Fifth Third Bancorp Acquires 19,032 Shares of Qorvo, Inc. $QRVO

Fifth Third Bancorp boosted its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 3,590.9% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 19,562 shares of the semiconductor company’s stock after acquiring an additional 19,032 shares during the period. Fifth Third Bancorp’s holdings in Qorvo were worth $1,514,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. State Street Corp grew its holdings in shares of Qorvo by 5.0% during the second quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock valued at $314,516,000 after buying an additional 175,031 shares during the last quarter. FIL Ltd raised its holdings in shares of Qorvo by 13.2% in the 4th quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company’s stock worth $305,085,000 after acquiring an additional 421,224 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Qorvo by 8.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,869,834 shares of the semiconductor company’s stock worth $158,027,000 after acquiring an additional 142,731 shares during the last quarter. LSV Asset Management lifted its position in Qorvo by 2.3% in 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 in the last quarter. Finally, Bank of America Corp DE lifted its position in Qorvo by 20.2% in the 2nd quarter. Bank of America Corp DE now owns 1,518,964 shares of the semiconductor company’s stock valued at $128,975,000 after acquiring an additional 255,068 shares in the last quarter. 88.57% of the stock is owned by institutional investors.

Qorvo Price Performance

Shares of NASDAQ:QRVO opened at $86.73 on Friday. Qorvo, Inc. has a fifty-two week low of $74.92 and a fifty-two week high of $109.49. The company’s 50-day moving average is $94.78 and its 200 day moving average is $86.58. The company has a market capitalization of $7.65 billion, a P/E ratio of 23.96, a price-to-earnings-growth ratio of 1.41 and a beta of 1.44. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.46 and a current ratio of 3.24.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (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 analyst estimates of $801.31 million. During the same quarter last year, the business posted $1.42 EPS. Qorvo’s quarterly revenue was down 7.0% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, equities research analysts forecast that Qorvo, Inc. will post 5.83 earnings per share for the current year.

Insider Transactions at Qorvo

In other news, 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 value of $250,000.00. Following the completion of the transaction, the senior vice president directly owned 71,038 shares of the company’s stock, valued at $7,103,800. This trade represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter A. Feld sold 1,900,000 shares of Qorvo stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total value of $192,280,000.00. Following the transaction, the director directly owned 5,611,526 shares of the company’s stock, valued at $567,886,431.20. The trade was a 25.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,966,127 shares of company stock valued at $198,911,103. 0.49% of the stock is currently owned by insiders.

Analyst Ratings Changes

QRVO has been the subject of a number of analyst reports. UBS Group lifted their price target on Qorvo from $87.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Barclays upgraded Qorvo from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $95.00 to $100.00 in a report on Wednesday, April 22nd. Citigroup lifted their target price on Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded Qorvo from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Finally, Mizuho reissued an “underperform” rating and issued a $66.00 price target (down from $70.00) on shares of Qorvo in a research report on Monday, April 20th. Three equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $97.07.

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.