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 ( QRVO ) 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 ( QRVO ).

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 ( QRVO ) 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 ( QRVO ) stock is trading 11.6% higher at $81.86, according to data from Benzinga Pro.

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