abrdn plc Decreases Stake in Qorvo, Inc. (NASDAQ:QRVO)

abrdn plc lessened its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 38.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,771 shares of the semiconductor company's stock after selling 18,643 shares during the quarter. abrdn plc's holdings in Qorvo were worth $2,082,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC purchased a new stake in shares of Qorvo during the second quarter worth about $535,000. UMB Bank n.a. raised its holdings in shares of Qorvo by 33.8% during the third quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company's stock valued at $76,000 after acquiring an additional 186 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Qorvo in the third quarter valued at approximately $41,000. Exchange Traded Concepts LLC boosted its stake in shares of Qorvo by 3,564.8% in the third quarter. Exchange Traded Concepts LLC now owns 2,602 shares of the semiconductor company's stock worth $269,000 after acquiring an additional 2,531 shares during the last quarter. Finally, Creative Planning increased its position in shares of Qorvo by 14.4% during the third quarter. Creative Planning now owns 11,151 shares of the semiconductor company's stock worth $1,152,000 after purchasing an additional 1,400 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Philip Chesley sold 4,045 shares of the firm's stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the transaction, the senior vice president now owns 30,261 shares of the company's stock, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.46% of the company's stock.

Qorvo Trading Down 0.8 %

Shares of NASDAQ:QRVO traded down $0.60 during mid-day trading on Tuesday, reaching $76.66. 1,187,392 shares of the company were exchanged, compared to its average volume of 3,384,889. The firm has a market cap of $7.16 billion, a price-to-earnings ratio of 273.79, a P/E/G ratio of 15.93 and a beta of 1.41. 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 1 year low of $64.54 and a 1 year high of $130.99. The firm's 50-day simple moving average is $75.30 and its 200 day simple moving average is $89.18.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Stifel Nicolaus decreased their price objective on Qorvo from $95.00 to $90.00 and set a "hold" rating on the stock in a report on Wednesday, January 29th. Raymond James downgraded shares of Qorvo from an "outperform" rating to a "market perform" rating in a research note on Wednesday, October 30th. StockNews.com raised shares of Qorvo from a "hold" rating to a "buy" rating in a research note on Wednesday, January 29th. Susquehanna lowered their target price on Qorvo from $115.00 to $90.00 and set a "neutral" rating on the stock in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. dropped their price target on Qorvo from $115.00 to $95.00 and set an "underweight" rating for the company in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average 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.