on Wednesday, July 29th. JPMorgan Chase & Co. boosted their price objective on shares of Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Finally, Craig Hallum reissued a "buy" rating and issued a $120.00 price objective on shares of Qorvo in a research report on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $94.00.

Insider Activity at Qorvo

In other Qorvo news, Director Peter A. Feld sold 1,900,000 shares of the company's stock in a transaction that occurred on 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 sale, the director owned 5,611,526 shares in the company, valued at $567,886,431.20. This represents a 25.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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 directly owned 319,880 shares in the company, valued at approximately $32,115,952. This represents a 15.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 1,968,623 shares of company stock worth $199,138,818. 0.49% of the stock is currently owned by company insiders.

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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