Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. decreased its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 34.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 409,443 shares of the semiconductor company's stock after selling 218,364 shares during the quarter. Prudential Financial Inc. owned about 0.44% of Qorvo worth $28,006,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in QRVO. Mediolanum International Funds Ltd purchased a new position in shares of Qorvo during the 4th quarter worth $1,177,000. Janney Montgomery Scott LLC increased its position in Qorvo by 245.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company's stock worth $1,024,000 after purchasing an additional 10,405 shares during the last quarter. Virtu Financial LLC purchased a new position in Qorvo during the third quarter worth about $1,211,000. Paloma Partners Management Co acquired a new position in Qorvo in the 3rd quarter valued at about $5,165,000. Finally, Quantbot Technologies LP grew its stake in shares of Qorvo by 102.8% in the 3rd quarter. Quantbot Technologies LP now owns 40,771 shares of the semiconductor company's stock valued at $4,212,000 after buying an additional 20,662 shares during the period. Institutional investors and hedge funds own 88.57% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on QRVO. Citigroup reduced their price target on shares of Qorvo from $72.00 to $69.00 and set a "sell" rating on the stock in a research report on Wednesday, January 29th. The Goldman Sachs Group reduced their target price on Qorvo from $99.00 to $78.00 and set a "neutral" rating on the stock in a research report on Friday, January 10th. Mizuho increased their price target on Qorvo from $80.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, January 24th. Loop Capital boosted their price objective on shares of Qorvo from $80.00 to $90.00 and gave the company a "hold" rating in a report on Wednesday, January 29th. Finally, Piper Sandler raised shares of Qorvo from a "neutral" rating to an "overweight" rating and upped their target price for the company from $85.00 to $110.00 in a research report on Monday, January 27th. 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. According to MarketBeat, Qorvo presently has a consensus rating of "Hold" and an average price target of $95.84.

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Qorvo Stock Down 3.0 %

Shares of NASDAQ QRVO traded down $2.19 during mid-day trading on Friday, hitting $71.50. The company had a trading volume of 2,241,764 shares, compared to its average volume of 2,007,474. Qorvo, Inc. has a 1-year low of $64.54 and a 1-year high of $130.99. The company has a market capitalization of $6.68 billion, a PE ratio of 255.36, a price-to-earnings-growth ratio of 15.57 and a beta of 1.48. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78. The business's 50-day simple moving average is $76.98 and its 200 day simple moving average is $80.29.

Qorvo Company 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.