Invesco Ltd. Sells 1,592,311 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Invesco Ltd. trimmed its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 76.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 498,816 shares of the semiconductor company's stock after selling 1,592,311 shares during the period. Invesco Ltd. owned about 0.53% of Qorvo worth $34,882,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Rakuten Securities Inc. acquired a new position in Qorvo during the fourth quarter valued at $28,000. Huntington National Bank grew its stake in Qorvo by 47.1% during the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after acquiring an additional 145 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Qorvo in the 4th quarter valued at about $37,000. Versant Capital Management Inc lifted its position in shares of Qorvo by 89.7% in 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 in the last quarter. Finally, Venturi Wealth Management LLC boosted its holdings in shares of 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. Institutional investors and hedge funds own 88.57% of the company's stock.

Qorvo Stock Performance

Shares of QRVO traded up $0.81 during trading hours on Friday, hitting $57.63. The company had a trading volume of 1,331,963 shares, compared to its average volume of 2,136,239. The business has a fifty day moving average of $68.91 and a 200-day moving average of $75.55. 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 firm has a market cap of $5.38 billion, a price-to-earnings ratio of 205.82, a PEG ratio of 15.57 and a beta of 1.43. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $130.99.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Mizuho lifted their target price on shares of Qorvo from $80.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, January 24th. Loop Capital upped their target price on Qorvo from $80.00 to $90.00 and gave the stock a "hold" rating in a research report on Wednesday, January 29th. Piper Sandler upgraded Qorvo from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $85.00 to $110.00 in a report on Monday, January 27th. Barclays dropped their price objective on Qorvo from $90.00 to $80.00 and set an "equal weight" rating on the stock in a report on Friday, January 17th. Finally, The Goldman Sachs Group reduced their target price on shares of Qorvo from $99.00 to $78.00 and set a "neutral" rating for the company in a research note on Friday, January 10th. Three equities 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 company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target 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.