Qorvo, Inc. $QRVO Position Cut by KBC Group NV

KBC Group NV reduced its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 79.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,511 shares of the semiconductor company’s stock after selling 99,745 shares during the quarter. KBC Group NV’s holdings in Qorvo were worth $2,052,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in QRVO. State Street Corp boosted its position in Qorvo by 5.0% during the 2nd quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock worth $314,516,000 after acquiring an additional 175,031 shares during the period. FIL Ltd grew its stake in shares of Qorvo by 13.2% in the fourth quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company’s stock worth $305,085,000 after purchasing an additional 421,224 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Qorvo by 8.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,869,834 shares of the semiconductor company’s stock worth $158,027,000 after purchasing an additional 142,731 shares in the last quarter. LSV Asset Management increased its holdings in shares of Qorvo by 2.3% during the fourth quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock valued at $131,452,000 after purchasing an additional 34,605 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of Qorvo by 20.2% during the second quarter. Bank of America Corp DE now owns 1,518,964 shares of the semiconductor company’s stock valued at $128,975,000 after purchasing an additional 255,068 shares during the period. Institutional investors own 88.57% of the company’s stock.

Qorvo Trading Down 0.3%

Qorvo stock opened at $86.51 on Friday. The firm has a market cap of $7.63 billion, a price-to-earnings ratio of 23.90, a price-to-earnings-growth ratio of 1.36 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 firm’s 50 day moving average price is $94.67 and its two-hundred day moving average price is $86.58. 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 announced its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 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 the consensus estimate of $801.31 million. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The company’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, research analysts predict that Qorvo, Inc. will post 5.83 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert A. Bruggeworth sold 57,957 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the sale, the chief executive officer directly owned 319,880 shares of the company’s stock, valued at $32,115,952. The trade was a 15.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Paul J. Fego sold 2,500 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the senior vice president directly owned 71,038 shares of the company’s stock, valued at approximately $7,103,800. This represents a 3.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,966,127 shares of company stock valued at $198,911,103. Insiders own 0.49% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on QRVO. Zacks Research downgraded shares of Qorvo from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Craig Hallum reissued a “buy” rating and set a $120.00 target price on shares of Qorvo in a research note on Wednesday, May 6th. Citigroup boosted their price target on shares of Qorvo from $90.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Wolfe Research lowered shares of Qorvo from an “outperform” rating to a “peer perform” rating in a research note on Friday, April 17th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $97.07.

Qorvo 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.