Renaissance Technologies LLC Sells 30,200 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Renaissance Technologies LLC cut its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 9.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 277,806 shares of the semiconductor company's stock after selling 30,200 shares during the quarter. Renaissance Technologies LLC owned approximately 0.30% of Qorvo worth $19,427,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in QRVO. FIL Ltd grew its position in shares of Qorvo by 5.3% during the 4th quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company's stock worth $232,464,000 after buying an additional 166,461 shares during the period. Amundi grew its stake in shares of Qorvo by 84.4% during the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company's stock worth $156,673,000 after acquiring an additional 981,519 shares in the last quarter. KBC Group NV lifted its position in shares of Qorvo by 144.8% in the fourth quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company's stock worth $75,328,000 after purchasing an additional 637,087 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in Qorvo by 27.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,067,065 shares of the semiconductor company's stock worth $74,620,000 after buying an additional 231,729 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Qorvo in the 4th quarter valued at about $71,825,000. 88.57% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Stifel Nicolaus lowered their price target on Qorvo from $95.00 to $90.00 and set a "hold" rating on the stock in a research report on Wednesday, January 29th. Morgan Stanley raised shares of Qorvo from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $90.00 to $106.00 in a report on Tuesday, January 21st. Needham & Company LLC reissued a "buy" rating and set a $100.00 target price on shares of Qorvo in a report on Wednesday, January 29th. The Goldman Sachs Group decreased their price objective on shares of Qorvo from $99.00 to $78.00 and set a "neutral" rating on the stock in a research note on Friday, January 10th. Finally, Mizuho boosted 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. Three investment 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. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $95.84.

Qorvo Price Performance

NASDAQ:QRVO traded up $0.81 during midday trading on Friday, hitting $57.63. The company had a trading volume of 1,331,963 shares, compared to its average volume of 2,130,047. 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 stock's fifty day moving average price is $69.29 and its 200-day moving average price is $76.02. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $130.99. The company has a market capitalization of $5.38 billion, a PE ratio of 205.82, a P/E/G ratio of 15.57 and a beta of 1.43.

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.