Sona Asset Management US LLC Takes $6.97 Million Position in Qorvo, Inc. $QRVO

Key Points

• Sona Asset Management US LLC acquired 90,046 Qorvo shares worth approximately $6.97 million, while institutional investors collectively own 88.57% of the company.
• Qorvo insiders sold nearly 1.97 million shares valued at about $198.9 million over the past 90 days, including substantial sales by the CEO and a senior vice president.
• Analysts have a consensus “Hold” rating with an average price target of $97.07. Qorvo recently exceeded quarterly earnings expectations, reporting $1.69 in EPS versus the $1.21 consensus, despite a 7% year-over-year revenue decline.

Sona Asset Management US LLC acquired a new position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 90,046 shares of the semiconductor company's stock, valued at approximately $6,970,000. Sona Asset Management US LLC owned 0.10% of Qorvo as of its most recent SEC filing.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several other institutional investors have also recently made changes to their positions in QRVO. AQR Arbitrage LLC purchased a new position in Qorvo in the 4th quarter worth approximately $118,204,000. Norges Bank purchased a new stake in Qorvo during the 4th quarter valued at approximately $92,430,000. Marshall Wace LLP grew its holdings in Qorvo by 16,066.5% during 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. purchased a new stake in Qorvo during the 3rd quarter valued at approximately $66,594,000. Finally, Magnetar Financial LLC raised its position in shares of Qorvo by 12,037.4% during the fourth 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 last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Insider Buying and Selling

In related news, CEO Robert A. Bruggeworth sold 57,957 shares of the stock in a transaction on Monday, June 1st. The stock was 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 approximately $32,115,952. This represents a 15.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Paul J. Fego sold 2,500 shares of the firm's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the senior vice president owned 71,038 shares of the company's stock, valued at approximately $7,103,800. This represents a 3.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,966,127 shares of company stock worth $198,911,103 in the last 90 days. Company insiders own 0.49% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Craig Hallum reaffirmed a "buy" rating and set a $120.00 target price on shares of Qorvo in a research note on Wednesday, May 6th. Weiss Ratings reiterated a "hold (c)" rating on shares of Qorvo in a report on Friday. Barclays upgraded shares of Qorvo from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Finally, Citigroup increased their price objective on shares of Qorvo from $90.00 to $100.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Three investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $97.07.

Qorvo Stock Performance

Qorvo stock opened at $86.51 on Monday. The company's 50-day moving average price is $94.67 and its 200-day moving average price is $86.57. 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 company has a market cap of $7.63 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 1.36 and a beta of 1.44. Qorvo, Inc. has a twelve month low of $74.92 and a twelve month high of $109.49.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $801.31 million. During the same quarter last year, the business posted $1.42 earnings per share. The firm's revenue was down 7.0% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, equities research analysts forecast that Qorvo, Inc. will post 5.83 EPS for the current fiscal 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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