What's Going On With Qorvo Shares Friday?

Qorvo, Inc. QRVO stock is moving higher on Friday following a Wall Street Journal report revealing that activist investor Starboard Value has acquired a 7.7% stake in the company.

The Details: The report values the stake at about $500 million. Since the report, Qorvo has filed a Schedule 13D with the Securities and Exchange Commission, confirming the activist investor's investment in the company.

Qorvo’s stock has struggled in recent months, sliding 22.15% over the past three months. The chipmaker has faced strong competition from competitors such as Broadcom Inc. AVGO.

The company’s latest investor, Starboard Value, has remained active in the semiconductor sector, with past investments in companies like NVIDIA Corp. NVDA and Marvell Technology Inc. MRVL, highlighting a potential strategic focus that may extend to Qorvo.

Qorvo’s stock suffered in late October after the company issued third-quarter guidance that fell below analyst estimates. It projected adjusted earnings per share between $1.10 and $1.30, versus analyst estimates of $1.92, and revenue between $875 million and $925 million, versus analyst estimates of $1.05 billion.

The company is set to release third-quarter earnings on Jan. 28 after the market closes. Qorvo will host a conference call to review its earnings at 4:30 p.m. EST that same day.

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QRVO Price Action: At the time of writing Qorvo stock is trading 11.6% higher at $81.86, according to data from Benzinga Pro.

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