New York State Teachers Retirement System Has $6.01 Million Position in Qorvo, Inc. $QRVO

New York State Teachers Retirement System cut its stake in Qorvo, Inc. (NASDAQ:QRVO) by 8.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,640 shares of the semiconductor company’s stock after selling 7,423 shares during the quarter. New York State Teachers Retirement System owned approximately 0.08% of Qorvo worth $6,009,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of QRVO. Jones Financial Companies Lllp raised its stake in shares of Qorvo by 440.1% during the 1st quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company’s stock worth $589,000 after purchasing an additional 6,628 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Qorvo by 158.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company’s stock valued at $180,000 after buying an additional 1,301 shares in the last quarter. First Trust Advisors LP increased its holdings in Qorvo by 56.5% in the second quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company’s stock worth $12,100,000 after buying an additional 51,475 shares during the last quarter. Marshall Wace LLP bought a new position in Qorvo during the second quarter valued at approximately $428,000. Finally, Cerity Partners LLC acquired a new stake in Qorvo in the second quarter valued at approximately $327,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Insiders Place Their Bets

In other news, Director Peter A. Feld sold 1,900,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total value of $192,280,000.00. Following the completion of the sale, the director directly owned 5,611,526 shares of the company’s stock, valued at approximately $567,886,431.20. This represents a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Paul J. Fego sold 2,500 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the senior vice president owned 71,038 shares in the company, valued at approximately $7,103,800. The trade was a 3.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,966,127 shares of company stock worth $198,911,103 in the last 90 days. 0.49% of the stock is owned by company insiders.

Qorvo Stock Performance

NASDAQ:QRVO opened at $85.13 on Wednesday. The firm has a market capitalization of $7.51 billion, a PE ratio of 23.52, a PEG ratio of 1.37 and a beta of 1.44. Qorvo, Inc. has a 1 year low of $74.92 and a 1 year 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. The firm’s fifty day simple moving average is $95.90 and its 200 day simple moving average is $86.57.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.48. The company had revenue of $808.28 million during the quarter, compared to analysts’ expectations of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, sell-side analysts anticipate that Qorvo, Inc. will post 5.84 EPS for the current year.

Analyst Ratings Changes

QRVO has been the topic of several analyst reports. Citigroup increased their price target on shares of Qorvo from $90.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a report on Monday, April 27th. UBS Group increased their target price 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. Craig Hallum reaffirmed a “buy” rating and issued a $120.00 price target on shares of Qorvo in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. upped their price target on Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $96.62.

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.