Qorvo, Inc. $QRVO Stock Holdings Raised by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund grew its stake in Qorvo, Inc. (NASDAQ:QRVO) by 13.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 109,444 shares of the semiconductor company’s stock after purchasing an additional 13,313 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.12% of Qorvo worth $8,471,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of QRVO. State Street Corp raised its stake in Qorvo by 5.0% during the second quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock valued at $314,516,000 after buying an additional 175,031 shares in the last quarter. FIL Ltd increased its holdings in shares of Qorvo by 13.2% in the 4th quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company’s stock valued at $305,085,000 after acquiring an additional 421,224 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Qorvo by 8.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,869,834 shares of the semiconductor company’s stock valued at $158,027,000 after acquiring an additional 142,731 shares in the last quarter. LSV Asset Management raised its position in shares of Qorvo by 2.3% during the 4th quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock valued at $131,452,000 after acquiring an additional 34,605 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in Qorvo by 20.2% during the second quarter. Bank of America Corp DE now owns 1,518,964 shares of the semiconductor company’s stock worth $128,975,000 after purchasing an additional 255,068 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

Insider Activity

In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the completion of the transaction, the chief executive officer directly owned 319,880 shares of the company’s stock, valued at $32,115,952. The trade was a 15.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Gina Harrison sold 4,714 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $100.00, for a total transaction of $471,400.00. Following the completion of the transaction, the vice president owned 24,429 shares of the company’s stock, valued at approximately $2,442,900. This trade represents a 16.18% 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 worth $198,911,103 over the last ninety days. Insiders own 0.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on QRVO shares. Wolfe Research downgraded shares of Qorvo from an “outperform” rating to a “peer perform” rating in a report on Friday, April 17th. Mizuho reissued an “underperform” rating and set a $66.00 target price (down from $70.00) on shares of Qorvo in a report on Monday, April 20th. Citigroup raised their price target on shares of Qorvo from $90.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Craig Hallum reaffirmed a “buy” rating and issued a $120.00 price target on shares of Qorvo in a report on Wednesday, May 6th. Finally, UBS Group lifted their price target on shares of Qorvo from $87.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Qorvo currently has an average rating of “Hold” and a consensus target price of $97.07.

Qorvo Trading Up 2.4%

NASDAQ:QRVO opened at $85.50 on Friday. Qorvo, Inc. has a 12-month low of $74.92 and a 12-month high of $109.49. The firm has a market capitalization of $7.54 billion, a P/E ratio of 23.62, a P/E/G ratio of 1.31 and a beta of 1.44. 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 business has a 50 day simple moving average of $95.07 and a 200 day simple moving average of $86.50.

Qorvo (NASDAQ:QRVO) last issued its 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 for the quarter, compared to analyst estimates of $801.31 million. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period last year, the company earned $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities research analysts predict that Qorvo, Inc. will post 5.83 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.