Bank of New York Mellon Corp Sells 10,171 Shares of Qorvo, Inc. $QRVO

Bank of New York Mellon Corp lessened its position in Qorvo, Inc. (NASDAQ:QRVO) by 1.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 522,415 shares of the semiconductor company’s stock after selling 10,171 shares during the period. Bank of New York Mellon Corp’s holdings in Qorvo were worth $40,435,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Smartleaf Asset Management LLC lifted its holdings in shares of Qorvo by 215.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock worth $29,000 after purchasing an additional 231 shares in the last quarter. Sound Income Strategies LLC raised its holdings in Qorvo by 952.8% during the fourth quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company’s stock worth $30,000 after buying an additional 343 shares during the last quarter. Advisory Services Network LLC acquired a new position in Qorvo during the third quarter worth $36,000. V Square Quantitative Management LLC bought a new position in shares of Qorvo in the fourth quarter valued at $39,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its stake in shares of Qorvo by 60.0% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock valued at $41,000 after buying an additional 180 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $86.51 on Friday. 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 has a fifty day simple moving average of $94.67 and a two-hundred day simple moving average of $86.58. Qorvo, Inc. has a 1-year low of $74.92 and a 1-year high of $109.49. 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 (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.48. The company had revenue of $808.28 million during the quarter, compared to analyst estimates of $801.31 million. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts anticipate that Qorvo, Inc. will post 5.83 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on QRVO. Barclays raised Qorvo from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $95.00 to $100.00 in a report on Wednesday, April 22nd. UBS Group upped their price target on Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. increased their price target on Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Zacks Research cut Qorvo from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Finally, Mizuho reaffirmed an “underperform” rating and set a $66.00 price objective (down from $70.00) on shares of Qorvo in a 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $97.07.

Insider Activity

In other news, SVP Paul J. Fego sold 2,500 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $7,103,800. This represents a 3.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Gina Harrison sold 4,714 shares of the 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 $471,400.00. Following the transaction, the vice president owned 24,429 shares in the company, valued at $2,442,900. The trade was a 16.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,966,127 shares of company stock worth $198,911,103 in the last three months. Insiders own 0.49% of the company’s stock.

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.