Magnetar Financial LLC Purchases 538,314 Shares of Qorvo, Inc. $QRVO

Magnetar Financial LLC grew its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 12,037.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 542,786 shares of the semiconductor company’s stock after buying an additional 538,314 shares during the quarter. Magnetar Financial LLC’s holdings in Qorvo were worth $45,871,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Stance Capital LLC acquired a new position in shares of Qorvo in the 3rd quarter worth approximately $27,000. Smartleaf Asset Management LLC increased its holdings in Qorvo by 215.9% during the 4th 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 in the last quarter. Sound Income Strategies LLC increased its holdings in Qorvo by 952.8% during the 4th quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 343 shares in the last quarter. Advisory Services Network LLC bought a new position in Qorvo in the 3rd quarter valued at $36,000. Finally, Clearstead Advisors LLC boosted its stake in Qorvo by 93.3% in the third quarter. Clearstead Advisors LLC now owns 431 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 208 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on QRVO shares. Barclays upgraded 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 note on Wednesday, April 22nd. Citigroup increased their price objective on shares of Qorvo from $90.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Mizuho restated an “underperform” rating and issued a $66.00 price objective (down from $70.00) on shares of Qorvo in a research report on Monday, April 20th. Zacks Research lowered shares of Qorvo from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Qorvo in a research note on Monday, April 27th. Three research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $96.63.

Qorvo Stock Performance

Shares of NASDAQ:QRVO opened at $96.56 on Wednesday. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a 1-year low of $74.92 and a 1-year high of $109.49. The stock has a market capitalization of $8.50 billion, a P/E ratio of 26.67, a P/E/G ratio of 1.58 and a beta of 1.43. The business has a 50-day moving average price of $92.30 and a two-hundred day moving average price of $85.98.

Qorvo (NASDAQ:QRVO) last issued its 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. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The company had revenue of $808.28 million for the quarter, compared to analyst estimates of $801.31 million. During the same quarter last year, the firm earned $1.42 EPS. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities analysts predict that Qorvo, Inc. will post 5.87 earnings per share for the current year.

Insider Buying and Selling at Qorvo

In other Qorvo news, VP Gina Harrison sold 4,714 shares of the firm’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 value of $471,400.00. Following the transaction, the vice president directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Paul J. Fego sold 2,500 shares of Qorvo stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 1,966,127 shares of company stock valued at $198,911,103. 0.41% of the stock is currently owned by corporate insiders.

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.