Caisse de depot et placement du Quebec Buys New Stake in Qorvo, Inc. $QRVO

Caisse de depot et placement du Quebec bought a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO) during the second quarter, HoldingsChannel reports. The fund bought 170,313 shares of the semiconductor company’s stock, valued at approximately $15,885,000.

Several other hedge funds also recently bought and sold shares of QRVO. Jones Financial Companies Lllp lifted its position in shares of 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 in the last quarter. EverSource Wealth Advisors LLC increased its position in 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 in the last quarter. First Trust Advisors LP raised its stake in Qorvo by 56.5% in the 2nd quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company’s stock valued at $12,100,000 after purchasing an additional 51,475 shares during the last quarter. Marshall Wace LLP acquired a new position in Qorvo in the 2nd quarter valued at about $428,000. Finally, Cerity Partners LLC acquired a new stake in shares of Qorvo during the 2nd quarter worth about $327,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Insider Activity at Qorvo

In other Qorvo news, Director Peter A. Feld sold 1,900,000 shares of Qorvo 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 transaction, the director owned 5,611,526 shares in the company, valued at $567,886,431.20. This trade represents a 25.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Grant Brown sold 5,179 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $97.50, for a total transaction of $504,952.50. Following the sale, the chief financial officer directly owned 49,268 shares of the company’s stock, valued at $4,803,630. This represents a 9.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,968,623 shares of company stock valued at $199,138,818 in the last ninety days. 0.49% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on QRVO. Craig Hallum reiterated a “buy” rating and set a $120.00 price target on shares of Qorvo in a report on Wednesday, May 6th. Wall Street Zen raised shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. TD Cowen restated a “hold” rating on shares of Qorvo in a research report on Wednesday, July 29th. UBS Group lifted their target price on shares of Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Finally, Citigroup cut their price target on Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a report on Wednesday, July 29th. Three analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $94.00.

Qorvo Stock Down 1.5%

Shares of NASDAQ:QRVO opened at $94.73 on Friday. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45. The firm has a market cap of $8.36 billion, a price-to-earnings ratio of 21.98, a PEG ratio of 1.40 and a beta of 1.44. The stock’s 50-day moving average price is $91.92 and its two-hundred day moving average price is $88.94. Qorvo, Inc. has a 12-month low of $74.92 and a 12-month high of $109.49.

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

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.