Assenagon Asset Management S.A. Grows Position in Qorvo, Inc. $QRVO

Assenagon Asset Management S.A. grew its position in Qorvo, Inc. (NASDAQ:QRVO) by 12.5% during the first quarter, Holdings Channel.com reports. The firm owned 221,303 shares of the semiconductor company’s stock after acquiring an additional 24,666 shares during the period. Assenagon Asset Management S.A.’s holdings in Qorvo were worth $17,129,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Fred Alger Management LLC lifted its holdings in Qorvo by 5.3% during the 3rd quarter. Fred Alger Management LLC now owns 3,179 shares of the semiconductor company’s stock worth $290,000 after buying an additional 160 shares during the last quarter. Beacon Investment Advisory Services Inc. increased its holdings in shares of Qorvo by 5.7% in the 4th quarter. Beacon Investment Advisory Services Inc. now owns 3,001 shares of the semiconductor company’s stock valued at $254,000 after acquiring an additional 161 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in shares of Qorvo by 60.0% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock valued at $41,000 after acquiring an additional 180 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Qorvo by 14.6% during the 4th quarter. Larson Financial Group LLC now owns 1,483 shares of the semiconductor company’s stock worth $125,000 after acquiring an additional 189 shares in the last quarter. Finally, Lido Advisors LLC raised its position in shares of Qorvo by 4.1% during the 4th quarter. Lido Advisors LLC now owns 4,816 shares of the semiconductor company’s stock worth $431,000 after acquiring an additional 191 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Stock Performance

NASDAQ QRVO opened at $93.88 on Friday. The stock has a market capitalization of $8.26 billion, a price-to-earnings ratio of 25.93, a PEG ratio of 1.47 and a beta of 1.43. The business’s 50 day moving average is $95.13 and its two-hundred day moving average is $86.53. Qorvo, Inc. has a 12-month low of $74.92 and a 12-month high of $109.49. 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 announced its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.21 by $0.48. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The firm had revenue of $808.28 million during the quarter, compared to analysts’ expectations of $801.31 million. During the same quarter last year, the business earned $1.42 earnings per share. The business’s revenue for the quarter was down 7.0% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Research analysts expect that Qorvo, Inc. will post 5.84 EPS for the current year.

Insider Activity

In related news, VP Gina Harrison sold 4,714 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $100.00, for a total transaction of $471,400.00. Following the transaction, the vice president directly owned 24,429 shares in the company, valued at approximately $2,442,900. This represents a 16.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert A. Bruggeworth sold 57,957 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the sale, the chief executive officer directly owned 319,880 shares of the company’s stock, 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. In the last three months, insiders sold 1,966,127 shares of company stock worth $198,911,103. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. UBS Group upped their target price on shares of Qorvo from $87.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Citigroup boosted their price target on shares of Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Craig Hallum restated a “buy” rating and issued a $120.00 price objective on shares of Qorvo in a research note on Wednesday, May 6th. Barclays raised Qorvo from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $95.00 to $100.00 in a report on Wednesday, April 22nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a research report on Monday, April 27th. Three research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Qorvo presently has an average rating of “Hold” and a consensus price target of $96.62.

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.