Credit Industriel ET Commercial Sells 6,955 Shares of Qorvo, Inc. $QRVO

Credit Industriel ET Commercial lowered its position in Qorvo, Inc. (NASDAQ:QRVO) by 11.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 54,845 shares of the semiconductor company’s stock after selling 6,955 shares during the quarter. Credit Industriel ET Commercial’s holdings in Qorvo were worth $4,245,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of QRVO. AQR Arbitrage LLC acquired a new position in shares of Qorvo during the 4th quarter worth about $118,204,000. Norges Bank acquired a new stake in Qorvo in the 4th quarter valued at about $92,430,000. Marshall Wace LLP lifted its stake in Qorvo by 16,066.5% in the 3rd quarter. Marshall Wace LLP now owns 814,630 shares of the semiconductor company’s stock valued at $74,197,000 after purchasing an additional 809,591 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in Qorvo during the third quarter worth about $66,594,000. Finally, Dorsal Capital Management LP grew its holdings in Qorvo by 146.9% during the third quarter. Dorsal Capital Management LP now owns 1,000,000 shares of the semiconductor company’s stock worth $91,080,000 after purchasing an additional 595,000 shares during the period. Institutional investors own 88.57% of the company’s stock.

Insider Transactions at Qorvo

In other Qorvo news, SVP Paul J. Fego sold 2,500 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the senior vice president directly owned 71,038 shares of the company’s stock, valued at $7,103,800. This represents a 3.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Peter A. Feld sold 1,900,000 shares of the stock in a transaction on Tuesday, June 2nd. The stock was 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. The trade was a 25.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,966,127 shares of company stock valued at $198,911,103. Company insiders own 0.49% of the company’s stock.

Qorvo Stock Down 0.6%

Qorvo stock opened at $86.63 on Tuesday. The company’s 50-day moving average price is $95.96 and its two-hundred day moving average price is $86.58. The company has a quick ratio of 2.46, a current ratio of 3.24 and a debt-to-equity ratio of 0.46. The stock has a market cap of $7.64 billion, a P/E ratio of 23.93, a P/E/G ratio of 1.37 and a beta of 1.44. Qorvo, Inc. has a twelve month low of $74.92 and a twelve month high of $109.49.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.48. The company 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 business’s revenue was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, analysts expect that Qorvo, Inc. will post 5.84 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on QRVO. Mizuho restated an “underperform” rating and issued a $66.00 price objective (down from $70.00) on shares of Qorvo in a research note on Monday, April 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a research note on Monday, April 27th. Zacks Research lowered Qorvo from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. increased their price target on Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Barclays raised Qorvo from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $95.00 to $100.00 in a report on Wednesday, April 22nd. Three investment analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Qorvo presently has a consensus rating of “Hold” and a consensus price target of $96.62.

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.