Qorvo (NASDAQ:QRVO) Hits New 52-Week High - Here's What Happened

Key Points

• Qorvo shares reached a new 52-week high of $121.09, recently trading at $119.59 and up from the prior close of $118.44.
• The company exceeded quarterly expectations, reporting adjusted EPS of $1.64 versus the $1.11 consensus and revenue of $784.79 million, although revenue declined 4.2% year over year.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and $94 average price target; meanwhile, insiders sold more than $6.3 million of stock over the past three months.

Qorvo, Inc. (NASDAQ:QRVO - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $121.09 and last traded at $119.59, with a volume of 1129381 shares trading hands. The stock had previously closed at $118.44.

Analyst Ratings Changes

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several equities research analysts recently commented on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Qorvo in a report on Friday, July 24th. TD Cowen restated a "hold" rating on shares of Qorvo in a report on Wednesday, July 29th. UBS Group boosted their target price on shares of Qorvo from $91.00 to $96.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Citigroup decreased their target price on shares of Qorvo from $100.00 to $95.00 and set a "neutral" rating for the company in a research note on Wednesday, July 29th. Finally, Wall Street Zen upgraded shares of Qorvo from a "hold" rating to a "buy" rating in a report on Sunday, August 2nd. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $94.00.

Qorvo Price Performance

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 company's 50-day moving average price is $98.94 and its two-hundred day moving average price is $92.37. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The business had revenue of $784.79 million for the quarter, compared to analysts' expectations of $743.28 million. During the same quarter last year, the company posted $0.92 earnings per share. The company's quarterly revenue was down 4.2% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, sell-side analysts expect that Qorvo, Inc. will post 6.42 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Philip Chesley sold 5,487 shares of the company's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $97.50, for a total transaction of $534,982.50. Following the completion of the transaction, the senior vice president owned 44,021 shares in the company, valued at approximately $4,292,047.50. This represents a 11.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert A. Bruggeworth sold 28,744 shares of Qorvo stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $100.87, for a total value of $2,899,407.28. Following the sale, the chief executive officer directly owned 325,546 shares in the company, valued at approximately $32,837,825.02. This trade represents a 8.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 62,309 shares of company stock worth $6,304,642. Corporate insiders own 0.49% of the company's stock.

Hedge Funds Weigh In On Qorvo

Several large investors have recently bought and sold shares of QRVO. QRG Capital Management Inc. increased its position in shares of Qorvo by 5.6% during the 2nd quarter. QRG Capital Management Inc. now owns 9,786 shares of the semiconductor company's stock valued at $913,000 after purchasing an additional 521 shares during the period. Envestnet Asset Management Inc. grew its position in Qorvo by 5.3% in the second quarter. Envestnet Asset Management Inc. now owns 62,436 shares of the semiconductor company's stock worth $5,823,000 after buying an additional 3,161 shares during the last quarter. State Street Corp lifted its holdings in shares of Qorvo by 5.0% during the second quarter. State Street Corp now owns 3,823,735 shares of the semiconductor company's stock valued at $356,640,000 after purchasing an additional 180,500 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Qorvo by 115.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,518 shares of the semiconductor company's stock worth $888,000 after purchasing an additional 5,102 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Qorvo in the second quarter worth about $385,000. Institutional investors and hedge funds own 88.57% of the company's stock.

About Qorvo

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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