Qorvo, Inc. $QRVO Stake Boosted by Caxton Associates LLP

Key Points

• Caxton Associates LLP boosted its Qorvo stake by 2,359.8% in the first quarter, ending with 177,499 shares worth about $13.7 million.
• Qorvo’s latest earnings topped expectations, with EPS of $1.69 versus the $1.21 consensus, while revenue came in at $808.3 million, slightly above estimates despite a year-over-year decline.
• Insider selling was notable, including sales by the CEO and a director, with insiders selling 1.97 million shares totaling about $198.9 million over the last 90 days.

Caxton Associates LLP increased its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 2,359.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 177,499 shares of the semiconductor company's stock after buying an additional 170,283 shares during the quarter. Caxton Associates LLP owned about 0.20% of Qorvo worth $13,738,000 at the end of the most recent quarter.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other hedge funds also recently added to or reduced their stakes in the company. AQR Arbitrage LLC bought a new position in shares of Qorvo during the fourth quarter worth about $118,204,000. Norges Bank acquired a new stake in Qorvo in the fourth quarter worth about $92,430,000. Marshall Wace LLP grew its position in Qorvo by 16,066.5% in the 3rd quarter. Marshall Wace LLP now owns 814,630 shares of the semiconductor company's stock valued at $74,197,000 after buying an additional 809,591 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in Qorvo during the 3rd quarter valued at about $66,594,000. Finally, Magnetar Financial LLC increased its stake in Qorvo by 12,037.4% during the 4th quarter. Magnetar Financial LLC now owns 542,786 shares of the semiconductor company's stock valued at $45,871,000 after buying an additional 538,314 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Insider Activity

In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of the firm's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $100.40, for a total value of $5,818,882.80. Following the completion of the transaction, the chief executive officer directly owned 319,880 shares in the company, valued at $32,115,952. This trade represents a 15.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Peter A. Feld sold 1,900,000 shares of the firm's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the completion of the transaction, the director owned 5,611,526 shares of the company's stock, valued at approximately $567,886,431.20. The trade was a 25.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 0.49% of the company's stock.

Qorvo Stock Performance

QRVO opened at $86.73 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 firm has a market cap of $7.65 billion, a PE ratio of 23.96, a P/E/G ratio of 1.41 and a beta of 1.44. The business has a fifty day simple moving average of $94.78 and a 200-day simple moving average of $86.58. Qorvo, Inc. has a fifty-two week low of $74.92 and a fifty-two week high of $109.49.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.21 by $0.48. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The company had revenue of $808.28 million for the quarter, compared to analyst estimates of $801.31 million. During the same period in the previous year, the firm earned $1.42 earnings per share. Qorvo'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. As a group, equities analysts predict that Qorvo, Inc. will post 5.83 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on QRVO. Weiss Ratings reiterated a "hold (c)" rating on shares of Qorvo in a report on Monday, April 27th. UBS Group upped their target price on Qorvo from $87.00 to $100.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. Barclays raised Qorvo from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $95.00 to $100.00 in a research note on Wednesday, April 22nd. JPMorgan Chase & Co. raised their price objective on shares of Qorvo from $85.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday, May 6th. Finally, Mizuho reaffirmed an "underperform" rating and issued a $66.00 price objective (down from $70.00) on shares of Qorvo in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $97.07.

About Qorvo

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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