Resona Asset Management Co. Ltd. Invests $1.88 Million in Qorvo, Inc. (NASDAQ:QRVO)

Resona Asset Management Co. Ltd. purchased a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 26,826 shares of the semiconductor company's stock, valued at approximately $1,881,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Stifel Financial Corp raised its holdings in shares of Qorvo by 11.8% during the third quarter. Stifel Financial Corp now owns 7,649 shares of the semiconductor company's stock valued at $790,000 after acquiring an additional 807 shares in the last quarter. Wellington Management Group LLP increased its position in Qorvo by 75.0% during the 3rd quarter. Wellington Management Group LLP now owns 320,781 shares of the semiconductor company's stock valued at $33,137,000 after purchasing an additional 137,524 shares during the period. National Bank of Canada FI raised its holdings in Qorvo by 83.0% in the 3rd quarter. National Bank of Canada FI now owns 48,432 shares of the semiconductor company's stock worth $5,003,000 after purchasing an additional 21,966 shares in the last quarter. MML Investors Services LLC lifted its position in shares of Qorvo by 10.9% in the 3rd quarter. MML Investors Services LLC now owns 3,532 shares of the semiconductor company's stock worth $365,000 after purchasing an additional 347 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Qorvo during the 3rd quarter valued at about $1,842,000. Institutional investors own 88.57% of the company's stock.

Qorvo Stock Performance

QRVO stock traded down $0.42 on Tuesday, hitting $58.51. The company had a trading volume of 203,181 shares, compared to its average volume of 2,106,666. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99. The stock has a market cap of $5.46 billion, a price-to-earnings ratio of 208.84, a P/E/G ratio of 15.57 and a beta of 1.43. The stock's 50-day simple moving average is $70.51 and its 200 day simple moving average is $76.60.

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Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Barclays decreased their price target on shares of Qorvo from $90.00 to $80.00 and set an "equal weight" rating for the company in a research note on Friday, January 17th. 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 research report on Monday, January 27th. Benchmark reiterated a "hold" rating on shares of Qorvo in a report on Wednesday, January 29th. Morgan Stanley upgraded shares of Qorvo from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $90.00 to $106.00 in a report on Tuesday, January 21st. Finally, Loop Capital increased their price target on shares of Qorvo from $80.00 to $90.00 and gave the stock a "hold" rating in a research note on Wednesday, January 29th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Qorvo has a consensus rating of "Hold" and an average price target of $95.84.

About Qorvo

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.