Norges Bank Acquires Shares of 1,027,093 Qorvo, Inc. (NASDAQ:QRVO)

Norges Bank acquired a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 1,027,093 shares of the semiconductor company's stock, valued at approximately $71,825,000. Norges Bank owned approximately 1.10% of Qorvo at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of QRVO. Rakuten Securities Inc. acquired a new stake in Qorvo in the fourth quarter valued at $28,000. SBI Securities Co. Ltd. acquired a new stake in Qorvo in the 4th quarter valued at about $37,000. Versant Capital Management Inc grew its holdings 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. Venturi Wealth Management LLC grew its holdings in Qorvo by 67.4% during the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock worth $43,000 after purchasing an additional 250 shares during the period. Finally, CENTRAL TRUST Co increased its position in Qorvo by 2,621.4% during the fourth quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company's stock worth $53,000 after buying an additional 734 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Benchmark reaffirmed a "hold" rating on shares of Qorvo in a report on Wednesday, January 29th. Mizuho upped their target price on Qorvo from $80.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, January 24th. Piper Sandler raised shares of Qorvo from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $85.00 to $110.00 in a research note on Monday, January 27th. Barclays lowered their price target on shares of Qorvo from $90.00 to $80.00 and set an "equal weight" rating for the company in a report on Friday, January 17th. Finally, Loop Capital raised their price objective on Qorvo from $80.00 to $90.00 and gave the company a "hold" rating in a report on Wednesday, January 29th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $95.84.

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Qorvo Stock Down 7.8 %

Shares of NASDAQ:QRVO traded down $4.74 during midday trading on Friday, hitting $56.35. 4,493,458 shares of the company's stock were exchanged, compared to its average volume of 2,030,360. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78. Qorvo, Inc. has a 12 month low of $53.97 and a 12 month high of $130.99. The company has a market cap of $5.26 billion, a PE ratio of 201.25, a price-to-earnings-growth ratio of 15.57 and a beta of 1.43. The stock has a 50 day moving average price of $74.91 and a 200-day moving average price of $79.32.

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.