Qorvo, Inc. $QRVO Shares Bought by Verition Fund Management LLC

Key Points

• Verition Fund Management LLC nearly doubled its Qorvo stake in the fourth quarter, increasing holdings by 98.9% to 204,657 shares worth about $17.3 million.
• Insiders sold heavily, with Director Peter A. Feld and CEO Robert A. Bruggeworth making large share sales; insiders have sold about 1.97 million shares worth nearly $198.9 million over the past 90 days.
• Qorvo beat quarterly earnings expectations, posting $1.69 EPS versus the $1.21 consensus, while revenue came in slightly above estimates at $808.3 million despite being down 7% year over year.

Verition Fund Management LLC raised its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 98.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 204,657 shares of the semiconductor company's stock after purchasing an additional 101,779 shares during the quarter. Verition Fund Management LLC owned about 0.22% of Qorvo worth $17,296,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Jones Financial Companies Lllp boosted its holdings in shares of Qorvo by 440.1% in the first quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company's stock valued at $589,000 after acquiring an additional 6,628 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Qorvo by 158.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company's stock valued at $180,000 after acquiring an additional 1,301 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Qorvo by 56.5% in the second quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company's stock valued at $12,100,000 after acquiring an additional 51,475 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Qorvo in the second quarter valued at approximately $428,000. Finally, Cerity Partners LLC bought a new position in shares of Qorvo in the second quarter valued at approximately $327,000. Institutional investors and hedge funds own 88.57% of the company's stock.

Insider Activity

In other news, Director Peter A. Feld sold 1,900,000 shares of Qorvo stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total value of $192,280,000.00. Following the transaction, the director directly owned 5,611,526 shares of the company's stock, valued at $567,886,431.20. This trade represents a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert A. Bruggeworth sold 57,957 shares of the business's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the sale, the chief executive officer owned 319,880 shares in the company, valued at $32,115,952. This represents a 15.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,966,127 shares of company stock valued at $198,911,103 over the last ninety days. Corporate insiders own 0.41% of the company's stock.

Qorvo Trading Up 2.7%

Shares of NASDAQ:QRVO opened at $101.28 on Tuesday. The stock has a market capitalization of $8.91 billion, a price-to-earnings ratio of 27.98, a PEG ratio of 1.54 and a beta of 1.43. Qorvo, Inc. has a 1-year low of $74.92 and a 1-year high of $109.49. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.46 and a current ratio of 3.24. The company has a 50 day moving average price of $91.95 and a 200 day moving average price of $85.90.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, topping analysts' consensus estimates of $1.21 by $0.48. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The firm had revenue of $808.28 million during the quarter, compared to analysts' expectations of $801.31 million. During the same period last year, the firm posted $1.42 earnings per share. The firm's revenue for the quarter was down 7.0% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, research analysts anticipate that Qorvo, Inc. will post 5.87 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on QRVO. Zacks Research cut shares of Qorvo from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 16th. Barclays upgraded shares of Qorvo from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $95.00 to $100.00 in a report on Wednesday, April 22nd. Wolfe Research cut shares of Qorvo from an "outperform" rating to a "peer perform" rating in a report on Friday, April 17th. JPMorgan Chase & Co. increased their price objective on shares of Qorvo from $85.00 to $100.00 and gave the company a "neutral" rating in a report on Wednesday, May 6th. Finally, Craig Hallum reiterated a "buy" rating and issued a $120.00 price objective on shares of Qorvo in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $96.63.

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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