Qorvo, Inc. $QRVO Shares Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Qorvo stake by 435% in the second quarter, acquiring 962,593 additional shares and bringing its holdings to 1.18 million shares valued at approximately $110.4 million.
• Qorvo exceeded quarterly expectations, reporting earnings of $1.64 per share versus the $1.11 consensus and revenue of $784.8 million. However, revenue declined 4.2% year over year.
• Despite institutional buying, Qorvo insiders sold nearly 1.97 million shares worth about $198.9 million over the past 90 days. Analysts maintain a consensus “Hold” rating with a $94 price target, below the reported $99.08 share price.

Assenagon Asset Management S.A. increased its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 435.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,183,896 shares of the semiconductor company's stock after purchasing an additional 962,593 shares during the quarter. Assenagon Asset Management S.A. owned 1.34% of Qorvo worth $110,422,000 as of its most recent filing with the SEC.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

A number of other institutional investors also recently bought and sold shares of the company. Fred Alger Management LLC raised its stake 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 valued at $290,000 after purchasing an additional 160 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its position 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 worth $306,000 after buying an additional 167 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its stake in Qorvo by 60.0% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company's stock valued at $41,000 after buying an additional 180 shares in the last quarter. Larson Financial Group LLC boosted its stake in Qorvo by 14.6% in the 4th quarter. Larson Financial Group LLC now owns 1,483 shares of the semiconductor company's stock valued at $125,000 after buying an additional 189 shares in the last quarter. Finally, Lido Advisors LLC grew its position in Qorvo by 4.1% in the fourth quarter. Lido Advisors LLC now owns 4,816 shares of the semiconductor company's stock valued at $431,000 after acquiring an additional 191 shares during the period. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 4,714 shares of Qorvo stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $471,400.00. Following the sale, the vice president owned 24,429 shares of the company's stock, valued at approximately $2,442,900. This trade represents a 16.18% 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 transaction of $250,000.00. Following the transaction, the senior vice president owned 71,038 shares of the company's stock, valued at $7,103,800. The trade was a 3.40% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 1,966,127 shares of company stock valued at $198,911,103. 0.49% of the stock is currently owned by company insiders.

Qorvo Stock Performance

Shares of QRVO stock opened at $99.08 on Friday. The stock has a 50-day moving average of $92.79 and a 200-day moving average of $87.29. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.68. The stock has a market cap of $8.74 billion, a PE ratio of 22.99, a price-to-earnings-growth ratio of 1.39 and a beta of 1.44. Qorvo, Inc. has a one year low of $74.92 and a one year high of $109.49.

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, topping analysts' consensus estimates of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The company had revenue of $784.79 million for the quarter, compared to analysts' expectations of $743.28 million. During the same period last year, the firm posted $0.92 earnings per share. The business's quarterly revenue was down 4.2% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, sell-side analysts expect that Qorvo, Inc. will post 6.3 earnings per share for the current year.

Wall Street Analyst Weigh In

QRVO has been the subject of a number of recent analyst reports. Zacks Research cut shares of Qorvo from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 16th. Craig Hallum reaffirmed a "buy" rating and set a $120.00 price objective on shares of Qorvo in a research note on Wednesday, May 6th. Citigroup dropped their price objective on shares of Qorvo from $100.00 to $95.00 and set a "neutral" rating for the company in a report on Wednesday, July 29th. UBS Group lifted their target price on shares of Qorvo from $91.00 to $96.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Finally, Mizuho reissued 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 research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $94.00.

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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