Connor Clark & Lunn Investment Management Ltd. Purchases New Position in Qorvo, Inc. (NASDAQ:QRVO)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 212,410 shares of the semiconductor company's stock, valued at approximately $14,854,000. Connor Clark & Lunn Investment Management Ltd. owned 0.23% of Qorvo at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Rakuten Securities Inc. bought a new stake in shares of Qorvo in the 4th quarter worth approximately $28,000. Truvestments Capital LLC grew its stake in Qorvo by 7.2% in the fourth quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company's stock valued at $194,000 after purchasing an additional 185 shares in the last quarter. Wealthfront Advisers LLC increased its position in Qorvo by 8,535.6% in the 4th quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company's stock worth $65,153,000 after purchasing an additional 920,901 shares during the last quarter. Marathon Trading Investment Management LLC purchased a new stake in shares of Qorvo during the 4th quarter worth about $1,238,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Qorvo by 315.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 88,616 shares of the semiconductor company's stock valued at $6,197,000 after buying an additional 67,302 shares during the last quarter. Institutional investors own 88.57% of the company's stock.

Qorvo Stock Performance

Shares of NASDAQ QRVO traded up $2.27 during trading hours on Friday, reaching $71.39. The stock had a trading volume of 1,556,301 shares, compared to its average volume of 2,871,726. The company has a market cap of $6.67 billion, a price-to-earnings ratio of 254.96, a PEG ratio of 15.57 and a beta of 1.48. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99. The business's fifty day moving average is $77.17 and its two-hundred day moving average is $83.55. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78.

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Wall Street Analyst Weigh In

QRVO has been the subject of a number of analyst reports. StockNews.com raised Qorvo from a "hold" rating to a "buy" rating in a research report on Wednesday, January 29th. Loop Capital upped their target price on Qorvo from $80.00 to $90.00 and gave the stock a "hold" rating in a research report on Wednesday, January 29th. Needham & Company LLC reissued a "buy" rating and issued a $100.00 price target on shares of Qorvo in a research report on Wednesday, January 29th. Benchmark restated a "hold" rating on shares of Qorvo in a research note on Wednesday, January 29th. Finally, Stifel Nicolaus lowered their target price on shares of Qorvo from $95.00 to $90.00 and set a "hold" rating on the stock in a research note on Wednesday, January 29th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target 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.