Qorvo, Inc. $QRVO Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Qorvo stake by 21.6% in the first quarter, purchasing 18,029 additional shares for a total holding of 101,540 shares valued at approximately $7.86 million. Institutional investors and hedge funds own 88.57% of the company.
• Qorvo insiders sold substantial shares: executives sold 1.97 million shares worth approximately $198.9 million over the past 90 days, including CEO Robert Bruggeworth’s $5.82 million sale. Insiders own just 0.49% of the stock.
• Qorvo reported quarterly EPS of $1.64, beating estimates of $1.11, while revenue of $784.79 million also exceeded expectations; however, revenue declined 4.2% year over year. Analysts maintain a consensus “Hold” rating with an average price target of $94.

California State Teachers Retirement System lifted its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 21.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,540 shares of the semiconductor company's stock after buying an additional 18,029 shares during the period. California State Teachers Retirement System owned approximately 0.12% of Qorvo worth $7,859,000 as of its most recent SEC filing.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its stake in shares of Qorvo by 215.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company's stock valued at $29,000 after purchasing an additional 231 shares during the period. Sound Income Strategies LLC increased its stake in Qorvo by 952.8% during the 4th quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company's stock worth $30,000 after buying an additional 343 shares during the period. Advisory Services Network LLC acquired a new position in Qorvo in the 3rd quarter worth $36,000. V Square Quantitative Management LLC purchased a new position in Qorvo in the 4th quarter valued at about $39,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake in shares of Qorvo by 60.0% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company's stock valued at $41,000 after acquiring an additional 180 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Qorvo news, SVP Paul J. Fego sold 2,500 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the senior vice president owned 71,038 shares in the company, valued at approximately $7,103,800. This represents a 3.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert A. Bruggeworth sold 57,957 shares of the company's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the completion of the transaction, the chief executive officer owned 319,880 shares of the company's stock, valued at approximately $32,115,952. This trade represents a 15.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, 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 Price Performance

Shares of QRVO opened at $95.04 on Wednesday. The company has a market cap of $8.38 billion, a P/E ratio of 22.05, a PEG ratio of 1.41 and a beta of 1.44. The stock has a fifty day moving average price of $93.28 and a 200 day moving average price of $87.00. 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, Inc. has a 12 month low of $74.92 and a 12 month high of $109.49.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.11 by $0.53. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.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 business posted $0.92 earnings per share. The firm'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. On average, research analysts forecast that Qorvo, Inc. will post 5.81 earnings per share for the current year.

Analysts Set New Price Targets

QRVO has been the topic of several recent analyst reports. Craig Hallum reiterated a "buy" rating and issued a $120.00 price target on shares of Qorvo in a research note on Wednesday, May 6th. Weiss Ratings restated a "hold (c)" rating on shares of Qorvo in a report on Friday, July 24th. Barclays raised Qorvo from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $95.00 to $100.00 in a research report on Wednesday, April 22nd. TD Cowen restated a "hold" rating on shares of Qorvo in a research note on Wednesday, July 29th. Finally, Zacks Research lowered shares of Qorvo from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 16th. Three 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. Based on data from MarketBeat, Qorvo presently has an average rating of "Hold" and an average price target of $94.00.

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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