Qorvo (QRVO) Stock Hits 52-Week High as Bank of America Invests $182M

TLDR

• Qorvo hit a new 52-week high of $120.76, currently trading around $119.51
• The stock is up nearly 55% over the past six months
• Bank of America acquired a new $182.13 million stake in Q2, representing 2.21% ownership
• Qorvo beat Q1 earnings with EPS of $1.64 vs. the $1.11 consensus estimate
• Average analyst rating remains “Hold” with an average price target of $94

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Qorvo (QRVO) hit a fresh 52-week high of $120.76 on Friday, with the stock opening at $119.51 and carrying a market cap of $10.54 billion. The move marks a nearly 55% surge over the past six months, well ahead of its one-year gain of 33%.

Qorvo, Inc., QRVO

The push higher comes alongside a notable institutional move. Bank of America acquired a brand new $182.13 million stake in Qorvo during Q2, picking up 1,952,729 shares. That gives the bank roughly 2.21% ownership in the semiconductor company.

Bank of America wasn’t alone. Several other institutional players added to or initiated positions in Qorvo recently. Amundi grew its holdings by 197.2% in Q1, while LSV Asset Management lifted its position by 2.3% in Q4. Institutional investors now collectively hold 88.57% of the company.

Earnings Beat Drove Momentum

Qorvo’s most recent quarterly results gave investors something to work with. The company reported EPS of $1.64 for the quarter ended July 28, beating the consensus estimate of $1.11 by $0.53. Revenue came in at $784.79 million, topping the $743.28 million estimate.

The revenue figure was still down 4.2% year over year, compared to $0.92 EPS posted in the same period a year ago. Still, the beat was wide enough to get attention. Nine analysts have since revised their earnings estimates upward for the upcoming period.

For the full fiscal year 2027, Qorvo has set EPS guidance at $7.00. Analysts as a group are currently projecting $6.42 EPS for the current year.

Analyst Targets Lag the Rally

Despite the run-up, Wall Street hasn’t fully followed the stock higher. The average analyst price target sits at $94.00, well below where QRVO is trading now.

Of the analysts covering the stock, three have Buy ratings, fourteen have Hold ratings, and one has a Sell rating.

UBS was among the more constructive voices, raising its target from $91 to $96 and giving the stock a “Buy” rating on July 29. Wall Street Zen upgraded QRVO from “Hold” to “Buy” in early August. Citigroup, however, trimmed its target from $100 to $95 and kept a “Neutral” rating.

TD Cowen and Weiss Ratings both maintained their “Hold” calls.

The stock’s 50-day simple moving average stands at $96.22 and its 200-day at $91.31, meaning the current price sits well above both levels. The 12-month low was $74.92.

On the insider front, SVP Frank P. Stewart sold 8,279 shares on August 31 at an average price of $94.72. CFO Grant Brown sold 5,179 shares on August 17 at $97.50. Insiders have collectively sold 62,309 shares worth around $6.3 million over the past 90 days.

InvestingPro currently lists QRVO among its most undervalued stocks despite the recent rally.