Geode Capital Management LLC Decreases Position in Qorvo, Inc. (NASDAQ:QRVO)

Geode Capital Management LLC lowered its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 28.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,635,946 shares of the semiconductor company's stock after selling 662,245 shares during the period. Geode Capital Management LLC owned 1.75% of Qorvo worth $114,216,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of QRVO. Rakuten Securities Inc. acquired a new position in Qorvo during the fourth quarter worth $28,000. SBI Securities Co. Ltd. bought a new stake in shares of Qorvo during the fourth quarter worth about $37,000. Versant Capital Management Inc raised its holdings in shares of Qorvo by 89.7% in the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company's stock worth $42,000 after acquiring an additional 286 shares during the last quarter. Venturi Wealth Management LLC lifted its position in Qorvo by 67.4% in the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock valued at $43,000 after acquiring an additional 250 shares in the last quarter. Finally, CENTRAL TRUST Co boosted its stake 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 last quarter. Institutional investors own 88.57% of the company's stock.

Qorvo Trading Up 4.2 %

QRVO traded up $2.37 during trading on Monday, hitting $58.64. 195,120 shares of the stock traded hands, compared to its average volume of 2,105,847. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99. The firm has a market capitalization of $5.48 billion, a P/E ratio of 209.41, a price-to-earnings-growth ratio of 15.57 and a beta of 1.43. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78. The firm has a 50-day moving average of $70.99 and a 200 day moving average of $76.91.

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Analyst Upgrades and Downgrades

QRVO has been the topic of several analyst reports. Piper Sandler raised Qorvo from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $85.00 to $110.00 in a research report on Monday, January 27th. 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. 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 report on Wednesday, January 29th. Citigroup reduced their target price on Qorvo from $72.00 to $69.00 and set a "sell" rating for the company in a report on Wednesday, January 29th. Finally, Benchmark restated a "hold" rating on shares of Qorvo in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $95.84.

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.