24,836 Shares in Qorvo, Inc. $QRVO Acquired by K2 Principal Fund L.P.

K2 Principal Fund L.P. bought a new position in shares of Qorvo, Inc. (NASDAQ:QRVO) in the second quarter, Holdings Channel reports. The firm bought 24,836 shares of the semiconductor company’s stock, valued at approximately $2,316,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC raised its position in shares of Qorvo by 215.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 231 shares during the period. Global Retirement Partners LLC bought a new stake in shares of Qorvo during the 2nd quarter worth $32,000. Advisory Services Network LLC bought a new stake in shares of Qorvo during the 3rd quarter worth $36,000. Elevation Wealth Partners LLC grew its stake in Qorvo by 301.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company’s stock valued at $39,000 after buying an additional 310 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake in Qorvo by 60.0% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock valued at $41,000 after buying an additional 180 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Insider Activity

In other news, Director Peter A. Feld sold 1,900,000 shares of Qorvo stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total value of $192,280,000.00. Following the completion of the transaction, the director owned 5,611,526 shares in the company, valued at approximately $567,886,431.20. The trade was a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Philip Chesley sold 5,487 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $97.50, for a total value of $534,982.50. Following the completion of the transaction, the senior vice president directly owned 44,021 shares in the company, valued at approximately $4,292,047.50. This represents a 11.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,975,837 shares of company stock worth $199,860,218 over the last ninety days. Corporate insiders own 0.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on QRVO. Barclays upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $95.00 to $100.00 in a report on Wednesday, April 22nd. Citigroup lowered their price target on Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Wall Street Zen upgraded Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. TD Cowen reissued a “hold” rating on shares of Qorvo in a research report on Wednesday, July 29th. Finally, UBS Group increased their target price on Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Qorvo presently has an average rating of “Hold” and a consensus target price of $94.00.

Qorvo Trading Down 0.4%

Shares of QRVO opened at $95.70 on Wednesday. Qorvo, Inc. has a 12-month low of $74.92 and a 12-month high of $109.49. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $8.44 billion, a price-to-earnings ratio of 22.20, a P/E/G ratio of 1.43 and a beta of 1.44. The stock’s 50-day moving average price is $92.25 and its 200 day moving average price is $88.15.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.53. The firm had revenue of $784.79 million for the quarter, compared to analyst estimates of $743.28 million. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, research analysts predict that Qorvo, Inc. will post 6.3 earnings per share for the current year.

About Qorvo

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.