Rakuten Investment Management Inc. Buys Shares of 11,369 Qorvo, Inc. $QRVO

Key Points

• Rakuten Investment Management acquired 11,369 Qorvo shares worth approximately $1.06 million, while institutional investors collectively own 88.57% of the company.
• Analysts maintain a generally cautious outlook, with Qorvo carrying an average “Hold” rating and a $94 price target; ratings include three Buys, fourteen Holds, and one Sell.
• Qorvo exceeded quarterly expectations, reporting $1.64 EPS versus the $1.11 consensus and revenue of $784.79 million, although revenue declined 4.2% year over year. Insiders sold nearly 1.91 million shares worth $193.3 million over the past three months.

Rakuten Investment Management Inc. purchased a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 11,369 shares of the semiconductor company's stock, valued at approximately $1,063,000.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

A number of other hedge funds have also bought and sold shares of the business. Smartleaf Asset Management LLC grew its position in shares of Qorvo by 215.9% in 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 in the last quarter. Global Retirement Partners LLC bought a new position in Qorvo in the 2nd quarter worth about $32,000. Advisory Services Network LLC purchased a new position in Qorvo during the 3rd quarter valued at about $36,000. Elevation Wealth Partners LLC grew its holdings in Qorvo by 301.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company's stock valued at $39,000 after buying an additional 310 shares in the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position 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 buying an additional 180 shares during the period. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Qorvo in a report on Friday, July 24th. UBS Group boosted their price objective on shares of Qorvo from $91.00 to $96.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Citigroup decreased their target price on shares of Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a report on Wednesday, July 29th. Craig Hallum reiterated a "buy" rating and issued a $120.00 target price on shares of Qorvo in a research note on Wednesday, May 6th. Finally, Wall Street Zen raised shares of Qorvo from a "hold" rating to a "buy" rating in a report on Sunday, August 2nd. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Qorvo presently has an average rating of "Hold" and an average target price of $94.00.

Qorvo Stock Performance

NASDAQ:QRVO opened at $94.73 on Monday. The business's 50-day moving average price is $91.92 and its two-hundred day moving average price is $88.98. Qorvo, Inc. has a twelve month low of $74.92 and a twelve month high of $109.49. The stock has a market cap of $8.36 billion, a P/E ratio of 21.98 and a beta of 1.44. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly 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 firm had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. During the same quarter last year, the company posted $0.92 EPS. The company's revenue for the quarter was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, equities analysts predict that Qorvo, Inc. will post 6.3 EPS for the current fiscal year.

Insider Buying and Selling at Qorvo

In other news, SVP Philip Chesley sold 5,487 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $534,982.50. Following the transaction, the senior vice president owned 44,021 shares of the company's stock, valued at $4,292,047.50. This represents a 11.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Grant Brown sold 5,179 shares of the firm's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $97.50, for a total transaction of $504,952.50. Following the sale, the chief financial officer owned 49,268 shares in the company, valued at approximately $4,803,630. This trade represents a 9.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,910,666 shares of company stock worth $193,319,935 over the last three months. 0.49% of the stock is owned by insiders.

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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