Sumitomo Mitsui Trust Group Inc. decreased its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 3.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 211,466 shares of the semiconductor company's stock after selling 8,018 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Qorvo worth $14,788,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Larson Financial Group LLC increased its holdings in shares of Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company's stock valued at $33,000 after acquiring an additional 201 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in Qorvo during the 3rd quarter valued at approximately $41,000. Farther Finance Advisors LLC boosted its stake in Qorvo by 33.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company's stock valued at $43,000 after purchasing an additional 104 shares during the period. Versant Capital Management Inc boosted its stake in 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 during the period. Finally, CENTRAL TRUST Co boosted its stake in Qorvo by 2,621.4% during the 4th quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company's stock valued at $53,000 after purchasing an additional 734 shares during the period. Institutional investors and hedge funds own 88.57% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the company. The Goldman Sachs Group decreased their target price on Qorvo from $99.00 to $78.00 and set a "neutral" rating for the company in a research note on Friday, January 10th. StockNews.com upgraded Qorvo from a "hold" rating to a "buy" rating in a research report on Wednesday, January 29th. Loop Capital raised 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. Benchmark reiterated a "hold" rating on shares of Qorvo in a research report on Wednesday, January 29th. Finally, Bank of America reduced their price objective on Qorvo from $115.00 to $80.00 and set an "underperform" rating for the company in a research report on Wednesday, October 30th. 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. Based on data from MarketBeat.com, Qorvo currently has a consensus rating of "Hold" and a consensus target price of $95.84.
View Our Latest Research Report on Qorvo
Insider Activity at Qorvo
In other news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now directly owns 30,261 shares of the company's stock, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.46% of the company's stock.
Qorvo Price Performance
QRVO stock traded down $1.33 during midday trading on Friday, reaching $76.16. 1,438,542 shares of the company's stock traded hands, compared to its average volume of 3,590,921. The company has a 50-day simple moving average of $75.90 and a two-hundred day simple moving average of $87.94. 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 $7.11 billion, a price-to-earnings ratio of 272.00, a PEG ratio of 15.93 and a beta of 1.41. 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 Profile
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Free Report)
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.
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