447,279 Shares in Qorvo, Inc. $QRVO Acquired by Man Group plc

Man Group plc bought a new stake in Qorvo, Inc. (NASDAQ:QRVO) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 447,279 shares of the semiconductor company’s stock, valued at approximately $41,718,000. Man Group plc owned 0.51% of Qorvo as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jupiter Topco LLC acquired a new stake in Qorvo during the second quarter worth about $52,975,000. Kintayl Capital LP acquired a new position in shares of Qorvo in the 2nd quarter valued at about $5,247,000. Canada Pension Plan Investment Board purchased a new stake in shares of Qorvo during the 2nd quarter worth about $51,921,000. Legal & General Group Plc acquired a new stake in Qorvo during the 2nd quarter worth approximately $18,504,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Qorvo in the second quarter valued at approximately $888,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Insider Activity at Qorvo

In related news, CEO Robert A. Bruggeworth sold 57,957 shares of Qorvo stock in a transaction dated Monday, June 1st. The stock was 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 trade represents a 15.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter A. Feld sold 1,900,000 shares of the business’s stock in a transaction dated 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 sale, the director directly owned 5,611,526 shares of the company’s stock, valued at approximately $567,886,431.20. This represents a 25.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,968,623 shares of company stock worth $199,138,818. 0.49% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on QRVO shares. UBS Group raised their target price on shares of Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. Wall Street Zen raised Qorvo from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. Craig Hallum restated a “buy” rating and set a $120.00 price objective on shares of Qorvo in a research note on Wednesday, May 6th. Finally, Citigroup decreased their target price on Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a research report on Wednesday, July 29th. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $94.00.

Qorvo Stock Up 0.8%

Shares of NASDAQ QRVO opened at $95.14 on Thursday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54. Qorvo, Inc. has a 1 year low of $74.92 and a 1 year high of $109.49. The stock’s 50-day simple moving average is $92.04 and its 200-day simple moving average is $88.82. The firm has a market cap of $8.39 billion, a price-to-earnings ratio of 22.07, a PEG ratio of 1.37 and a beta of 1.44.

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