Qorvo, Inc. $QRVO Holdings Increased by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its stake in Qorvo, Inc. (NASDAQ:QRVO) by 15.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 544,206 shares of the semiconductor company’s stock after acquiring an additional 71,100 shares during the period. Renaissance Technologies LLC’s holdings in Qorvo were worth $42,122,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in QRVO. LSV Asset Management raised its holdings in Qorvo by 2.3% during the fourth quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock worth $131,452,000 after purchasing an additional 34,605 shares in the last quarter. M&T Bank Corp lifted its position in Qorvo by 3,397.3% in the fourth quarter. M&T Bank Corp now owns 150,173 shares of the semiconductor company’s stock worth $12,691,000 after purchasing an additional 145,879 shares during the period. Fieldview Capital Management LLC boosted its stake in Qorvo by 570.1% during the 4th quarter. Fieldview Capital Management LLC now owns 24,352 shares of the semiconductor company’s stock valued at $2,058,000 after purchasing an additional 20,718 shares in the last quarter. Credit Industriel ET Commercial bought a new position in Qorvo during the 4th quarter valued at $5,223,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Qorvo by 241.0% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 20,417 shares of the semiconductor company’s stock valued at $1,725,000 after purchasing an additional 14,429 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of the company’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 completion of the sale, the chief executive officer directly owned 319,880 shares of the company’s stock, valued at approximately $32,115,952. This represents a 15.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Paul J. Fego sold 2,500 shares of the company’s stock in a transaction dated 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 $7,103,800. This represents a 3.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,966,127 shares of company stock worth $198,911,103. Company insiders own 0.49% of the company’s stock.

Qorvo Price Performance

Shares of NASDAQ:QRVO opened at $89.85 on Tuesday. The company has a market capitalization of $7.93 billion, a PE ratio of 24.82, a price-to-earnings-growth ratio of 1.36 and a beta of 1.44. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.46 and a current ratio of 3.24. The stock has a fifty day moving average of $94.58 and a 200-day moving average of $86.59. Qorvo, Inc. has a one year low of $74.92 and a one year high of $109.49.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.48. The business had revenue of $808.28 million for the quarter, compared to analysts’ expectations of $801.31 million. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The company’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, equities analysts anticipate that Qorvo, Inc. will post 5.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on QRVO. Wall Street Zen downgraded Qorvo from a “buy” rating to a “hold” rating in a research note on Saturday. Citigroup raised their target price on Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Zacks Research lowered Qorvo from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. UBS Group boosted their price target on shares of Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Finally, Craig Hallum reissued a “buy” rating and issued a $120.00 price target on shares of Qorvo in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $97.07.

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.