Canada Pension Plan Investment Board Reduces Position in Qorvo, Inc. (NASDAQ:QRVO)

Canada Pension Plan Investment Board lessened its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 31.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 152,000 shares of the semiconductor company's stock after selling 70,000 shares during the period. Canada Pension Plan Investment Board owned 0.16% of Qorvo worth $10,629,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Alexander Randolph Advisory Inc. grew its position in shares of Qorvo by 1.0% in the 4th quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company's stock worth $950,000 after buying an additional 140 shares during the last quarter. Huntington National Bank increased its position in shares of 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 purchasing an additional 145 shares in the last quarter. Truvestments Capital LLC lifted its holdings in shares of Qorvo by 7.2% during the 4th quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company's stock valued at $194,000 after purchasing an additional 185 shares during the last quarter. Venturi Wealth Management LLC boosted its position in shares of Qorvo by 67.4% in the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock worth $43,000 after purchasing an additional 250 shares in the last quarter. Finally, Versant Capital Management Inc raised its stake in Qorvo by 89.7% in the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company's stock valued at $42,000 after buying an additional 286 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors.

Qorvo Price Performance

NASDAQ:QRVO traded up $0.27 during trading hours on Friday, hitting $63.78. 988,983 shares of the stock were exchanged, compared to its average volume of 2,148,434. The firm's fifty day moving average price is $67.31 and its 200 day moving average price is $73.95. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $130.99. The company has a market cap of $5.96 billion, a P/E ratio of 227.79, a P/E/G ratio of 15.57 and a beta of 1.43. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on QRVO. Benchmark reaffirmed a "hold" rating on shares of Qorvo in a report on Wednesday, January 29th. Barclays restated a "reduce" rating on shares of Qorvo in a research note on Tuesday, April 22nd. Citigroup reduced their price target on shares of Qorvo from $72.00 to $69.00 and set a "sell" rating for the company in a research report on Wednesday, January 29th. Loop Capital increased their price objective on shares of Qorvo from $80.00 to $90.00 and gave the stock a "hold" rating in a research note on Wednesday, January 29th. Finally, The Goldman Sachs Group decreased their target price on shares of Qorvo from $99.00 to $78.00 and set a "neutral" rating for the company in a research report on Friday, January 10th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $94.79.

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.