New York State Common Retirement Fund cut its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 7.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 46,683 shares of the semiconductor company's stock after selling 3,500 shares during the quarter. New York State Common Retirement Fund's holdings in Qorvo were worth $3,265,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Larson Financial Group LLC raised its holdings in Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company's stock worth $33,000 after purchasing an additional 201 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company's stock valued at $43,000 after purchasing an additional 104 shares during the period. Versant Capital Management Inc raised its holdings 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 valued at $42,000 after purchasing an additional 286 shares during the last quarter. Venturi Wealth Management LLC boosted its stake in shares of Qorvo by 67.4% during the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock worth $43,000 after buying an additional 250 shares during the last quarter. Finally, CENTRAL TRUST Co raised 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 acquiring an additional 734 shares in the last quarter. 88.57% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
QRVO has been the topic of a number of research reports. Stifel Nicolaus decreased their price target on shares of Qorvo from $95.00 to $90.00 and set a "hold" rating on the stock in a research note on Wednesday, January 29th. Loop Capital raised 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. Barclays cut their target price on Qorvo from $90.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Friday, January 17th. The Goldman Sachs Group reduced their price objective on shares of Qorvo from $99.00 to $78.00 and set a "neutral" rating for the company in a research report on Friday, January 10th. Finally, Morgan Stanley raised shares of Qorvo from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $90.00 to $106.00 in a research note on Tuesday, January 21st. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Qorvo presently has an average rating of "Hold" and an average target price of $95.84.
Check Out Our Latest Report on QRVO
Insiders Place Their Bets
In related news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was 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 directly owns 30,261 shares in the company, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.46% of the stock is currently owned by corporate insiders.
Qorvo Stock Performance
Shares of QRVO stock traded up $0.62 on Tuesday, hitting $70.24. The company had a trading volume of 911,673 shares, compared to its average volume of 2,959,154. The company has a 50-day moving average price of $77.04 and a 200-day moving average price of $85.44. 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 $6.56 billion, a P/E ratio of 251.06, a price-to-earnings-growth ratio of 15.57 and a beta of 1.48. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99.
Qorvo Profile
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Free Report)
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.
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