Qorvo, Inc. $QRVO Shares Sold by Amundi

Key Points

• Amundi reduced its Qorvo stake by 20.1% in the second quarter, selling 154,939 shares and retaining 617,413 shares worth approximately $57.6 million. Institutional investors and hedge funds collectively own 88.57% of the company.
• Qorvo exceeded quarterly expectations, reporting $1.64 in adjusted earnings per share versus the $1.11 consensus estimate and revenue of $784.79 million. However, revenue declined 4.2% year over year.
• Qorvo insiders sold nearly 55,000 shares worth $5.46 million over the past three months. Analysts remain cautious, with the stock carrying a consensus “Hold” rating and an average price target of $94.

Amundi lessened its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 20.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 617,413 shares of the semiconductor company's stock after selling 154,939 shares during the quarter. Amundi owned about 0.70% of Qorvo worth $57,586,000 at the end of the most recent reporting period.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other large investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its holdings in Qorvo by 215.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company's stock worth $29,000 after buying an additional 231 shares in the last quarter. Global Retirement Partners LLC acquired a new position in shares of Qorvo in the second quarter worth about $32,000. Advisory Services Network LLC purchased a new position in Qorvo in the third quarter valued at about $36,000. Elevation Wealth Partners LLC boosted its holdings in Qorvo by 301.0% in the second quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company's stock valued at $39,000 after purchasing an additional 310 shares during the last quarter. Finally, Ameritas Advisory Services LLC acquired a new stake in Qorvo during the 2nd quarter valued at approximately $43,000. Institutional investors and hedge funds own 88.57% of the company's stock.

Qorvo Price Performance

Shares of QRVO opened at $112.36 on Friday. The company has a market cap of $9.91 billion, a P/E ratio of 26.07, a PEG ratio of 1.86 and a beta of 1.45. The stock has a fifty day moving average price of $93.27 and a 200 day moving average price of $90.16. 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 $114.28.

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

Insider Activity

In other news, SVP Steven E. Creviston sold 4,810 shares of Qorvo stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $100.87, for a total transaction of $485,184.70. Following the sale, the senior vice president owned 119,451 shares of the company's stock, valued at approximately $12,049,022.37. The trade was a 3.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Grant Brown sold 5,179 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $97.50, for a total value of $504,952.50. Following the completion of the transaction, the chief financial officer directly owned 49,268 shares of the company's stock, valued at $4,803,630. This trade represents a 9.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 54,999 shares of company stock worth $5,458,714 over the last three months. Insiders own 0.49% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on QRVO. TD Cowen reiterated a "hold" rating on shares of Qorvo in a research note on Wednesday, July 29th. Weiss Ratings restated a "hold (c)" rating on shares of Qorvo in a research note on Friday, July 24th. Wall Street Zen upgraded shares of Qorvo from a "hold" rating to a "buy" rating in a research note on Sunday, August 2nd. Citigroup reduced their price target on shares of Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 29th. Finally, UBS Group boosted their price objective on Qorvo from $91.00 to $96.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $94.00.

Qorvo Company Profile

Qorvo, Inc is a semiconductor company that develops and manufactures radio-frequency (RF) and related connectivity solutions. Its products are used to generate, filter, amplify and manage wireless signals in communications equipment and electronic devices.

The company supplies RF components, modules and integrated circuits for smartphones, cellular base stations, Wi-Fi equipment, automotive systems, Internet of Things devices, consumer electronics, and aerospace and defense applications.

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