Man Group plc Takes $41.72 Million Position in Qorvo, Inc. $QRVO

Man Group plc acquired a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 447,279 shares of the semiconductor company’s stock, valued at approximately $41,718,000.

A number of other large investors have also recently bought and sold shares of QRVO. Jupiter Topco LLC acquired a new position in Qorvo in the second quarter valued at approximately $52,975,000. Kintayl Capital LP bought a new stake in shares of Qorvo in the 2nd quarter worth approximately $5,247,000. Canada Pension Plan Investment Board acquired a new position in Qorvo during the 2nd quarter valued at approximately $51,921,000. Legal & General Group Plc acquired a new position in Qorvo during the 2nd quarter valued at approximately $18,504,000. Finally, The Manufacturers Life Insurance Company bought a new position in Qorvo during the 2nd quarter worth $888,000. Institutional investors own 88.57% of the company’s stock.

Insider Activity at Qorvo

In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $32,115,952. The trade was a 15.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Grant Brown sold 5,179 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $97.50, for a total transaction of $504,952.50. Following the completion of the sale, the chief financial officer directly owned 49,268 shares of the company’s stock, valued at approximately $4,803,630. This represents a 9.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,968,623 shares of company stock worth $199,138,818 in the last 90 days. Corporate insiders own 0.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. UBS Group raised their target price on Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Craig Hallum reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Qorvo in a report on Wednesday, May 6th. TD Cowen reiterated a “hold” rating on shares of Qorvo in a research report on Wednesday, July 29th. JPMorgan Chase & Co. boosted their target price on shares of Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a research report on Friday, July 24th. Three 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’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $94.00.

Qorvo Trading Up 0.8%

NASDAQ:QRVO opened at $95.14 on Thursday. The stock has a market cap of $8.39 billion, a price-to-earnings ratio of 22.07, a PEG ratio of 1.37 and a beta of 1.44. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54. Qorvo, Inc. has a 1 year low of $74.92 and a 1 year high of $109.49. The business has a fifty day moving average of $92.04 and a 200-day moving average of $88.82.

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