Qorvo, Inc. (NASDAQ:QRVO) Stock Holdings Trimmed by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury trimmed its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 60.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,198 shares of the semiconductor company's stock after selling 31,298 shares during the quarter. State of Tennessee Department of Treasury's holdings in Qorvo were worth $1,412,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Rakuten Securities Inc. acquired a new position in shares of Qorvo during the 4th quarter valued at about $28,000. Huntington National Bank lifted its stake in 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 acquiring an additional 145 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Qorvo during the 4th quarter worth about $37,000. Versant Capital Management Inc grew its position in shares of Qorvo by 89.7% in the 4th 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. Finally, Venturi Wealth Management LLC increased its position in Qorvo by 67.4% during the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock worth $43,000 after buying an additional 250 shares during the period. 88.57% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Piper Sandler raised shares of Qorvo from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $85.00 to $110.00 in a report on Monday, January 27th. Barclays lifted their price objective on Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Wednesday. TD Cowen reduced their price target on Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a research note on Wednesday. The Goldman Sachs Group cut their price objective on shares of Qorvo from $99.00 to $78.00 and set a "neutral" rating on the stock in a report on Friday, January 10th. Finally, Needham & Company LLC reduced their target price on Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Qorvo currently has a consensus rating of "Hold" and an average target price of $91.21.

Qorvo Stock Up 1.6 %

Shares of QRVO stock traded up $1.09 during mid-day trading on Friday, reaching $70.90. 1,955,160 shares of the company were exchanged, compared to its average volume of 2,159,909. The business's 50 day simple moving average is $66.44 and its 200 day simple moving average is $72.92. The company has a market capitalization of $6.62 billion, a P/E ratio of 253.21, a P/E/G ratio of 15.57 and a beta of 1.38. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week 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.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share for the quarter, beating 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 business had revenue of $869.47 million during the quarter, compared to the consensus estimate of $850.13 million. During the same period in the previous year, the business earned $1.39 EPS. The business's quarterly revenue was down 7.6% on a year-over-year basis. Research analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current year.

About Qorvo

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.