Magnetar Financial LLC Has $45.87 Million Holdings in Qorvo, Inc. $QRVO

Magnetar Financial LLC lifted its stake in Qorvo, Inc. (NASDAQ:QRVO) by 12,037.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 542,786 shares of the semiconductor company’s stock after acquiring an additional 538,314 shares during the period. Magnetar Financial LLC owned approximately 0.59% of Qorvo worth $45,871,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jones Financial Companies Lllp boosted its holdings in Qorvo by 440.1% in the 1st quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company’s stock valued at $589,000 after purchasing an additional 6,628 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Qorvo by 158.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company’s stock worth $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% during the 2nd quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company’s stock worth $12,100,000 after purchasing an additional 51,475 shares during the period. Marshall Wace LLP acquired a new position in shares of Qorvo during the second quarter valued at about $428,000. Finally, Cerity Partners LLC acquired a new position in shares of Qorvo during the second quarter valued at about $327,000. Institutional investors own 88.57% of the company’s stock.

Insider Buying and Selling

In other news, Director Peter A. Feld sold 1,900,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total value of $192,280,000.00. Following the completion of the transaction, the director directly owned 5,611,526 shares of the company’s stock, valued at approximately $567,886,431.20. This represents a 25.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert A. Bruggeworth sold 57,957 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $100.40, for a total value of $5,818,882.80. Following the transaction, the chief executive officer owned 319,880 shares of the company’s stock, valued at $32,115,952. This trade represents a 15.34% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,966,127 shares of company stock valued at $198,911,103. 0.41% of the stock is currently owned by corporate insiders.

Qorvo Price Performance

Shares of Qorvo stock opened at $96.56 on Wednesday. The firm has a market cap of $8.50 billion, a P/E ratio of 26.67, a price-to-earnings-growth ratio of 1.58 and a beta of 1.43. The firm’s 50-day simple moving average is $92.30 and its 200-day simple moving average is $85.98. Qorvo, Inc. has a twelve month low of $74.92 and a twelve month high of $109.49. 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 posted its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.48. The firm 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% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, research analysts expect that Qorvo, Inc. will post 5.87 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

QRVO has been the topic of a number of recent research reports. UBS Group lifted their target price on Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Citigroup upped their price target on Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a research report on Monday, April 27th. JPMorgan Chase & Co. lifted their price objective on Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, Barclays upgraded Qorvo from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $95.00 to $100.00 in a research report on Wednesday, April 22nd. Three analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $96.63.

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.