Mint Tower Capital Management B.V. Takes $2.33 Million Position in Qorvo, Inc. $QRVO

Mint Tower Capital Management B.V. purchased a new position in Qorvo, Inc. (NASDAQ:QRVO) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 25,000 shares of the semiconductor company’s stock, valued at approximately $2,332,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Fred Alger Management LLC raised its stake in Qorvo by 5.3% during the third quarter. Fred Alger Management LLC now owns 3,179 shares of the semiconductor company’s stock valued at $290,000 after buying an additional 160 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its stake in shares of Qorvo by 4.4% in the first quarter. Fifth Third Wealth Advisors LLC now owns 3,955 shares of the semiconductor company’s stock worth $306,000 after acquiring an additional 167 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in shares of Qorvo by 60.0% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock valued at $41,000 after acquiring an additional 180 shares in the last quarter. Larson Financial Group LLC increased its holdings in shares of Qorvo by 14.6% during the fourth quarter. Larson Financial Group LLC now owns 1,483 shares of the semiconductor company’s stock valued at $125,000 after acquiring an additional 189 shares in the last quarter. Finally, Lido Advisors LLC raised its position in shares of Qorvo by 4.1% in the 4th quarter. Lido Advisors LLC now owns 4,816 shares of the semiconductor company’s stock worth $431,000 after purchasing an additional 191 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Trading Down 1.5%

NASDAQ:QRVO opened at $94.73 on Friday. The company has a market cap of $8.36 billion, a PE ratio of 21.98, a price-to-earnings-growth ratio of 1.40 and a beta of 1.44. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45. The company has a 50 day simple moving average of $91.92 and a two-hundred day simple moving average of $88.94. Qorvo, Inc. has a 12 month low of $74.92 and a 12 month high of $109.49.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $743.28 million. During the same period in the prior year, the firm earned $0.92 EPS. The company’s revenue was down 4.2% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Research analysts forecast that Qorvo, Inc. will post 6.3 earnings per share for the current year.

Insider Transactions at Qorvo

In other news, Director Peter A. Feld sold 1,900,000 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the completion of the sale, the director owned 5,611,526 shares of the company’s stock, valued at $567,886,431.20. This represents a 25.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Grant Brown sold 5,179 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $97.50, for a total transaction of $504,952.50. Following the completion of the transaction, the chief financial officer owned 49,268 shares in the company, valued at $4,803,630. This trade represents a 9.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,968,623 shares of company stock worth $199,138,818 in the last ninety days. Insiders own 0.49% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on QRVO. Citigroup cut their price objective on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. JPMorgan Chase & Co. upped their target price on shares of Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Craig Hallum reissued a “buy” rating and set a $120.00 price target on shares of Qorvo in a research report on Wednesday, May 6th. Wall Street Zen raised Qorvo from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. Finally, TD Cowen reiterated a “hold” rating on shares of Qorvo 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.com, Qorvo has a consensus rating of “Hold” and a consensus target price of $94.00.

Qorvo Company 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.