Philip Chesley Sells 5,487 Shares of Qorvo (NASDAQ:QRVO) Stock

Qorvo, Inc. (NASDAQ:QRVO) SVP Philip Chesley sold 5,487 shares of Qorvo stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $534,982.50. Following the completion of the sale, the senior vice president owned 44,021 shares in the company, valued at approximately $4,292,047.50. This trade represents a 11.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Qorvo Trading Up 1.2%

Shares of QRVO stock opened at $96.81 on Thursday. The business’s fifty day moving average price is $92.28 and its 200 day moving average price is $88.28. The firm has a market capitalization of $8.54 billion, a PE ratio of 22.46, a P/E/G ratio of 1.39 and a beta of 1.44. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.68. Qorvo, Inc. has a 1-year low of $74.92 and a 1-year high of $109.49.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.53. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The company had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. During the same quarter last year, the company earned $0.92 earnings per share. Qorvo’s quarterly revenue was down 4.2% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, sell-side analysts forecast that Qorvo, Inc. will post 6.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Qorvo

Hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC lifted its holdings in shares of Qorvo by 215.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 231 shares in the last quarter. Global Retirement Partners LLC purchased a new position in shares of Qorvo during the 2nd quarter worth approximately $32,000. Advisory Services Network LLC acquired a new position in shares of Qorvo during the 3rd quarter worth approximately $36,000. Elevation Wealth Partners LLC raised its position in shares of Qorvo by 301.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 310 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its stake in Qorvo by 60.0% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock valued at $41,000 after buying an additional 180 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. TD Cowen reissued a “hold” rating on shares of Qorvo in a report on Wednesday, July 29th. Barclays upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $95.00 to $100.00 in a research report on Wednesday, April 22nd. Wall Street Zen upgraded Qorvo from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. Citigroup dropped their price objective on Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Wednesday, July 29th. Finally, UBS Group lifted their price objective on Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Three investment 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. Based on data from MarketBeat.com, Qorvo has a consensus rating of “Hold” and an average price target of $94.00.

Qorvo Company 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.