Qorvo, Inc. $QRVO Shares Sold by Vulcan Value Partners LLC

Key Points

• Vulcan Value Partners cut its Qorvo stake by 7.9% in the fourth quarter, selling 94,011 shares but still holding 1.1 million shares worth about $93.3 million.
• Institutional ownership remains very high, with hedge funds and other large investors owning 88.57% of Qorvo shares; several firms recently added or expanded positions.
• Qorvo reported stronger-than-expected quarterly earnings of $1.69 per share versus $1.21 expected, while Wall Street maintains a Hold consensus with an average price target of $96.62.

Vulcan Value Partners LLC lowered its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 7.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,103,354 shares of the semiconductor company's stock after selling 94,011 shares during the quarter. Qorvo accounts for 1.7% of Vulcan Value Partners LLC's holdings, making the stock its 18th largest holding. Vulcan Value Partners LLC owned 1.19% of Qorvo worth $93,291,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. AQR Arbitrage LLC acquired a new position in Qorvo in the fourth quarter valued at about $118,204,000. Norges Bank acquired a new stake in shares of Qorvo during the fourth quarter valued at about $92,430,000. Marshall Wace LLP increased its position in shares of Qorvo by 16,066.5% during the third quarter. Marshall Wace LLP now owns 814,630 shares of the semiconductor company's stock valued at $74,197,000 after acquiring an additional 809,591 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Qorvo during the third quarter valued at about $66,594,000. Finally, Dorsal Capital Management LP raised its stake in shares of Qorvo by 146.9% in the 3rd quarter. Dorsal Capital Management LP now owns 1,000,000 shares of the semiconductor company's stock valued at $91,080,000 after acquiring an additional 595,000 shares during the period. Institutional investors and hedge funds own 88.57% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on QRVO. JPMorgan Chase & Co. upped 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. Mizuho restated an "underperform" rating and issued a $66.00 price objective (down from $70.00) on shares of Qorvo in a report on Monday, April 20th. UBS Group upped their price target on Qorvo from $87.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Weiss Ratings reissued a "hold (c)" rating on shares of Qorvo in a research report on Monday, April 27th. Finally, Wolfe Research lowered Qorvo from an "outperform" rating to a "peer perform" rating in a research report on Friday, April 17th. Three investment analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $96.62.

Insiders Place Their Bets

In related news, SVP Paul J. Fego sold 2,500 shares of the business's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the senior vice president owned 71,038 shares of the company's stock, valued at approximately $7,103,800. The trade was a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 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 completion of the sale, the chief executive officer owned 319,880 shares in the company, valued at approximately $32,115,952. This represents a 15.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,966,127 shares of company stock valued at $198,911,103 over the last 90 days. 0.41% of the stock is owned by corporate insiders.

Qorvo Price Performance

QRVO opened at $98.42 on Friday. The company has a quick ratio of 2.46, a current ratio of 3.24 and a debt-to-equity ratio of 0.46. The business has a 50 day moving average price of $93.40 and a two-hundred day moving average price of $86.21. Qorvo, Inc. has a 52 week low of $74.92 and a 52 week high of $109.49. The company has a market cap of $8.66 billion, a PE ratio of 27.19, a P/E/G ratio of 1.53 and a beta of 1.43.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, beating analysts' consensus estimates of $1.21 by $0.48. The firm had revenue of $808.28 million for the quarter, compared to analyst estimates of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. Qorvo's quarterly revenue was down 7.0% on a year-over-year basis. During the same period last year, the firm posted $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, research analysts anticipate that Qorvo, Inc. will post 5.84 EPS for the current year.

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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