Pinnacle Associates Ltd. Trims Position in Qorvo, Inc. $QRVO

Pinnacle Associates Ltd. lessened its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 4.6% during the fourth quarter, HoldingsChannel reports. The firm owned 272,776 shares of the semiconductor company’s stock after selling 13,294 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Qorvo were worth $23,052,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in QRVO. Marshall Wace LLP lifted its stake in shares of Qorvo by 16,066.5% during the 3rd quarter. Marshall Wace LLP now owns 814,630 shares of the semiconductor company’s stock worth $74,197,000 after purchasing an additional 809,591 shares during the period. Balyasny Asset Management L.P. purchased a new stake in Qorvo in the 3rd quarter valued at about $66,594,000. Dorsal Capital Management LP grew its holdings in Qorvo by 146.9% in the 3rd quarter. Dorsal Capital Management LP now owns 1,000,000 shares of the semiconductor company’s stock valued at $91,080,000 after buying an additional 595,000 shares during the period. Voloridge Investment Management LLC grew its holdings in Qorvo by 2,502.2% in the 3rd quarter. Voloridge Investment Management LLC now owns 553,596 shares of the semiconductor company’s stock valued at $50,422,000 after buying an additional 532,322 shares during the period. Finally, Rafferty Asset Management LLC grew its holdings in Qorvo by 63.6% in the 2nd quarter. Rafferty Asset Management LLC now owns 1,214,482 shares of the semiconductor company’s stock valued at $103,122,000 after buying an additional 472,211 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Price Performance

QRVO stock opened at $91.51 on Thursday. Qorvo, Inc. has a 12-month low of $73.00 and a 12-month high of $106.30. The stock has a 50-day moving average price of $81.99 and a two-hundred day moving average price of $83.88. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46. The company has a market cap of $8.05 billion, a PE ratio of 25.28, a price-to-earnings-growth ratio of 1.40 and a beta of 1.42.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results 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 net margin of 9.22% and a return on equity of 15.32%. The firm had revenue of $808.28 million for the quarter, compared to analyst estimates of $801.31 million. During the same quarter last year, the firm posted $1.42 earnings per share. Qorvo’s revenue for the quarter was down 7.0% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, research analysts predict that Qorvo, Inc. will post 5.87 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on the company. Benchmark restated a “hold” rating on shares of Qorvo in a report on Wednesday, January 28th. UBS Group increased their price target on shares of Qorvo from $87.00 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 price target on shares of Qorvo in a research note on Wednesday, May 6th. Morgan Stanley set a $84.00 price target on shares of Qorvo in a research note on Wednesday, January 28th. Finally, TD Cowen cut their price target on shares of Qorvo from $95.00 to $80.00 and set a “hold” rating on the stock in a research note on Wednesday, January 28th. Three research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $96.63.

Qorvo 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.