Royal Bank of Canada Decreases Position in Qorvo, Inc. $QRVO

Royal Bank of Canada decreased its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 11.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,509 shares of the semiconductor company’s stock after selling 5,212 shares during the quarter. Royal Bank of Canada’s holdings in Qorvo were worth $3,136,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in QRVO. Smartleaf Asset Management LLC raised its stake in Qorvo by 215.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock valued at $29,000 after buying an additional 231 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Qorvo in the third quarter worth about $36,000. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake in shares of Qorvo by 60.0% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock worth $41,000 after acquiring an additional 180 shares during the last quarter. Covestor Ltd grew its stake in shares of Qorvo by 142.1% during the fourth quarter. Covestor Ltd now owns 523 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 307 shares during the last quarter. Finally, Salomon & Ludwin LLC grew its stake in shares of Qorvo by 54.4% during the fourth quarter. Salomon & Ludwin LLC now owns 559 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 197 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Qorvo

In other Qorvo news, Director Peter A. Feld sold 1,900,000 shares of Qorvo stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the completion of the sale, the director directly owned 5,611,526 shares in the company, valued at approximately $567,886,431.20. The trade was a 25.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Robert A. Bruggeworth sold 57,957 shares of Qorvo stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the sale, the chief executive officer owned 319,880 shares of the company’s stock, valued at approximately $32,115,952. The trade was a 15.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,966,127 shares of company stock valued at $198,911,103. 0.49% of the stock is owned by corporate insiders.

Qorvo Trading Down 0.3%

Shares of NASDAQ:QRVO opened at $98.11 on Friday. Qorvo, Inc. has a 52-week low of $74.92 and a 52-week high of $109.49. The stock has a market cap of $8.66 billion, a price-to-earnings ratio of 22.76, a PEG ratio of 1.43 and a beta of 1.44. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $92.37 and a 200-day moving average price of $87.88.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.53. The firm had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The company’s revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities analysts predict that Qorvo, Inc. will post 6.3 EPS for the current year.

Analyst Ratings Changes

QRVO has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Qorvo in a research report on Friday, July 24th. JPMorgan Chase & Co. boosted their target price on shares of Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Barclays upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $95.00 to $100.00 in a research note on Wednesday, April 22nd. UBS Group raised their price target on shares of Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Finally, Wall Street Zen upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. Three research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $94.00.

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.