Bank of New York Mellon Corp Grows Position in Qorvo, Inc. (NASDAQ:QRVO)

Bank of New York Mellon Corp raised its position in Qorvo, Inc. (NASDAQ:QRVO) by 19.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 778,408 shares of the semiconductor company’s stock after purchasing an additional 125,463 shares during the quarter. Bank of New York Mellon Corp owned 0.83% of Qorvo worth $54,434,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Larson Financial Group LLC raised its holdings in shares of Qorvo by 163.4% in 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 period. Farther Finance Advisors LLC raised its holdings in shares of Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 104 shares during the period. Versant Capital Management Inc raised its holdings in shares of Qorvo by 89.7% in the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 286 shares during the period. Venturi Wealth Management LLC grew its stake in shares of Qorvo by 67.4% in the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 250 shares in the last quarter. Finally, CENTRAL TRUST Co grew its stake in shares of Qorvo by 2,621.4% in the fourth quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company’s stock valued at $53,000 after buying an additional 734 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Benchmark reiterated a “hold” rating on shares of Qorvo in a research note on Wednesday, January 29th. Barclays lowered their target price on Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Stifel Nicolaus lowered their target price on Qorvo from $95.00 to $90.00 and set a “hold” rating for the company in a research note on Wednesday, January 29th. Piper Sandler upgraded Qorvo from a “neutral” rating to an “overweight” rating and increased their target price for the company from $85.00 to $110.00 in a research note on Monday, January 27th. Finally, Citigroup lowered their target price on Qorvo from $72.00 to $69.00 and set a “sell” rating for the company in a research note on Wednesday, January 29th. Three investment 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 company has a consensus rating of “Hold” and a consensus price target of $95.84.

Insider Transactions at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.46% of the company’s stock.

Qorvo Price Performance

Shares of QRVO opened at $69.27 on Wednesday. The firm has a market cap of $6.47 billion, a price-to-earnings ratio of 247.39, a PEG ratio of 15.57 and a beta of 1.48. The stock has a 50 day moving average of $77.04 and a 200-day moving average of $85.44. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a 52 week low of $64.54 and a 52 week high of $130.99.

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.