Vulcan Value Partners LLC Sells 203,337 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• Vulcan Value Partners LLC reduced its stake in Qorvo, Inc. (NASDAQ:QRVO) by 7.9%, selling 203,337 shares and now holds around 2.38 million shares, which represents approximately 3.2% of its investment portfolio.
• Research firms have set diverse price targets for Qorvo, with Mizuho at $84.00 and Piper Sandler at $125.00, indicating a generally neutral to positive sentiment among analysts.
• In its latest quarterly earnings, Qorvo reported earnings of $0.92 per share, exceeding estimates and generating revenue of $818.80 million, though revenue decreased by 7.7% year-over-year.

Vulcan Value Partners LLC cut its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 7.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,377,959 shares of the semiconductor company's stock after selling 203,337 shares during the period. Qorvo comprises approximately 3.2% of Vulcan Value Partners LLC's investment portfolio, making the stock its 12th largest holding. Vulcan Value Partners LLC owned 2.55% of Qorvo worth $172,160,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. JPMorgan Chase & Co. increased its position in shares of Qorvo by 16.3% during the fourth quarter. JPMorgan Chase & Co. now owns 649,631 shares of the semiconductor company's stock valued at $45,429,000 after acquiring an additional 91,120 shares during the last quarter. Raymond James Financial Inc. bought a new position in Qorvo in the 4th quarter valued at $1,327,000. American Century Companies Inc. increased its position in shares of Qorvo by 5.0% during the 4th quarter. American Century Companies Inc. now owns 30,467 shares of the semiconductor company's stock valued at $2,131,000 after purchasing an additional 1,443 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Qorvo by 10.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,561 shares of the semiconductor company's stock worth $547,000 after purchasing an additional 717 shares during the period. Finally, Commonwealth Equity Services LLC raised its stake in shares of Qorvo by 10.6% during the 4th quarter. Commonwealth Equity Services LLC now owns 8,635 shares of the semiconductor company's stock worth $604,000 after purchasing an additional 827 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on QRVO. Mizuho set a $84.00 price target on shares of Qorvo and gave the company a "neutral" rating in a research report on Tuesday, July 1st. Piper Sandler set a $125.00 target price on shares of Qorvo and gave the company an "overweight" rating in a research note on Wednesday. Needham & Company LLC raised their price target on shares of Qorvo from $90.00 to $104.00 and gave the stock a "buy" rating in a research note on Wednesday. The Goldman Sachs Group started coverage on Qorvo in a research note on Thursday, July 10th. They issued a "neutral" rating and a $90.00 price objective on the stock. Finally, UBS Group set a $100.00 price objective on Qorvo and gave the company a "neutral" rating in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $95.35.

Insider Transactions at Qorvo

In other news, Director John R. Harding sold 1,450 shares of the business's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the transaction, the director directly owned 7,597 shares in the company, valued at $532,473.73. The trade was a 16.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is owned by corporate insiders.

Qorvo Stock Performance

Shares of QRVO opened at $83.60 on Friday. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $121.94. The stock's 50-day simple moving average is $83.05 and its 200 day simple moving average is $76.07. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.95 and a current ratio of 2.81. The stock has a market capitalization of $7.76 billion, a price-to-earnings ratio of 98.35, a price-to-earnings-growth ratio of 2.31 and a beta of 1.39.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.30. Qorvo had a return on equity of 12.63% and a net margin of 2.21%. The firm had revenue of $818.80 million for the quarter, compared to analysts' expectations of $775.61 million. During the same period in the prior year, the business posted $0.87 earnings per share. The company's revenue was down 7.7% on a year-over-year basis. Research analysts forecast that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.

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