ProShare Advisors LLC Buys 4,922 Shares of Qorvo, Inc. $QRVO

ProShare Advisors LLC lifted its stake in Qorvo, Inc. (NASDAQ:QRVO) by 53.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,165 shares of the semiconductor company’s stock after purchasing an additional 4,922 shares during the period. ProShare Advisors LLC’s holdings in Qorvo were worth $1,197,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Sage Rhino Capital LLC grew its holdings in Qorvo by 4.4% during the 3rd quarter. Sage Rhino Capital LLC now owns 3,758 shares of the semiconductor company’s stock worth $342,000 after acquiring an additional 160 shares in the last quarter. Fred Alger Management LLC grew 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 acquiring an additional 160 shares in the last quarter. Beacon Investment Advisory Services Inc. grew its holdings in Qorvo by 5.7% during the 4th quarter. Beacon Investment Advisory Services Inc. now owns 3,001 shares of the semiconductor company’s stock worth $254,000 after acquiring an additional 161 shares in the last quarter. NorthCrest Asset Manangement LLC grew its holdings in Qorvo by 0.3% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 62,938 shares of the semiconductor company’s stock worth $5,479,000 after acquiring an additional 194 shares in the last quarter. Finally, Salomon & Ludwin LLC grew its holdings in Qorvo by 54.4% during the 4th quarter. Salomon & Ludwin LLC now owns 559 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 197 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. TD Cowen dropped their target price on shares of Qorvo from $95.00 to $80.00 and set a “hold” rating on the stock in a report on Wednesday, January 28th. Benchmark reiterated a “hold” rating on shares of Qorvo in a report on Wednesday, January 28th. Citigroup increased their target price on shares of Qorvo from $90.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. KeyCorp reiterated a “sector weight” rating on shares of Qorvo in a report on Wednesday, January 28th. Finally, Stifel Nicolaus dropped their target price on shares of Qorvo from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Wednesday, January 28th. Three research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Qorvo presently has an average rating of “Hold” and a consensus target price of $96.63.

Insider Activity at Qorvo

In other Qorvo news, VP Gina Harrison sold 956 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $95.00, for a total transaction of $90,820.00. Following the completion of the sale, the vice president directly owned 29,143 shares of the company’s stock, valued at approximately $2,768,585. This represents a 3.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.41% of the company’s stock.

Qorvo Stock Performance

QRVO stock opened at $106.43 on Tuesday. The firm has a market cap of $9.37 billion, a price-to-earnings ratio of 29.40, a PEG ratio of 1.66 and a beta of 1.42. The firm has a 50-day simple moving average of $84.98 and a two-hundred day simple moving average of $84.11. Qorvo, Inc. has a one year low of $73.00 and a one year high of $106.46. 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 (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.21 by $0.48. The business had revenue of $808.28 million during the quarter, compared to analyst estimates of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The company’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, equities analysts forecast that Qorvo, Inc. will post 5.87 EPS for the current fiscal 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.