Retirement Systems of Alabama Cuts Stake in Qorvo, Inc. (NASDAQ:QRVO)

Retirement Systems of Alabama lowered its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 18.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 89,527 shares of the semiconductor company's stock after selling 20,562 shares during the period. Retirement Systems of Alabama owned approximately 0.09% of Qorvo worth $6,261,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mediolanum International Funds Ltd bought a new position in shares of Qorvo during the fourth quarter valued at about $1,177,000. GDS Wealth Management purchased a new stake in Qorvo in the 3rd quarter valued at about $2,171,000. Robeco Institutional Asset Management B.V. lifted its position in shares of Qorvo by 78.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company's stock worth $55,548,000 after buying an additional 236,590 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Qorvo by 245.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company's stock worth $1,024,000 after buying an additional 10,405 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Qorvo in the third quarter valued at approximately $2,507,000. 88.57% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Philip Chesley sold 4,045 shares of the company's stock in a transaction on Thursday, December 5th. The shares were 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. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.46% of the company's stock.

Qorvo Price Performance

Shares of QRVO traded up $0.48 during trading hours on Thursday, reaching $77.49. 1,472,840 shares of the company's stock traded hands, compared to its average volume of 3,251,429. Qorvo, Inc. has a 12 month low of $64.54 and a 12 month high of $130.99. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. The stock has a market cap of $7.24 billion, a PE ratio of 276.75, a price-to-earnings-growth ratio of 15.93 and a beta of 1.41. The firm's 50 day simple moving average is $75.74 and its 200-day simple moving average is $88.70.

Analysts Set New Price Targets

Several research analysts have weighed in on QRVO shares. Loop Capital boosted their price objective on Qorvo from $80.00 to $90.00 and gave the stock a "hold" rating in a research report on Wednesday, January 29th. StockNews.com upgraded shares of Qorvo from a "hold" rating to a "buy" rating in a research report on Wednesday, January 29th. Bank of America dropped their price objective on Qorvo from $115.00 to $80.00 and set an "underperform" rating on the stock in a research note on Wednesday, October 30th. TD Cowen decreased their target price on Qorvo from $125.00 to $85.00 and set a "hold" rating for the company in a research report on Wednesday, October 30th. Finally, Susquehanna dropped their price target on Qorvo from $115.00 to $90.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $95.84.

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.