AXQ Capital LP Cuts Position in Qorvo, Inc. $QRVO

AXQ Capital LP trimmed its position in Qorvo, Inc. (NASDAQ:QRVO) by 75.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,725 shares of the semiconductor company’s stock after selling 8,556 shares during the quarter. AXQ Capital LP’s holdings in Qorvo were worth $230,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. Norges Bank acquired a new stake in shares of Qorvo in the fourth quarter valued at about $92,430,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Qorvo in the fourth quarter valued at about $80,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of Qorvo by 13.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,707 shares of the semiconductor company’s stock valued at $144,000 after buying an additional 207 shares in the last quarter. Baker Avenue Asset Management LP grew its stake in shares of Qorvo by 53.8% in the fourth quarter. Baker Avenue Asset Management LP now owns 4,772 shares of the semiconductor company’s stock valued at $403,000 after buying an additional 1,669 shares in the last quarter. Finally, AlphaQuest LLC grew its stake in shares of Qorvo by 298.4% in the fourth quarter. AlphaQuest LLC now owns 34,477 shares of the semiconductor company’s stock valued at $2,914,000 after buying an additional 25,824 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Trading Down 5.5%

Shares of NASDAQ QRVO opened at $98.28 on Friday. The company has a market cap of $8.65 billion, a price-to-earnings ratio of 27.15, a price-to-earnings-growth ratio of 1.62 and a beta of 1.43. Qorvo, Inc. has a 12-month low of $74.92 and a 12-month 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 stock’s 50 day simple moving average is $89.48 and its 200 day simple moving average is $85.18.

Qorvo (NASDAQ:QRVO) last announced 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. The business had revenue of $808.28 million for 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 business’s revenue was down 7.0% on a year-over-year basis. During the same quarter last year, the business posted $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities research analysts expect that Qorvo, Inc. will post 5.87 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on QRVO shares. Zacks Research lowered Qorvo from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. UBS Group increased their target price 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 increased their target price for the company from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Mizuho reiterated an “underperform” rating and issued a $66.00 target price (down from $70.00) on shares of Qorvo in a research note on Monday, April 20th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a research note on Monday, April 27th. Three equities research 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.com, Qorvo has an average rating of “Hold” and an average target price of $96.63.

Insider Buying and Selling

In related news, Director Peter A. Feld sold 1,900,000 shares of the firm’s 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 sale, the director owned 5,611,526 shares of the company’s stock, valued at approximately $567,886,431.20. This trade represents a 25.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Gina Harrison sold 4,714 shares of Qorvo stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $471,400.00. Following the sale, the vice president directly owned 24,429 shares in the company, valued at $2,442,900. The trade was a 16.18% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,966,127 shares of company stock worth $198,911,103. Company insiders own 0.41% of the company’s stock.

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.