Legal & General Group Plc Sells 105,229 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Legal & General Group Plc cut its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 12.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 758,318 shares of the semiconductor company's stock after selling 105,229 shares during the quarter. Legal & General Group Plc owned about 0.81% of Qorvo worth $53,029,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its position in shares of Qorvo by 25.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 37,651 shares of the semiconductor company's stock valued at $2,633,000 after acquiring an additional 7,536 shares during the period. Resona Asset Management Co. Ltd. acquired a new stake in Qorvo in the 4th quarter worth about $1,881,000. Huntington National Bank boosted its holdings in Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 145 shares during the period. Headlands Technologies LLC grew its position in shares of Qorvo by 198.2% during the 4th quarter. Headlands Technologies LLC now owns 13,734 shares of the semiconductor company's stock worth $960,000 after purchasing an additional 9,128 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Qorvo by 58.5% during the fourth quarter. Franklin Resources Inc. now owns 83,718 shares of the semiconductor company's stock worth $5,854,000 after purchasing an additional 30,904 shares during the period. 88.57% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several brokerages recently issued reports on QRVO. Citigroup cut their price target on Qorvo from $72.00 to $69.00 and set a "sell" rating for the company in a research note on Wednesday, January 29th. The Goldman Sachs Group reduced their target price on Qorvo from $99.00 to $78.00 and set a "neutral" rating on the stock in a report on Friday, January 10th. Needham & Company LLC restated a "buy" rating and issued a $100.00 price target on shares of Qorvo in a research report on Wednesday, January 29th. Loop Capital upped their price objective on shares of Qorvo from $80.00 to $90.00 and gave the stock a "hold" rating in a research report on Wednesday, January 29th. Finally, Morgan Stanley upgraded shares of Qorvo from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $90.00 to $106.00 in a research note on Tuesday, January 21st. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $95.84.

Qorvo Trading Down 1.9 %

Shares of QRVO stock traded down $1.12 during mid-day trading on Tuesday, reaching $57.81. 2,626,795 shares of the stock traded hands, compared to its average volume of 2,117,628. The stock's fifty day simple moving average is $70.09 and its two-hundred day simple moving average is $76.47. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $130.99. 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 company has a market cap of $5.40 billion, a price-to-earnings ratio of 206.46, a price-to-earnings-growth ratio of 15.57 and a beta of 1.43.

About Qorvo

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.