Vulcan Value Partners LLC Sells 94,011 Shares of Qorvo, Inc. $QRVO

Key Points

• Vulcan Value Partners LLC reduced its Qorvo stake by 7.9% in the fourth quarter, selling 94,011 shares and leaving it with 1,103,354 shares worth about $93.3 million.
• Several other institutional investors also changed their positions, and 88.57% of Qorvo shares are held by institutions, underscoring the stock’s heavy institutional ownership.
• Qorvo reported better-than-expected quarterly earnings, with EPS of $1.69 versus the $1.21 estimate, while revenue came in slightly above forecasts; however, analysts overall still rate the stock a Hold with an average target price of $96.63.

Vulcan Value Partners LLC trimmed its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 7.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,103,354 shares of the semiconductor company's stock after selling 94,011 shares during the period. Qorvo comprises 1.7% of Vulcan Value Partners LLC's investment portfolio, making the stock its 17th biggest position. Vulcan Value Partners LLC owned approximately 1.19% of Qorvo worth $93,291,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. AlphaQuest LLC grew its position in shares of Qorvo by 298.4% during the 4th quarter. AlphaQuest LLC now owns 34,477 shares of the semiconductor company's stock valued at $2,914,000 after acquiring an additional 25,824 shares during the period. Kestra Investment Management LLC grew its position in shares of Qorvo by 144.4% during the 4th quarter. Kestra Investment Management LLC now owns 62,243 shares of the semiconductor company's stock valued at $5,260,000 after acquiring an additional 36,776 shares during the period. Optimize Financial Inc grew its position in shares of Qorvo by 1.5% during the 4th quarter. Optimize Financial Inc now owns 15,024 shares of the semiconductor company's stock valued at $1,270,000 after acquiring an additional 216 shares during the period. Hantz Financial Services Inc. grew its position in shares of Qorvo by 10.4% during the 4th quarter. Hantz Financial Services Inc. now owns 3,776 shares of the semiconductor company's stock valued at $319,000 after acquiring an additional 355 shares during the period. Finally, LSV Asset Management grew its position in shares of Qorvo by 2.3% during the 4th quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company's stock valued at $131,452,000 after acquiring an additional 34,605 shares during the period. 88.57% of the stock is owned by institutional investors.

Insider Activity at Qorvo

In other Qorvo news, SVP Paul J. Fego sold 2,500 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the senior vice president directly owned 71,038 shares in the company, valued at $7,103,800. This represents a 3.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Gina Harrison sold 4,714 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total transaction of $471,400.00. Following the completion of the sale, the vice president owned 24,429 shares in the company, valued at $2,442,900. This represents a 16.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 8,170 shares of company stock worth $812,220 over the last quarter. Corporate insiders own 0.41% of the company's stock.

Qorvo Stock Down 4.0%

QRVO opened at $103.91 on Thursday. The company has a 50 day moving average of $86.09 and a 200 day moving average of $84.36. The company has a market cap of $9.15 billion, a PE ratio of 28.70, a price-to-earnings-growth ratio of 1.69 and a beta of 1.42. Qorvo, Inc. has a 12 month low of $74.03 and a 12 month high of $109.49. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings data 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 net margin of 9.22% and a return on equity of 15.32%. The company had revenue of $808.28 million during the quarter, compared to the consensus estimate of $801.31 million. During the same period last year, the firm earned $1.42 EPS. Qorvo's revenue for the quarter 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, sell-side analysts expect that Qorvo, Inc. will post 5.87 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on QRVO shares. Piper Sandler reissued a "neutral" rating on shares of Qorvo in a research report on Wednesday, January 28th. TD Cowen reduced their target price on shares of Qorvo from $95.00 to $80.00 and set a "hold" rating for the company in a research report on Wednesday, January 28th. Barclays raised shares of Qorvo from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $95.00 to $100.00 in a research report on Wednesday, April 22nd. KeyCorp reissued a "sector weight" rating on shares of Qorvo in a research report on Wednesday, January 28th. Finally, Wolfe Research downgraded shares of Qorvo from an "outperform" rating to a "peer perform" rating in a research report on Friday, April 17th. Three analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $96.63.

Qorvo Company 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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