Bank of New York Mellon Corp Purchases 125,463 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Bank of New York Mellon Corp raised its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 19.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 778,408 shares of the semiconductor company's stock after purchasing an additional 125,463 shares during the period. Bank of New York Mellon Corp owned 0.83% of Qorvo worth $54,434,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in QRVO. Larson Financial Group LLC lifted its position in Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company's stock valued at $33,000 after purchasing an additional 201 shares during the period. Versant Capital Management Inc lifted its position in Qorvo by 89.7% during the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company's stock valued at $42,000 after purchasing an additional 286 shares during the period. Farther Finance Advisors LLC lifted its position in Qorvo by 33.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company's stock valued at $43,000 after purchasing an additional 104 shares during the period. Venturi Wealth Management LLC lifted its position in Qorvo by 67.4% during the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock valued at $43,000 after purchasing an additional 250 shares during the period. Finally, CENTRAL TRUST Co lifted its position in Qorvo by 2,621.4% during the 4th quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company's stock valued at $53,000 after purchasing an additional 734 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

A number of research firms have issued reports on QRVO. Needham & Company LLC restated a "buy" rating and set a $100.00 target price on shares of Qorvo in a research report on Wednesday, January 29th. Piper Sandler upgraded shares of Qorvo from a "neutral" rating to an "overweight" rating and increased their price target for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Loop Capital increased their price target on shares of Qorvo from $80.00 to $90.00 and gave the company a "hold" rating in a research report on Wednesday, January 29th. Morgan Stanley upgraded shares of Qorvo from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $90.00 to $106.00 in a research report on Tuesday, January 21st. Finally, Barclays cut their price target on shares of Qorvo from $90.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Friday, January 17th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $95.84.

Qorvo Stock Up 7.9 %

Shares of QRVO traded up $5.60 during mid-day trading on Friday, hitting $76.80. 2,995,481 shares of the company's stock were exchanged, compared to its average volume of 2,958,509. The company has a market cap of $7.17 billion, a PE ratio of 274.29, a P/E/G ratio of 15.57 and a beta of 1.48. Qorvo, Inc. has a 52 week low of $64.54 and a 52 week high of $130.99. The company has a 50-day simple moving average of $76.98 and a 200 day simple moving average of $84.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78.

Qorvo Company Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.