Oak Thistle LLC Reduces Position in Qorvo, Inc. $QRVO

Oak Thistle LLC trimmed its position in Qorvo, Inc. (NASDAQ:QRVO) by 45.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,931 shares of the semiconductor company’s stock after selling 6,616 shares during the period. Oak Thistle LLC’s holdings in Qorvo were worth $740,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its position in Qorvo by 440.1% during the 1st quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company’s stock worth $589,000 after acquiring an additional 6,628 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Qorvo by 158.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company’s stock valued at $180,000 after purchasing an additional 1,301 shares during the period. First Trust Advisors LP increased its holdings in shares of Qorvo by 56.5% in the second quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company’s stock valued at $12,100,000 after purchasing an additional 51,475 shares during the period. Marshall Wace LLP purchased a new position in shares of Qorvo in the second quarter worth about $428,000. Finally, Cerity Partners LLC purchased a new position in shares of Qorvo in the second quarter worth about $327,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Insider Activity

In related news, SVP Paul J. Fego sold 2,500 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the senior vice president directly owned 71,038 shares of the company’s stock, valued at approximately $7,103,800. This represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Robert A. Bruggeworth sold 57,957 shares of the firm’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 owned 319,880 shares in the company, valued at approximately $32,115,952. This represents a 15.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 1,966,127 shares of company stock valued at $198,911,103. 0.49% of the stock is currently owned by company insiders.

Qorvo Stock Up 1.6%

Qorvo stock opened at $98.24 on Thursday. The firm has a market cap of $8.67 billion, a price-to-earnings ratio of 22.79, a price-to-earnings-growth ratio of 1.41 and a beta of 1.44. Qorvo, Inc. has a 52 week low of $74.92 and a 52 week high of $109.49. The business’s 50-day moving average price is $92.48 and its 200 day moving average price is $87.69. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.53. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The company had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. During the same period in the previous year, the company posted $0.92 earnings per share. Qorvo’s revenue for the quarter was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, sell-side analysts anticipate that Qorvo, Inc. will post 6.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on QRVO. Wall Street Zen upgraded Qorvo from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. Barclays raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $95.00 to $100.00 in a research report on Wednesday, April 22nd. Citigroup dropped their price objective on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Wednesday, July 29th. TD Cowen reiterated a “hold” rating on shares of Qorvo in a research note on Wednesday, July 29th. Finally, Zacks Research lowered shares of Qorvo from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Three investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $94.00.

Qorvo 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.