Qorvo, Inc. $QRVO Shares Sold by Contour Asset Management LLC

Contour Asset Management LLC cut its stake in Qorvo, Inc. (NASDAQ:QRVO) by 4.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,248,922 shares of the semiconductor company’s stock after selling 104,081 shares during the quarter. Qorvo makes up approximately 4.4% of Contour Asset Management LLC’s investment portfolio, making the stock its 12th largest position. Contour Asset Management LLC owned approximately 2.43% of Qorvo worth $190,056,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of QRVO. Jones Financial Companies Lllp lifted its holdings in Qorvo by 440.1% in the first quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company’s stock valued at $589,000 after acquiring an additional 6,628 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Qorvo by 158.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company’s stock valued at $180,000 after acquiring an additional 1,301 shares during the period. First Trust Advisors LP lifted its holdings in Qorvo by 56.5% in the second quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company’s stock valued at $12,100,000 after acquiring an additional 51,475 shares during the period. Marshall Wace LLP acquired a new position in Qorvo in the second quarter valued at approximately $428,000. Finally, Cerity Partners LLC purchased a new stake in shares of Qorvo in the second quarter valued at approximately $327,000. 88.57% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 4,714 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $471,400.00. Following the completion of the transaction, the vice president directly owned 24,429 shares of the company’s stock, valued at approximately $2,442,900. This represents a 16.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter A. Feld sold 1,900,000 shares of the stock in a transaction on Tuesday, June 2nd. The shares were 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,966,127 shares of company stock valued at $198,911,103 in the last 90 days. 0.41% of the stock is owned by company insiders.

Qorvo Trading Down 2.0%

Shares of QRVO stock opened at $94.65 on Thursday. The stock has a 50 day simple moving average of $92.61 and a 200-day simple moving average of $86.04. Qorvo, Inc. has a 1-year low of $74.92 and a 1-year high of $109.49. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.24 and a quick ratio of 2.46. The company has a market cap of $8.33 billion, a price-to-earnings ratio of 26.15, a PEG ratio of 1.51 and a beta of 1.43.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.21 by $0.48. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The firm had revenue of $808.28 million during the quarter, compared to the consensus estimate of $801.31 million. During the same period in the prior year, the company earned $1.42 EPS. The firm’s 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. On average, equities research analysts expect that Qorvo, Inc. will post 5.87 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on QRVO. Citigroup upped their target price on Qorvo from $90.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. upped their target price on Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Craig Hallum reaffirmed a “buy” rating and set a $120.00 target price on shares of Qorvo in a research note on Wednesday, May 6th. Mizuho reaffirmed an “underperform” rating and set a $66.00 target price (down from $70.00) on shares of Qorvo in a research note on Monday, April 20th. Finally, Barclays raised Qorvo from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Three analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus target price 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.