Russell Investments Group Ltd. Reduces Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Russell Investments Group Ltd. trimmed its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 34.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 171,725 shares of the semiconductor company's stock after selling 92,256 shares during the period. Russell Investments Group Ltd. owned 0.18% of Qorvo worth $12,009,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Rakuten Securities Inc. purchased a new position in Qorvo in the 4th quarter valued at $28,000. Huntington National Bank boosted its position in Qorvo by 47.1% during the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after acquiring an additional 145 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Qorvo in the 4th quarter valued at about $37,000. Versant Capital Management Inc boosted its holdings in shares of Qorvo by 89.7% during the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company's stock worth $42,000 after purchasing an additional 286 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its holdings in shares of Qorvo by 67.4% in the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock valued at $43,000 after purchasing an additional 250 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.

Qorvo Stock Down 0.8 %

Qorvo stock traded down $0.49 during midday trading on Wednesday, reaching $57.32. The company's stock had a trading volume of 267,659 shares, compared to its average volume of 2,113,926. The business has a 50-day simple moving average of $70.09 and a 200-day simple moving average of $76.47. The company has a market cap of $5.35 billion, a P/E ratio of 204.71, a P/E/G ratio of 15.57 and a beta of 1.43. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $130.99. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46.

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Wall Street Analysts Forecast Growth

Several research analysts have recently commented on QRVO shares. Needham & Company LLC reiterated a "buy" rating and set a $100.00 price target on shares of Qorvo in a report on Wednesday, January 29th. Citigroup dropped their price target on shares of Qorvo from $72.00 to $69.00 and set a "sell" rating for the company in a research note on Wednesday, January 29th. StockNews.com upgraded Qorvo from a "hold" rating to a "buy" rating in a 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. Finally, Benchmark restated a "hold" rating on shares of Qorvo in a report on Wednesday, January 29th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $95.84.

Qorvo 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.