State Street Corp Grows Position in Qorvo, Inc. $QRVO

Key Points

• State Street increased its Qorvo stake by 5% in the second quarter, adding 180,500 shares to hold 3.82 million shares valued at approximately $356.6 million. Institutional investors collectively own 88.57% of Qorvo.
• Qorvo exceeded quarterly expectations, reporting $1.64 EPS versus the $1.11 consensus and revenue of $784.8 million versus estimates of $743.3 million, though revenue declined 4.2% year over year.
• Qorvo shares opened at $119.59, near their 52-week high, while analysts maintained a consensus “Hold” rating with a $94 target price. Company insiders sold more than 62,000 shares worth about $6.3 million over the past 90 days.

State Street Corp boosted its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 5.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,823,735 shares of the semiconductor company's stock after acquiring an additional 180,500 shares during the quarter. State Street Corp owned 4.33% of Qorvo worth $356,640,000 at the end of the most recent quarter.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wedmont Private Capital boosted its stake in shares of Qorvo by 1.6% during the 2nd quarter. Wedmont Private Capital now owns 10,247 shares of the semiconductor company's stock worth $879,000 after purchasing an additional 162 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its position in shares of Qorvo by 4.4% in the first quarter. Fifth Third Wealth Advisors LLC now owns 3,955 shares of the semiconductor company's stock valued at $306,000 after buying an additional 167 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Qorvo by 29.6% during the first quarter. Parallel Advisors LLC now owns 1,230 shares of the semiconductor company's stock valued at $95,000 after buying an additional 281 shares during the period. Elevation Wealth Partners LLC lifted its stake in shares of Qorvo by 301.0% during the second 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 during the period. Finally, Resonant Capital Advisors LLC boosted its position in Qorvo by 11.1% during the first quarter. Resonant Capital Advisors LLC now owns 3,160 shares of the semiconductor company's stock worth $245,000 after acquiring an additional 316 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.

Qorvo Stock Performance

NASDAQ:QRVO opened at $119.59 on Thursday. The company has a market cap of $10.55 billion, a P/E ratio of 27.75, a P/E/G ratio of 2.05 and a beta of 1.45. The firm's 50 day moving average is $98.94 and its two-hundred day moving average is $92.37. Qorvo, Inc. has a fifty-two week low of $74.92 and a fifty-two week high of $121.09. 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 announced its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.53. The company had revenue of $784.79 million during the quarter, compared to analysts' expectations of $743.28 million. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The business's quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts expect that Qorvo, Inc. will post 6.42 EPS for the current year.

Insider Activity

In other news, CEO Robert Bruggeworth sold 28,744 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $100.87, for a total value of $2,899,407.28. Following the transaction, the chief executive officer directly owned 325,546 shares in the company, valued at $32,837,825.02. This trade represents a 8.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Frank Stewart sold 8,279 shares of Qorvo stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $94.72, for a total value of $784,186.88. Following the completion of the transaction, the senior vice president directly owned 43,069 shares in the company, valued at $4,079,495.68. This represents a 16.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 62,309 shares of company stock valued at $6,304,642 in the last 90 days. 0.49% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

QRVO has been the subject of several analyst reports. Wall Street Zen upgraded Qorvo from a "hold" rating to a "buy" rating in a report on Sunday, August 2nd. Weiss Ratings restated a "hold (c)" rating on shares of Qorvo in a report on Friday, July 24th. TD Cowen reaffirmed a "hold" rating on shares of Qorvo in a research report on Wednesday, July 29th. UBS Group upped their target price on Qorvo from $91.00 to $96.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Finally, Citigroup reduced their target price on Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 29th. Three investment 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. According to data from MarketBeat.com, Qorvo has a consensus rating of "Hold" and a consensus target price of $94.00.

Qorvo 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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