State of Michigan Retirement System Sells 25,877 Shares of Qorvo, Inc. (NASDAQ:QRVO)

State of Michigan Retirement System trimmed its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 80.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,142 shares of the semiconductor company's stock after selling 25,877 shares during the quarter. State of Michigan Retirement System's holdings in Qorvo were worth $430,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Larson Financial Group LLC lifted its stake in Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company's stock worth $33,000 after acquiring an additional 201 shares during the period. Farther Finance Advisors LLC raised its holdings in Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company's stock worth $43,000 after purchasing an additional 104 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Qorvo in the 4th quarter worth about $37,000. Versant Capital Management Inc boosted its stake 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 valued at $42,000 after purchasing an additional 286 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its position in shares of Qorvo by 67.4% during the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock valued at $43,000 after buying an additional 250 shares during the period. 88.57% of the stock is owned by institutional investors.

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Wall Street Analysts Forecast Growth

Several analysts have weighed in on QRVO shares. Loop Capital lifted their price objective on Qorvo from $80.00 to $90.00 and gave the company a "hold" rating in a research report on Wednesday, January 29th. 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. Mizuho increased their price objective on Qorvo from $80.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, January 24th. 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, Stifel Nicolaus decreased their price target on shares of Qorvo from $95.00 to $90.00 and set a "hold" rating for the company in a research note on Wednesday, January 29th. Three 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 target price of $95.84.

Qorvo Stock Performance

QRVO traded down $0.26 during midday trading on Thursday, reaching $69.06. The company had a trading volume of 1,509,164 shares, compared to its average volume of 2,883,755. The business has a 50-day moving average of $77.18 and a two-hundred day moving average of $83.65. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a 1 year low of $64.54 and a 1 year high of $130.99. The company has a market cap of $6.45 billion, a P/E ratio of 246.65, a P/E/G ratio of 15.57 and a beta of 1.48.

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.