Van ECK Associates Corp Reduces Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Van ECK Associates Corp lowered its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 1.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 818,356 shares of the semiconductor company's stock after selling 13,936 shares during the period. Van ECK Associates Corp owned 0.87% of Qorvo worth $57,228,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of QRVO. Mediolanum International Funds Ltd bought a new stake in shares of Qorvo during the 4th quarter valued at $1,177,000. GDS Wealth Management bought a new stake in shares of Qorvo during the 3rd quarter valued at $2,171,000. Robeco Institutional Asset Management B.V. increased its position in shares of Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company's stock valued at $55,548,000 after buying an additional 236,590 shares in the last quarter. Janney Montgomery Scott LLC increased its position 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 valued at $1,024,000 after buying an additional 10,405 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Qorvo in the 3rd quarter valued at $2,507,000. Institutional investors and hedge funds own 88.57% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. UBS Group reduced their target price on shares of Qorvo from $115.00 to $90.00 and set a "neutral" rating for the company in a research note on Wednesday, October 30th. Piper Sandler raised shares of Qorvo from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $85.00 to $110.00 in a research note on Monday, January 27th. TD Cowen reduced their price objective on shares of Qorvo from $125.00 to $85.00 and set a "hold" rating for the company in a research note on Wednesday, October 30th. Citigroup reduced their price objective 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. Finally, The Goldman Sachs Group cut their target price on shares of Qorvo from $99.00 to $78.00 and set a "neutral" rating for the company in a research note on Friday, January 10th. Three 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, the stock currently has an average rating of "Hold" and an average price target of $95.84.

Insider Transactions at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the 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 transaction, the senior vice president now owns 30,261 shares of the company's stock, valued at $2,122,809.15. This represents a 11.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.46% of the company's stock.

Qorvo Price Performance

Qorvo stock traded down $1.33 during midday trading on Monday, reaching $76.16. 1,438,542 shares of the stock were exchanged, compared to its average volume of 3,590,921. The company's fifty day moving average is $76.03 and its 200-day moving average is $87.69. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. The firm has a market cap of $7.11 billion, a PE ratio of 272.00, a PEG ratio of 15.93 and a beta of 1.41. Qorvo, Inc. has a 52 week low of $64.54 and a 52 week high of $130.99.

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.