Geode Capital Management LLC Lowers Position in Qorvo, Inc. $QRVO

Geode Capital Management LLC lowered its stake in Qorvo, Inc. (NASDAQ:QRVO) by 0.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,528,101 shares of the semiconductor company’s stock after selling 5,426 shares during the period. Geode Capital Management LLC owned 1.65% of Qorvo worth $129,167,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Jain Global LLC raised its position in Qorvo by 71.6% during the third quarter. Jain Global LLC now owns 277,219 shares of the semiconductor company’s stock valued at $25,249,000 after purchasing an additional 115,640 shares during the period. JPMorgan Chase & Co. raised its position in Qorvo by 58.7% during the third quarter. JPMorgan Chase & Co. now owns 313,156 shares of the semiconductor company’s stock valued at $28,522,000 after purchasing an additional 115,890 shares during the period. Envestnet Asset Management Inc. raised its position in Qorvo by 83.6% during the third quarter. Envestnet Asset Management Inc. now owns 40,443 shares of the semiconductor company’s stock valued at $3,684,000 after purchasing an additional 18,415 shares during the period. SG Americas Securities LLC raised its position in Qorvo by 2,687.9% during the fourth quarter. SG Americas Securities LLC now owns 234,464 shares of the semiconductor company’s stock valued at $19,815,000 after purchasing an additional 226,054 shares during the period. Finally, GSA Capital Partners LLP purchased a new stake in Qorvo during the third quarter valued at approximately $3,977,000. 88.57% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Paul J. Fego sold 2,500 shares of the business’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 owned 71,038 shares of the company’s stock, valued at $7,103,800. The trade was a 3.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Gina Harrison sold 4,714 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $471,400.00. Following the completion of the transaction, the vice president directly owned 24,429 shares of the company’s stock, valued at approximately $2,442,900. This trade represents a 16.18% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,966,127 shares of company stock worth $198,911,103. Corporate insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on QRVO. Wolfe Research downgraded Qorvo from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 17th. UBS Group upped their price objective on Qorvo from $87.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Zacks Research downgraded Qorvo from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a report on Monday, April 27th. Finally, JPMorgan Chase & Co. increased their price target on Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $96.63.

Qorvo Trading Down 0.7%

Shares of NASDAQ:QRVO opened at $103.97 on Friday. Qorvo, Inc. has a 12-month low of $74.92 and a 12-month high of $109.49. The business’s fifty day simple moving average is $89.13 and its 200-day simple moving average is $85.08. The company has a market capitalization of $9.15 billion, a PE ratio of 28.72, a P/E/G ratio of 1.63 and a beta of 1.43. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, beating 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 company had revenue of $808.28 million during the quarter, compared to analysts’ expectations of $801.31 million. During the same period last year, the business posted $1.42 earnings per share. The firm’s revenue was down 7.0% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, equities research analysts predict that Qorvo, Inc. will post 5.87 earnings per share for the current fiscal year.

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.