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

Allspring Global Investments Holdings LLC lowered its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 62.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Assenagon Asset Management S.A. raised its holdings in Qorvo by 377.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock worth $57,125,000 after acquiring an additional 645,829 shares during the period. KBC Group NV raised its holdings in Qorvo by 144.8% in the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock worth $75,328,000 after acquiring an additional 637,087 shares during the period. Thrivent Financial for Lutherans grew its position in Qorvo by 140.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock worth $86,290,000 after purchasing an additional 487,621 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after purchasing an additional 236,590 shares during the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd acquired a new stake in Qorvo in the 3rd quarter worth $22,726,000. Institutional investors own 88.57% of the company’s stock.

Insider Activity

In related news, SVP Philip Chesley sold 4,045 shares of the 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 completion of the transaction, the senior vice president now owns 30,261 shares in the company, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. TD Cowen decreased their target price on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Barclays decreased their target price on shares of Qorvo from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. The Goldman Sachs Group reduced their price target on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Finally, Susquehanna dropped their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $95.84.

Qorvo Stock Down 1.3 %

Qorvo stock opened at $76.07 on Friday. The stock has a market capitalization of $7.10 billion, a PE ratio of 271.68, a price-to-earnings-growth ratio of 15.93 and a beta of 1.41. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $76.69 and a 200-day moving average of $87.15.

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.