California Public Employees Retirement System Trims Stake in Qorvo, Inc. (NASDAQ:QRVO)

California Public Employees Retirement System reduced its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 9.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 163,810 shares of the semiconductor company's stock after selling 17,705 shares during the quarter. California Public Employees Retirement System owned about 0.18% of Qorvo worth $11,455,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of QRVO. Rakuten Securities Inc. purchased a new stake in Qorvo during the 4th quarter valued at $28,000. SBI Securities Co. Ltd. purchased a new stake in Qorvo during the 4th quarter valued at $37,000. Versant Capital Management Inc raised its holdings 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 buying an additional 286 shares during the period. Venturi Wealth Management LLC increased its stake in Qorvo by 67.4% in the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock worth $43,000 after purchasing an additional 250 shares during the period. Finally, CENTRAL TRUST Co increased its stake in Qorvo by 2,621.4% in the fourth quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company's stock worth $53,000 after purchasing an additional 734 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Qorvo Stock Performance

Shares of NASDAQ:QRVO traded down $6.51 during trading on Thursday, hitting $55.60. The stock had a trading volume of 390,311 shares, compared to its average volume of 2,089,881. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99. The stock has a market capitalization of $5.19 billion, a price-to-earnings ratio of 199.05, a price-to-earnings-growth ratio of 15.57 and a beta of 1.43. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. The stock has a 50-day simple moving average of $72.03 and a two-hundred day simple moving average of $77.76.

Analyst Ratings Changes

A number of research firms have weighed in on QRVO. Piper Sandler upgraded Qorvo from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $85.00 to $110.00 in a research note on Monday, January 27th. Mizuho raised their price target on Qorvo from $80.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, January 24th. Citigroup cut their price target on Qorvo from $72.00 to $69.00 and set a "sell" rating on the stock in a research note on Wednesday, January 29th. Needham & Company LLC restated a "buy" rating and set a $100.00 price target on shares of Qorvo in a research note on Wednesday, January 29th. Finally, The Goldman Sachs Group cut their price target on Qorvo from $99.00 to $78.00 and set a "neutral" rating on the stock in a research note on Friday, January 10th. 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's stock. Based on data from MarketBeat.com, Qorvo has an average rating of "Hold" and a consensus target price of $95.84.

Qorvo 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.