Cibc World Markets Corp Sells 8,599 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Cibc World Markets Corp cut its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 66.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,293 shares of the semiconductor company's stock after selling 8,599 shares during the quarter. Cibc World Markets Corp's holdings in Qorvo were worth $300,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its stake in Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company's stock worth $33,000 after buying an additional 201 shares in the last quarter. Rakuten Securities Inc. acquired a new position in Qorvo in the fourth quarter valued at about $28,000. SBI Securities Co. Ltd. purchased a new position in shares of Qorvo during the fourth quarter worth $37,000. Versant Capital Management Inc increased its stake in Qorvo by 89.7% during the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company's stock worth $42,000 after purchasing an additional 286 shares during the period. Finally, Venturi Wealth Management LLC grew its stake in shares of 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 acquiring an additional 250 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on QRVO. Mizuho lifted their price target on Qorvo from $80.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, January 24th. Barclays lowered their target price on shares of Qorvo from $90.00 to $80.00 and set an "equal weight" rating on the stock in a report on Friday, January 17th. Citigroup reduced their price objective on Qorvo from $72.00 to $69.00 and set a "sell" rating for the company in a report on Wednesday, January 29th. The Goldman Sachs Group reduced their target price on shares of Qorvo from $99.00 to $78.00 and set a "neutral" rating on the stock in a report on Friday, January 10th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $100.00 price target on shares of Qorvo in a report on Wednesday, January 29th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, Qorvo currently has a consensus rating of "Hold" and a consensus target price of $95.84.

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Qorvo Stock Performance

Shares of NASDAQ QRVO traded down $2.19 during trading hours on Friday, reaching $71.50. 2,241,764 shares of the stock were exchanged, compared to its average volume of 2,004,027. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. The firm has a market capitalization of $6.68 billion, a price-to-earnings ratio of 255.36, a P/E/G ratio of 15.57 and a beta of 1.48. The stock's fifty day simple moving average is $76.98 and its 200 day simple moving average is $80.65. Qorvo, Inc. has a 52 week low of $64.54 and a 52 week high of $130.99.

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.