Norges Bank Takes Position in Qorvo, Inc. $QRVO

Norges Bank purchased a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO) in the 4th quarter, Holdings Channel.com reports. The fund purchased 1,093,721 shares of the semiconductor company’s stock, valued at approximately $92,430,000.

Other large investors have also recently modified their holdings of the company. Stance Capital LLC bought a new position in shares of Qorvo during the third quarter valued at $27,000. Sound Income Strategies LLC raised its stake in shares of Qorvo by 952.8% during the fourth quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 343 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Qorvo during the third quarter valued at $36,000. Clearstead Advisors LLC raised its stake in shares of Qorvo by 93.3% during the third quarter. Clearstead Advisors LLC now owns 431 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 208 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new position in shares of Qorvo in the 4th quarter worth approximately $39,000. Institutional investors own 88.57% of the company’s stock.

Qorvo Trading Down 5.5%

NASDAQ:QRVO opened at $98.28 on Friday. The firm’s fifty day moving average is $89.48 and its 200-day moving average is $85.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.46 and a current ratio of 3.24. Qorvo, Inc. has a 52 week low of $74.92 and a 52 week high of $109.49. The firm has a market cap of $8.65 billion, a P/E ratio of 27.15, a P/E/G ratio of 1.62 and a beta of 1.43.

Qorvo (NASDAQ:QRVO) last released its earnings results 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. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The company had revenue of $808.28 million for the quarter, compared to the consensus estimate of $801.31 million. During the same quarter in the previous year, the company earned $1.42 EPS. Qorvo’s quarterly revenue was down 7.0% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities analysts expect that Qorvo, Inc. will post 5.87 earnings per share for the current year.

Insider Activity at Qorvo

In related news, Director Peter A. Feld sold 1,900,000 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the transaction, the director owned 5,611,526 shares in the company, valued at $567,886,431.20. The trade was a 25.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction, the chief executive officer owned 319,880 shares in the company, valued at $32,115,952. The trade was a 15.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,966,127 shares of company stock worth $198,911,103 over the last quarter. 0.41% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on QRVO. JPMorgan Chase & Co. upped their price objective 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. Mizuho reaffirmed an “underperform” rating and issued a $66.00 price objective (down from $70.00) on shares of Qorvo in a research note on Monday, April 20th. Zacks Research lowered shares of Qorvo from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Craig Hallum reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Qorvo in a research note on Wednesday, May 6th. Finally, Barclays raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Three investment analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $96.63.

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.