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Qorvo, Inc. (NASDAQ:QRVO), a semiconductor company with a market capitalization of $8.29 billion and strong financial health indicators according to InvestingPro, announced that at its annual meeting held Wednesday, shareholders approved amendments to two company stock plans and elected all board nominees, according to a press release statement based on a filing with the Securities and Exchange Commission.
Stockholders approved the amended and restated 2022 Stock Incentive Plan, which increases the number of shares reserved for issuance by 3,240,000 shares of common stock. They also approved the amended and restated 2007 Employee Stock Purchase Plan, adding 4,000,000 shares to the shares available for issuance. This aligns with InvestingPro data showing management’s aggressive share buyback strategy and the company’s high shareholder yield.
All ten director nominees listed in the company’s 2025 proxy statement were elected to serve one-year terms. The directors elected are Robert A. Bruggeworth, Judy Bruner, Richard L. Clemmer, Peter A. Feld, John R. Harding, Christopher R. Koopmans, Alan S. Lowe, Roderick D. Nelson, Dr. Walden C. Rhines, and Susan L. Spradley.
In other voting, shareholders approved, on an advisory basis, the compensation of Qorvo’s named executive officers. They also ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year ending March 28, 2026.
A shareholder proposal submitted at the meeting was not approved.
Voting results for the board nominees ranged from 60,125,155 to 74,381,242 votes in favor, with votes against ranging from 204,489 to 14,462,536. The amended 2022 Stock Incentive Plan received 69,017,396 votes for and 4,307,090 against. The amended 2007 Employee Stock Purchase Plan received 74,263,548 votes for and 337,166 against. The advisory vote on executive compensation passed with 44,106,958 votes for and 30,466,498 against. The ratification of the auditor received 81,056,566 votes for and 187,831 against.
The information is based on a press release statement and the company’s filing with the SEC. Qorvo’s common stock is listed on the Nasdaq Stock Market under the symbol QRVO.
In other recent news, Qorvo Inc has reported strong financial results for the June quarter, prompting several analysts to raise their price targets for the company. The company’s revenue guidance for the September quarter is expected to increase by approximately 25% quarter-over-quarter to $1.03 billion, surpassing consensus expectations. Analysts from Mizuho, Piper Sandler, Stifel, TD Cowen, and Loop Capital have all increased their price targets for Qorvo, citing better-than-expected earnings and guidance. Piper Sandler now has the highest target at $125, maintaining an Overweight rating, while Mizuho and Stifel have set targets of $87 and $88, respectively, both with more cautious ratings. TD Cowen has raised its target to $95, highlighting strong radio frequency demand despite challenges in the China Android market. Loop Capital increased its target to $90, noting revenue and gross margin improvements exceeding company plans. These developments reflect a positive outlook from analysts on Qorvo’s recent performance and future prospects.
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