Delta Global Management LP Trims Position in Qorvo, Inc. $QRVO

Delta Global Management LP reduced its stake in Qorvo, Inc. (NASDAQ:QRVO) by 33.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 185,087 shares of the semiconductor company’s stock after selling 91,401 shares during the period. Delta Global Management LP owned approximately 0.20% of Qorvo worth $15,642,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of QRVO. Vanguard Group Inc. boosted its holdings in Qorvo by 0.9% in the third quarter. Vanguard Group Inc. now owns 11,105,104 shares of the semiconductor company’s stock valued at $1,011,453,000 after purchasing an additional 100,058 shares in the last quarter. State Street Corp raised its stake in shares of Qorvo by 5.0% during the second quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock worth $314,516,000 after purchasing an additional 175,031 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Qorvo by 8.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,869,834 shares of the semiconductor company’s stock worth $158,027,000 after purchasing an additional 142,731 shares during the last quarter. LSV Asset Management raised its stake in shares of Qorvo by 2.3% during the fourth quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock worth $131,452,000 after purchasing an additional 34,605 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Qorvo by 20.2% during the second quarter. Bank of America Corp DE now owns 1,518,964 shares of the semiconductor company’s stock worth $128,975,000 after purchasing an additional 255,068 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. upped their price target on Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Wolfe Research cut Qorvo from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 17th. Barclays upgraded Qorvo from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $95.00 to $100.00 in a research report on Wednesday, April 22nd. Zacks Research cut Qorvo from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Finally, UBS Group increased their price objective on Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $96.63.

Qorvo Stock Performance

Qorvo stock opened at $101.28 on Tuesday. The stock’s 50-day moving average is $91.95 and its 200-day moving average is $85.90. The company has a market cap of $8.91 billion, a price-to-earnings ratio of 27.98, a price-to-earnings-growth ratio of 1.54 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 12 month low of $74.92 and a 12 month high of $109.49.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.48. The company 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 company’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same period last year, the business posted $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities analysts anticipate that Qorvo, Inc. will post 5.87 earnings per share for the current year.

Insider Transactions at Qorvo

In other news, SVP Paul J. Fego sold 2,500 shares of the firm’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 transaction, the senior vice president directly owned 71,038 shares in the company, valued at $7,103,800. This trade represents a 3.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Gina Harrison sold 4,714 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $471,400.00. Following the transaction, the vice president directly owned 24,429 shares in the company, valued at $2,442,900. This trade represents a 16.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,966,127 shares of company stock valued at $198,911,103. 0.41% of the stock is owned by company insiders.

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.