Qorvo, Inc. $QRVO Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. trimmed its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 4.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 272,776 shares of the semiconductor company’s stock after selling 13,294 shares during the quarter. Pinnacle Associates Ltd. owned about 0.29% of Qorvo worth $23,052,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC purchased a new stake in Qorvo in the 3rd quarter valued at approximately $25,000. Winnow Wealth LLC purchased a new position in Qorvo in the third quarter worth $27,000. Stance Capital LLC purchased a new position in Qorvo in the third quarter worth $27,000. Sound Income Strategies LLC boosted its holdings in Qorvo by 952.8% during the fourth quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company’s stock worth $30,000 after buying an additional 343 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new position in Qorvo in the 3rd quarter valued at approximately $36,000. 88.57% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

QRVO has been the subject of several research analyst reports. Citigroup raised their price objective on Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Wolfe Research lowered shares of Qorvo from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 17th. Benchmark reiterated a “hold” rating on shares of Qorvo in a research report on Wednesday, January 28th. UBS Group boosted their price objective on shares of Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Finally, Morgan Stanley set a $84.00 price objective on shares of Qorvo in a research report on Wednesday, January 28th. Three investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Qorvo currently has an average rating of “Hold” and a consensus price target of $96.63.

Qorvo Stock Up 2.0%

Shares of NASDAQ:QRVO opened at $91.51 on Thursday. The company has a quick ratio of 2.46, a current ratio of 3.24 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a 52-week low of $73.00 and a 52-week high of $106.30. The stock’s fifty day simple moving average is $81.99 and its 200-day simple moving average is $83.88. The company has a market capitalization of $8.05 billion, a P/E ratio of 25.28, a P/E/G ratio of 1.40 and a beta of 1.42.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.48. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The business had revenue of $808.28 million for the quarter, compared to the consensus estimate of $801.31 million. During the same period in the prior year, the business earned $1.42 earnings per share. The business’s revenue was down 7.0% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, equities research analysts forecast that Qorvo, Inc. will post 5.87 earnings per share for the current fiscal year.

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.