OP Asset Management Ltd Acquires Shares of 8,223 Qorvo, Inc. $QRVO

OP Asset Management Ltd bought a new position in shares of Qorvo, Inc. (NASDAQ:QRVO) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 8,223 shares of the semiconductor company’s stock, valued at approximately $636,000.

Other large investors have also made changes to their positions in the company. Assenagon Asset Management S.A. increased its position in Qorvo by 12.5% in the first quarter. Assenagon Asset Management S.A. now owns 221,303 shares of the semiconductor company’s stock worth $17,129,000 after purchasing an additional 24,666 shares during the period. SG Americas Securities LLC lifted its position in Qorvo by 198.1% during the 1st quarter. SG Americas Securities LLC now owns 698,958 shares of the semiconductor company’s stock valued at $54,099,000 after purchasing an additional 464,494 shares during the period. Corient Private Wealth LLC boosted its stake in shares of Qorvo by 102.0% in the 4th quarter. Corient Private Wealth LLC now owns 20,990 shares of the semiconductor company’s stock valued at $1,777,000 after purchasing an additional 10,601 shares during the last quarter. Wick Capital Partners LLC bought a new position in shares of Qorvo in the 4th quarter valued at about $12,384,000. Finally, Kera Capital Partners Inc. grew its position in shares of Qorvo by 42.3% during the 4th quarter. Kera Capital Partners Inc. now owns 4,755 shares of the semiconductor company’s stock worth $371,000 after buying an additional 1,414 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on QRVO shares. UBS Group boosted their price target on shares of Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Qorvo in a research note on Monday, April 27th. Craig Hallum reaffirmed a “buy” rating and set a $120.00 target price on shares of Qorvo in a report on Wednesday, May 6th. JPMorgan Chase & Co. upped their target price on shares of Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Wolfe Research downgraded Qorvo from an “outperform” rating to a “peer perform” rating in a research note on Friday, April 17th. Three investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $96.62.

Insiders Place Their Bets

In related news, Director Peter A. Feld sold 1,900,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total transaction 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 filing with the SEC, which can be accessed through this link. 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. The trade was a 16.18% 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 worth $198,911,103. 0.41% of the stock is owned by corporate insiders.

Qorvo Stock Performance

Shares of NASDAQ:QRVO opened at $93.27 on Wednesday. The firm’s 50 day simple moving average is $95.60 and its 200 day simple moving average is $86.57. Qorvo, Inc. has a fifty-two week low of $74.92 and a fifty-two week high of $109.49. The company has a market capitalization of $8.23 billion, a price-to-earnings ratio of 25.77, a P/E/G ratio of 1.47 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 (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.48. The firm had revenue of $808.28 million during the quarter, compared to analysts’ expectations of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, sell-side analysts forecast that Qorvo, Inc. will post 5.84 earnings per share for the current year.

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.