Allspring Global Investments Holdings LLC Sells 46,355 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Allspring Global Investments Holdings LLC reduced its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 62.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 28,367 shares of the semiconductor company’s stock after selling 46,355 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Qorvo were worth $1,979,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in QRVO. Farther Finance Advisors LLC boosted its position in Qorvo by 33.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after buying an additional 104 shares during the period. Verdence Capital Advisors LLC boosted its position in Qorvo by 3.7% during the 3rd quarter. Verdence Capital Advisors LLC now owns 3,884 shares of the semiconductor company’s stock worth $401,000 after buying an additional 140 shares during the period. Martingale Asset Management L P raised its holdings in Qorvo by 1.0% during the 3rd quarter. Martingale Asset Management L P now owns 19,061 shares of the semiconductor company’s stock worth $1,969,000 after purchasing an additional 181 shares during the last quarter. Chicago Partners Investment Group LLC raised its holdings in Qorvo by 7.5% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,789 shares of the semiconductor company’s stock worth $280,000 after purchasing an additional 194 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 201 shares during the last quarter. 88.57% of the stock is owned by institutional investors.

Qorvo Price Performance

QRVO opened at $76.07 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78. The company has a market capitalization of $7.10 billion, a price-to-earnings ratio of 271.68, a P/E/G ratio of 15.93 and a beta of 1.41. The firm’s fifty day moving average price is $76.69 and its two-hundred day moving average price is $87.15. Qorvo, Inc. has a 1 year low of $64.54 and a 1 year high of $130.99.

Analysts Set New Price Targets

Several research analysts have issued reports on QRVO shares. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $85.00 to $110.00 in a report on Monday, January 27th. BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target for the company. in a report on Wednesday, October 30th. Craig Hallum lowered their price target on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price target on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. Finally, Needham & Company LLC restated a “buy” rating and set a $100.00 price target on shares of Qorvo in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $95.84.

Insiders Place Their Bets

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the transaction, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at $2,122,809.15. The trade was a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.46% of the company’s stock.

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.