Ameriprise Financial Inc. Acquires 1,816,811 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Ameriprise Financial Inc. raised its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 102.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,597,546 shares of the semiconductor company's stock after acquiring an additional 1,816,811 shares during the quarter. Ameriprise Financial Inc. owned approximately 3.85% of Qorvo worth $251,577,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. FIL Ltd raised its position in Qorvo by 5.3% in the 4th quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company's stock valued at $232,464,000 after purchasing an additional 166,461 shares in the last quarter. Vulcan Value Partners LLC raised its holdings in Qorvo by 53.7% in the fourth quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock valued at $180,487,000 after acquiring an additional 902,353 shares in the last quarter. Amundi lifted its stake in Qorvo by 84.4% in the fourth quarter. Amundi now owns 2,143,858 shares of the semiconductor company's stock worth $156,673,000 after acquiring an additional 981,519 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Qorvo by 22.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company's stock worth $99,280,000 after acquiring an additional 264,167 shares in the last quarter. Finally, KBC Group NV increased its position in shares of Qorvo by 144.8% in the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company's stock valued at $75,328,000 after purchasing an additional 637,087 shares during the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Barclays raised their price target on Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 30th. Piper Sandler upgraded Qorvo from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $85.00 to $110.00 in a research note on Monday, January 27th. TD Cowen dropped their price target on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Stifel Nicolaus set a $75.00 price objective on shares of Qorvo in a research report on Monday, April 28th. Finally, Loop Capital dropped their price target on Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Qorvo presently has an average rating of "Hold" and a consensus target price of $91.21.

Qorvo Price Performance

Shares of QRVO stock traded up $1.12 during trading hours on Thursday, hitting $72.42. The company had a trading volume of 2,645,980 shares, compared to its average volume of 2,166,973. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $130.99. 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's fifty day moving average is $66.37 and its 200 day moving average is $72.23. The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of 258.64, a PEG ratio of 15.57 and a beta of 1.38.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.42. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The firm had revenue of $869.47 million for the quarter, compared to analysts' expectations of $850.13 million. During the same period in the prior year, the firm earned $1.39 earnings per share. The company's quarterly revenue was down 7.6% compared to the same quarter last year. On average, sell-side analysts predict that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the sale, the director now directly owns 7,597 shares of the company's stock, valued at $532,473.73. This represents a 16.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.46% of the stock is owned by corporate insiders.

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.