Alberta Investment Management Corp Makes New Investment in Qorvo, Inc. $QRVO

Alberta Investment Management Corp purchased a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 100,000 shares of the semiconductor company’s stock, valued at approximately $8,451,000.

A number of other large investors also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Qorvo during the fourth quarter worth $92,430,000. Marshall Wace LLP boosted its position in Qorvo by 16,066.5% in the 3rd quarter. Marshall Wace LLP now owns 814,630 shares of the semiconductor company’s stock valued at $74,197,000 after buying an additional 809,591 shares during the period. Balyasny Asset Management L.P. bought a new stake in Qorvo during the 3rd quarter valued at $66,594,000. Dorsal Capital Management LP raised its position in Qorvo by 146.9% during the 3rd quarter. Dorsal Capital Management LP now owns 1,000,000 shares of the semiconductor company’s stock valued at $91,080,000 after purchasing an additional 595,000 shares in the last quarter. Finally, Voloridge Investment Management LLC raised its position in Qorvo by 2,502.2% during the 3rd quarter. Voloridge Investment Management LLC now owns 553,596 shares of the semiconductor company’s stock valued at $50,422,000 after purchasing an additional 532,322 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Paul J. Fego sold 2,500 shares of Qorvo stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the senior vice president owned 71,038 shares of the company’s stock, valued at approximately $7,103,800. The trade was a 3.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert A. Bruggeworth sold 57,957 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $100.40, for a total value of $5,818,882.80. Following the completion of the transaction, the chief executive officer owned 319,880 shares in the company, valued at $32,115,952. This represents a 15.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,966,127 shares of company stock valued at $198,911,103. Company insiders own 0.41% of the company’s stock.

Qorvo Trading Down 4.7%

QRVO opened at $96.56 on Wednesday. The company’s 50 day simple moving average is $92.30 and its two-hundred day simple moving average is $85.98. The firm has a market capitalization of $8.50 billion, a price-to-earnings ratio of 26.67, a price-to-earnings-growth ratio of 1.58 and a beta of 1.43. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.24 and a quick ratio of 2.46. Qorvo, Inc. has a 1-year low of $74.92 and a 1-year high of $109.49.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.48. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The business had revenue of $808.28 million during the quarter, compared to the consensus estimate of $801.31 million. During the same period last year, the company earned $1.42 EPS. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts expect that Qorvo, Inc. will post 5.87 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Wolfe Research downgraded Qorvo from an “outperform” rating to a “peer perform” rating in a report on Friday, April 17th. Mizuho reiterated an “underperform” rating and set a $66.00 price target (down from $70.00) on shares of Qorvo in a research note on Monday, April 20th. Zacks Research downgraded Qorvo from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Citigroup boosted their price objective on Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Finally, UBS Group boosted their price objective on Qorvo from $87.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Three 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. According to data from MarketBeat, Qorvo has a consensus rating of “Hold” and a consensus price target of $96.63.

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.