Empyrean Capital Partners LP Takes Position in Qorvo, Inc. $QRVO

Empyrean Capital Partners LP purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 309,000 shares of the semiconductor company’s stock, valued at approximately $26,114,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in QRVO. Stance Capital LLC purchased a new stake in Qorvo during the third quarter valued at approximately $27,000. Smartleaf Asset Management LLC increased its position in shares of 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 during the last quarter. Sound Income Strategies LLC raised 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 buying an additional 343 shares during the period. Advisory Services Network LLC purchased a new stake in Qorvo during the 3rd quarter valued at $36,000. Finally, Clearstead Advisors LLC lifted its position 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 buying an additional 208 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Trading Down 2.0%

QRVO stock opened at $94.65 on Thursday. Qorvo, Inc. has a 12 month low of $74.92 and a 12 month high of $109.49. The firm’s 50-day moving average is $92.61 and its 200 day moving average is $86.04. The company has a market capitalization of $8.33 billion, a PE ratio of 26.15, a P/E/G ratio of 1.51 and a beta of 1.43. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.24 and a quick ratio of 2.46.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.48. The business had revenue of $808.28 million for the quarter, compared to the consensus estimate of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The company’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, research analysts anticipate that Qorvo, Inc. will post 5.87 EPS for the current year.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 4,714 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $471,400.00. Following the transaction, the vice president owned 24,429 shares of the company’s stock, valued at $2,442,900. This represents a 16.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert A. Bruggeworth sold 57,957 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer owned 319,880 shares in the company, valued at $32,115,952. The trade was a 15.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,966,127 shares of company stock worth $198,911,103 over the last three months. Company insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

QRVO has been the subject of several recent analyst reports. Barclays raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a report on Monday, April 27th. UBS Group lifted their price target on shares of Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Wolfe Research downgraded shares of Qorvo from an “outperform” rating to a “peer perform” rating in a report on Friday, April 17th. Finally, Citigroup increased their price target on Qorvo from $90.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Three research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $96.63.

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.