Geode Capital Management LLC Has $114.22 Million Stake in Qorvo, Inc. (NASDAQ:QRVO)

Geode Capital Management LLC reduced its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 28.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,635,946 shares of the semiconductor company’s stock after selling 662,245 shares during the period. Geode Capital Management LLC owned about 1.75% of Qorvo worth $114,216,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of QRVO. Rakuten Securities Inc. bought a new stake in Qorvo during the fourth quarter worth $28,000. SBI Securities Co. Ltd. bought a new stake in shares of Qorvo in the 4th quarter worth $37,000. Versant Capital Management Inc raised its holdings in shares of 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 purchasing an additional 286 shares during the last quarter. Venturi Wealth Management LLC lifted its position in shares of Qorvo by 67.4% during the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 250 shares in the last quarter. Finally, CENTRAL TRUST Co boosted its holdings in Qorvo by 2,621.4% during the fourth quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 734 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Stock Down 9.9 %

QRVO stock opened at $50.81 on Wednesday. The stock has a 50-day simple moving average of $72.88 and a two-hundred day simple moving average of $78.15. Qorvo, Inc. has a twelve month low of $49.00 and a twelve month high of $130.99. The firm has a market capitalization of $4.75 billion, a PE ratio of 181.46, a PEG ratio of 15.57 and a beta of 1.43. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46.

Analysts Set New Price Targets

Several research firms have commented on QRVO. Mizuho increased their price objective on shares of Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, January 24th. Stifel Nicolaus dropped their price target on Qorvo from $95.00 to $90.00 and set a “hold” rating on the stock in a report on Wednesday, January 29th. Needham & Company LLC restated a “buy” rating and issued a $100.00 price objective on shares of Qorvo in a research note on Wednesday, January 29th. Morgan Stanley raised Qorvo from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $90.00 to $106.00 in a research report on Tuesday, January 21st. Finally, Piper Sandler raised shares of Qorvo from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $85.00 to $110.00 in a report on Monday, January 27th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price 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.