New Age Alpha Advisors LLC Makes New $2.20 Million Investment in Qorvo, Inc. (NASDAQ:QRVO)

New Age Alpha Advisors LLC purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 31,508 shares of the semiconductor company's stock, valued at approximately $2,203,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Qorvo in the 4th quarter worth $71,825,000. Amundi boosted its position in shares of Qorvo by 84.4% during the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company's stock valued at $156,673,000 after acquiring an additional 981,519 shares during the last quarter. Wealthfront Advisers LLC grew its holdings in shares of Qorvo by 8,535.6% in the fourth quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company's stock valued at $65,153,000 after purchasing an additional 920,901 shares during the period. Assenagon Asset Management S.A. increased its position in Qorvo by 377.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company's stock worth $57,125,000 after purchasing an additional 645,829 shares during the last quarter. Finally, KBC Group NV raised its stake in Qorvo by 144.8% during the fourth quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company's stock worth $75,328,000 after purchasing an additional 637,087 shares during the period. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Stock Up 0.6 %

Shares of NASDAQ QRVO traded up $0.43 during mid-day trading on Wednesday, hitting $72.66. The company had a trading volume of 651,139 shares, compared to its average volume of 2,770,607. The company has a market capitalization of $6.79 billion, a PE ratio of 259.50, a price-to-earnings-growth ratio of 15.57 and a beta of 1.48. The business's 50-day simple moving average is $76.44 and its 200 day simple moving average is $79.81. Qorvo, Inc. has a 1-year low of $64.54 and a 1-year high of $130.99. 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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Analyst Upgrades and Downgrades

QRVO has been the subject of several analyst reports. Loop Capital increased their price target on shares of Qorvo from $80.00 to $90.00 and gave the company a "hold" rating in a research note on Wednesday, January 29th. Needham & Company LLC reiterated a "buy" rating and issued a $100.00 price objective on shares of Qorvo in a research report on Wednesday, January 29th. Mizuho lifted their target price on Qorvo from $80.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, January 24th. StockNews.com upgraded Qorvo from a "hold" rating to a "buy" rating in a report on Wednesday, January 29th. Finally, Piper Sandler raised Qorvo from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $85.00 to $110.00 in a research report on Monday, January 27th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently 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.