Corient Private Wealth LLC Cuts Position in Qorvo, Inc. (NASDAQ:QRVO)

Corient Private Wealth LLC lowered its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 27.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,931 shares of the semiconductor company’s stock after selling 5,198 shares during the quarter. Corient Private Wealth LLC’s holdings in Qorvo were worth $974,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Amundi grew its holdings in Qorvo by 84.4% in the fourth quarter. Amundi now owns 2,143,858 shares of the semiconductor company’s stock worth $156,673,000 after purchasing an additional 981,519 shares during the last quarter. KBC Group NV grew its stake in Qorvo by 144.8% during the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock worth $75,328,000 after buying an additional 637,087 shares during the last quarter. Wealthfront Advisers LLC increased its position in Qorvo by 8,535.6% during the 4th quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company’s stock valued at $65,153,000 after buying an additional 920,901 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Qorvo by 377.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock valued at $57,125,000 after buying an additional 645,829 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Qorvo by 19.2% in the fourth quarter. Bank of New York Mellon Corp now owns 778,408 shares of the semiconductor company’s stock worth $54,434,000 after acquiring an additional 125,463 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

Qorvo Stock Performance

QRVO opened at $73.69 on Friday. The firm’s fifty day simple moving average is $77.24 and its two-hundred day simple moving average is $80.88. Qorvo, Inc. has a 52-week low of $64.54 and a 52-week high of $130.99. The company has a market cap of $6.88 billion, a price-to-earnings ratio of 263.18, a PEG ratio of 15.57 and a beta of 1.48. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46.

Wall Street Analyst Weigh In

QRVO has been the subject of several research analyst reports. Benchmark reaffirmed a “hold” rating on shares of Qorvo in a research report on Wednesday, January 29th. Piper Sandler raised 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. StockNews.com upgraded Qorvo from a “hold” rating to a “buy” rating in a research note on Wednesday, January 29th. Citigroup cut their price objective on Qorvo from $72.00 to $69.00 and set a “sell” rating on the stock in a report on Wednesday, January 29th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price target on shares of Qorvo in a report on Wednesday, January 29th. Three investment 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $95.84.

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.