1,093,721 Shares in Qorvo, Inc. $QRVO Purchased by Norges Bank

Norges Bank bought a new stake in Qorvo, Inc. (NASDAQ:QRVO) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm bought 1,093,721 shares of the semiconductor company’s stock, valued at approximately $92,430,000. Norges Bank owned 1.18% of Qorvo as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Eurizon Capital SGR S.p.A. bought a new position in Qorvo in the 4th quarter valued at about $80,000. Northwestern Mutual Wealth Management Co. increased its holdings in Qorvo by 13.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,707 shares of the semiconductor company’s stock valued at $144,000 after buying an additional 207 shares during the period. Baker Avenue Asset Management LP increased its holdings in Qorvo by 53.8% in the 4th quarter. Baker Avenue Asset Management LP now owns 4,772 shares of the semiconductor company’s stock valued at $403,000 after buying an additional 1,669 shares during the period. AlphaQuest LLC increased its holdings in Qorvo by 298.4% in the 4th quarter. AlphaQuest LLC now owns 34,477 shares of the semiconductor company’s stock valued at $2,914,000 after buying an additional 25,824 shares during the period. Finally, Kestra Investment Management LLC increased its holdings in Qorvo by 144.4% in the 4th quarter. Kestra Investment Management LLC now owns 62,243 shares of the semiconductor company’s stock valued at $5,260,000 after buying an additional 36,776 shares during the period. 88.57% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

QRVO has been the topic of several recent analyst reports. Citigroup raised their target price on shares of Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. UBS Group raised their target price on shares of Qorvo from $87.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Zacks Research lowered shares of Qorvo from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. lifted their price target on shares of Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Finally, Wolfe Research lowered shares of Qorvo from an “outperform” rating to a “peer perform” rating in a report on Friday, April 17th. Three analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Qorvo currently has a consensus rating of “Hold” and a consensus price target of $96.63.

Insider Activity at Qorvo

In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $100.40, for a total value of $5,818,882.80. Following the completion of the transaction, the chief executive officer directly owned 319,880 shares in the company, valued at approximately $32,115,952. This represents a 15.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Gina Harrison sold 4,714 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,966,127 shares of company stock valued at $198,911,103. Company insiders own 0.41% of the company’s stock.

Qorvo Trading Down 5.5%

Shares of Qorvo stock opened at $98.28 on Friday. The firm has a market capitalization of $8.65 billion, a PE ratio of 27.15, a price-to-earnings-growth ratio of 1.62 and a beta of 1.43. 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 firm’s 50 day moving average is $89.48 and its 200 day moving average is $85.18. Qorvo, Inc. has a 1 year low of $74.92 and a 1 year high of $109.49.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.48. The company had revenue of $808.28 million for the quarter, compared to analyst estimates of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The firm’s revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities research analysts forecast that Qorvo, Inc. will post 5.87 earnings per share for the current fiscal year.

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.