Royal Bank of Canada Sells 5,212 Shares of Qorvo, Inc. $QRVO

Royal Bank of Canada cut its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 11.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 40,509 shares of the semiconductor company’s stock after selling 5,212 shares during the quarter. Royal Bank of Canada’s holdings in Qorvo were worth $3,136,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of QRVO. Jones Financial Companies Lllp increased its holdings in Qorvo by 440.1% during the 1st quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company’s stock worth $589,000 after purchasing an additional 6,628 shares during the period. EverSource Wealth Advisors LLC raised its position in Qorvo by 158.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company’s stock valued at $180,000 after purchasing an additional 1,301 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Qorvo by 56.5% in the 2nd quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company’s stock worth $12,100,000 after buying an additional 51,475 shares during the period. Marshall Wace LLP purchased a new stake in shares of Qorvo in the 2nd quarter worth $428,000. Finally, Cerity Partners LLC purchased a new stake in shares of Qorvo in the 2nd quarter worth $327,000. Institutional investors own 88.57% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on QRVO. JPMorgan Chase & Co. raised 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. Wall Street Zen raised shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. Mizuho reiterated 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. Finally, Barclays raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $95.00 to $100.00 in a research report on Wednesday, April 22nd. Three equities 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 company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $94.00.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 4,714 shares of the stock in a transaction dated 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 sale, the vice president directly owned 24,429 shares of the company’s stock, valued at approximately $2,442,900. This represents a 16.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Paul J. Fego sold 2,500 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the senior vice president owned 71,038 shares in the company, valued at $7,103,800. This represents a 3.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,966,127 shares of company stock worth $198,911,103 over the last ninety days. 0.49% of the stock is currently owned by company insiders.

Qorvo Stock Down 0.3%

Qorvo stock opened at $98.11 on Friday. 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 cap of $8.66 billion, a P/E ratio of 22.76, a P/E/G ratio of 1.43 and a beta of 1.44. The business has a fifty day moving average of $92.37 and a two-hundred day moving average of $87.88. Qorvo, Inc. has a twelve month low of $74.92 and a twelve month high of $109.49.

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