New York Life Investment Management LLC Buys New Shares in Qorvo, Inc. $QRVO

New York Life Investment Management LLC bought a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 47,355 shares of the semiconductor company’s stock, valued at approximately $4,002,000.

A number of other large investors also recently modified their holdings of QRVO. Marshall Wace LLP lifted its stake in shares of Qorvo by 16,066.5% during the 3rd quarter. Marshall Wace LLP now owns 814,630 shares of the semiconductor company’s stock valued at $74,197,000 after buying an additional 809,591 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Qorvo during the 3rd quarter valued at $66,594,000. Dorsal Capital Management LP lifted its stake in shares of Qorvo by 146.9% during the 3rd quarter. Dorsal Capital Management LP now owns 1,000,000 shares of the semiconductor company’s stock valued at $91,080,000 after buying an additional 595,000 shares in the last quarter. Voloridge Investment Management LLC lifted its stake in shares of Qorvo by 2,502.2% during the 3rd quarter. Voloridge Investment Management LLC now owns 553,596 shares of the semiconductor company’s stock valued at $50,422,000 after buying an additional 532,322 shares in the last quarter. Finally, Rafferty Asset Management LLC lifted its stake in shares of Qorvo by 63.6% during the 2nd quarter. Rafferty Asset Management LLC now owns 1,214,482 shares of the semiconductor company’s stock valued at $103,122,000 after buying an additional 472,211 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Stock Performance

Qorvo stock opened at $92.25 on Monday. The company’s 50-day moving average price is $82.43 and its 200-day moving average price is $83.87. Qorvo, Inc. has a twelve month low of $73.00 and a twelve month high of $106.30. The company has a quick ratio of 2.46, a current ratio of 3.24 and a debt-to-equity ratio of 0.46. The company has a market cap of $8.12 billion, a PE ratio of 25.48, a price-to-earnings-growth ratio of 1.44 and a beta of 1.42.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.48. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The firm had revenue of $808.28 million for the quarter, compared to the consensus estimate of $801.31 million. During the same period in the previous year, the firm posted $1.42 EPS. The business’s quarterly revenue 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, equities research analysts forecast that Qorvo, Inc. will post 5.87 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on QRVO. JPMorgan Chase & Co. lifted their target price on shares of Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Craig Hallum restated a “buy” rating and set a $120.00 target price on shares of Qorvo in a research note on Wednesday, May 6th. Mizuho restated an “underperform” rating and set a $66.00 target price (down from $70.00) on shares of Qorvo in a research note on Monday, April 20th. Benchmark restated a “hold” rating on shares of Qorvo in a research note on Wednesday, January 28th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Qorvo in a report on Wednesday, January 28th. Three equities research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $96.63.

About Qorvo

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.