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 reduced its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 7.9% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,377,959 shares of the semiconductor company's stock after selling 203,337 shares during the quarter. Qorvo accounts for about 3.2% of Vulcan Value Partners LLC's investment portfolio, making the stock its 12th biggest holding. Vulcan Value Partners LLC owned 2.55% of Qorvo worth $172,160,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jefferies Financial Group Inc. purchased a new position in shares of Qorvo in the first quarter worth approximately $331,000. Alberta Investment Management Corp boosted its holdings in shares of Qorvo by 135.2% in the first quarter. Alberta Investment Management Corp now owns 85,600 shares of the semiconductor company's stock worth $6,198,000 after buying an additional 49,201 shares during the last quarter. US Bancorp DE lifted its holdings in Qorvo by 184.0% during the first quarter. US Bancorp DE now owns 5,481 shares of the semiconductor company's stock valued at $397,000 after purchasing an additional 3,551 shares in the last quarter. Natixis Advisors LLC lifted its holdings in Qorvo by 68.2% during the first quarter. Natixis Advisors LLC now owns 85,445 shares of the semiconductor company's stock valued at $6,187,000 after purchasing an additional 34,632 shares in the last quarter. Finally, Valliance Asset Management Ltd bought a new stake in shares of Qorvo during the first quarter valued at approximately $2,172,000. 88.57% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on QRVO. Mizuho set a $84.00 target price on shares of Qorvo and gave the company a "neutral" rating in a research note on Tuesday, July 1st. The Goldman Sachs Group initiated coverage on shares of Qorvo in a research note on Thursday, July 10th. They set a "neutral" rating and a $90.00 target price for the company. Craig Hallum reaffirmed a "buy" rating on shares of Qorvo in a research note on Wednesday, July 30th. TD Cowen upped their price objective on shares of Qorvo from $80.00 to $95.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Finally, Piper Sandler set a $125.00 price objective on shares of Qorvo and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Qorvo currently has an average rating of "Hold" and an average price target of $95.35.

Insider Activity at Qorvo

In other news, Director John R. Harding sold 1,450 shares of the stock in a transaction that occurred 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 of the company's stock, valued at $532,473.73. This represents a 16.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.41% of the stock is currently owned by insiders.

Qorvo Stock Down 0.1%

QRVO stock traded down $0.12 during trading hours on Tuesday, reaching $85.05. 604,979 shares of the stock were exchanged, compared to its average volume of 2,450,731. The firm's 50-day moving average is $83.45 and its 200-day moving average is $76.18. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $117.90. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01. The company has a market cap of $7.88 billion, a price-to-earnings ratio of 100.06, a PEG ratio of 1.64 and a beta of 1.35.

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