Sumitomo Mitsui Trust Group Inc. Sells 8,272 Shares of Qorvo, Inc. $QRVO

Sumitomo Mitsui Trust Group Inc. lessened its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 70.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,439 shares of the semiconductor company’s stock after selling 8,272 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Qorvo were worth $266,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in QRVO. Stance Capital LLC bought a new stake in shares of Qorvo in the 3rd quarter worth approximately $27,000. Smartleaf Asset Management LLC increased its position in Qorvo by 215.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock valued at $29,000 after buying an additional 231 shares in the last quarter. Sound Income Strategies LLC increased its position in Qorvo by 952.8% during the 4th quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 343 shares in the last quarter. Advisory Services Network LLC purchased a new position in Qorvo during the third quarter valued at $36,000. Finally, V Square Quantitative Management LLC purchased a new position in Qorvo during the fourth quarter valued at $39,000. Institutional investors own 88.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on QRVO shares. Weiss Ratings reissued a “hold (c)” rating on shares of Qorvo in a report on Monday, April 27th. Wolfe Research lowered Qorvo from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 17th. Craig Hallum reiterated a “buy” rating and issued a $120.00 price target on shares of Qorvo in a research note on Wednesday, May 6th. Citigroup increased their price objective on shares of Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Finally, Mizuho restated an “underperform” rating and set a $66.00 price objective (down from $70.00) on shares of Qorvo in a research note on Monday, April 20th. Three analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $97.07.

Insiders Place Their Bets

In other Qorvo news, 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 transaction, the senior vice president owned 71,038 shares in the company, valued at approximately $7,103,800. This represents a 3.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter A. Feld sold 1,900,000 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the sale, the director directly owned 5,611,526 shares in the company, valued at approximately $567,886,431.20. The trade was a 25.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,966,127 shares of company stock valued at $198,911,103 over the last quarter. Corporate insiders own 0.49% of the company’s stock.

Qorvo Stock Performance

Shares of QRVO opened at $83.50 on Friday. The company has a market cap of $7.37 billion, a price-to-earnings ratio of 23.07, a P/E/G ratio of 1.31 and a beta of 1.44. The business’s fifty day simple moving average is $95.17 and its two-hundred day simple moving average is $86.51. Qorvo, Inc. has a 12 month low of $74.92 and a 12 month high of $109.49. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.48. The firm had revenue of $808.28 million during 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 revenue was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Research analysts anticipate that Qorvo, Inc. will post 5.84 earnings per share for the current fiscal 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.