Wells Fargo & Company MN Decreases Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Wells Fargo & Company MN lowered its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 28.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,621 shares of the semiconductor company's stock after selling 15,179 shares during the period. Wells Fargo & Company MN's holdings in Qorvo were worth $2,631,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Resona Asset Management Co. Ltd. purchased a new position in Qorvo in the 4th quarter worth approximately $1,881,000. Huntington National Bank lifted its holdings in shares of Qorvo by 47.1% in the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after buying an additional 145 shares in the last quarter. Headlands Technologies LLC boosted its position in shares of Qorvo by 198.2% during the fourth quarter. Headlands Technologies LLC now owns 13,734 shares of the semiconductor company's stock worth $960,000 after acquiring an additional 9,128 shares during the last quarter. Franklin Resources Inc. grew its stake in Qorvo by 58.5% during the fourth quarter. Franklin Resources Inc. now owns 83,718 shares of the semiconductor company's stock valued at $5,854,000 after acquiring an additional 30,904 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in Qorvo by 85.0% during the fourth quarter. Meeder Asset Management Inc. now owns 12,471 shares of the semiconductor company's stock valued at $872,000 after buying an additional 5,730 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Stock Up 14.4 %

Shares of QRVO traded up $9.02 during mid-day trading on Wednesday, hitting $71.67. 6,058,098 shares of the company traded hands, compared to its average volume of 2,176,808. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. The business has a 50 day moving average of $66.63 and a 200 day moving average of $73.59. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $130.99. The company has a market capitalization of $6.69 billion, a PE ratio of 255.96, a price-to-earnings-growth ratio of 15.57 and a beta of 1.43.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.42. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The firm had revenue of $869.47 million during the quarter, compared to the consensus estimate of $850.13 million. During the same quarter in the previous year, the company posted $1.39 earnings per share. The company's revenue was down 7.6% compared to the same quarter last year. Equities research analysts anticipate that Qorvo, Inc. will post 4.09 EPS for the current year.

Analyst Upgrades and Downgrades

QRVO has been the subject of a number of research reports. Benchmark upgraded Qorvo from a "hold" rating to a "buy" rating and set a $95.00 target price for the company in a research report on Wednesday. Piper Sandler upgraded Qorvo from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $85.00 to $110.00 in a report on Monday, January 27th. The Goldman Sachs Group decreased their price target on Qorvo from $99.00 to $78.00 and set a "neutral" rating on the stock in a report on Friday, January 10th. Morgan Stanley upgraded shares of Qorvo from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $90.00 to $106.00 in a report on Tuesday, January 21st. Finally, Loop Capital lowered their target price on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, Qorvo has an average rating of "Hold" and a consensus price target of $91.21.

Qorvo Company 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.