Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. lessened its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 34.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 409,443 shares of the semiconductor company’s stock after selling 218,364 shares during the period. Prudential Financial Inc. owned 0.44% of Qorvo worth $28,006,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Heron Bay Capital Management purchased a new position in Qorvo during the 4th quarter worth $971,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Qorvo during the fourth quarter worth about $2,081,000. Hillsdale Investment Management Inc. grew its holdings in shares of Qorvo by 5.0% during the fourth quarter. Hillsdale Investment Management Inc. now owns 7,360 shares of the semiconductor company’s stock worth $515,000 after buying an additional 350 shares during the last quarter. American Century Companies Inc. increased its position in Qorvo by 5.0% in the 4th quarter. American Century Companies Inc. now owns 30,467 shares of the semiconductor company’s stock valued at $2,131,000 after acquiring an additional 1,443 shares during the period. Finally, Quantbot Technologies LP raised its stake in Qorvo by 377.4% during the 4th quarter. Quantbot Technologies LP now owns 194,646 shares of the semiconductor company’s stock valued at $13,612,000 after acquiring an additional 153,875 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Stock Up 3.7 %

Shares of Qorvo stock opened at $75.63 on Wednesday. The firm has a market cap of $7.06 billion, a price-to-earnings ratio of 270.11, a P/E/G ratio of 15.57 and a beta of 1.48. The stock has a 50-day simple moving average of $77.22 and a 200-day simple moving average of $80.98. Qorvo, Inc. has a 52-week low of $64.54 and a 52-week high of $130.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78.

Wall Street Analyst Weigh In

QRVO has been the subject of several recent research reports. Barclays decreased their price target on Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Piper Sandler raised shares of Qorvo from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $85.00 to $110.00 in a report on Monday, January 27th. StockNews.com upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Wednesday, January 29th. Benchmark restated a “hold” rating on shares of Qorvo in a research report on Wednesday, January 29th. Finally, Citigroup dropped their target price on Qorvo from $72.00 to $69.00 and set a “sell” rating on the stock in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $95.84.

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.