Illinois Municipal Retirement Fund reduced its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 73.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 24,781 shares of the semiconductor company's stock after selling 67,082 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Qorvo were worth $1,733,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Amalgamated Bank raised its holdings in Qorvo by 57.6% during the 4th quarter. Amalgamated Bank now owns 29,443 shares of the semiconductor company's stock valued at $2,059,000 after buying an additional 10,758 shares during the period. Bank of New York Mellon Corp raised its holdings in Qorvo by 19.2% during the 4th quarter. Bank of New York Mellon Corp now owns 778,408 shares of the semiconductor company's stock valued at $54,434,000 after buying an additional 125,463 shares during the period. Y Intercept Hong Kong Ltd raised its holdings in Qorvo by 9.3% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 19,487 shares of the semiconductor company's stock valued at $1,363,000 after buying an additional 1,653 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in Qorvo by 9.8% during the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 10,100 shares of the semiconductor company's stock valued at $706,000 after buying an additional 900 shares during the period. Finally, Alexander Randolph Advisory Inc. raised its holdings in Qorvo by 1.0% during the 4th quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company's stock valued at $950,000 after buying an additional 140 shares during the period. 88.57% of the stock is currently owned by institutional investors.
In related news, SVP Philip Chesley sold 4,045 shares of the firm's stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the sale, the senior vice president now owns 30,261 shares of the company's stock, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.46% of the stock is owned by corporate insiders.
Several analysts recently weighed in on the company. Mizuho increased their price target on Qorvo from $80.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, January 24th. StockNews.com upgraded Qorvo from a "hold" rating to a "buy" rating in a report on Wednesday, January 29th. Citigroup reduced their target price on Qorvo from $72.00 to $69.00 and set a "sell" rating on the stock in a research note on Wednesday, January 29th. Stifel Nicolaus reduced their target price on Qorvo from $95.00 to $90.00 and set a "hold" rating on the stock in a research note on Wednesday, January 29th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $100.00 target price on shares of Qorvo in a research note on Wednesday, January 29th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $95.84.
View Our Latest Stock Report on Qorvo
QRVO stock traded up $1.73 during trading on Friday, reaching $72.69. 7,175,370 shares of the company traded hands, compared to its average volume of 3,016,538. Qorvo, Inc. has a 12 month low of $64.54 and a 12 month high of $130.99. The business has a 50 day simple moving average of $77.08 and a 200 day simple moving average of $85.90. The company has a market capitalization of $6.79 billion, a price-to-earnings ratio of 259.61, a price-to-earnings-growth ratio of 15.57 and a beta of 1.41. 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, 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.
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