Victory Capital Management Inc. Decreases Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Victory Capital Management Inc. cut its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 33.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 57,635 shares of the semiconductor company’s stock after selling 28,523 shares during the period. Victory Capital Management Inc. owned about 0.06% of Qorvo worth $4,030,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Mediolanum International Funds Ltd bought a new stake in shares of Qorvo during the 4th quarter valued at $1,177,000. Janney Montgomery Scott LLC grew its position in shares of Qorvo by 245.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company’s stock valued at $1,024,000 after acquiring an additional 10,405 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Qorvo during the 3rd quarter valued at $2,507,000. Quest Partners LLC grew its position in shares of Qorvo by 504.6% during the 3rd quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after acquiring an additional 9,678 shares during the period. Finally, Virtu Financial LLC bought a new position in Qorvo in the 3rd quarter worth $1,211,000. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

QRVO has been the topic of several recent research reports. Stifel Nicolaus decreased their target price on shares of Qorvo from $95.00 to $90.00 and set a “hold” rating on the stock in a research report on Wednesday, January 29th. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $85.00 to $110.00 in a research note on Monday, January 27th. Barclays lowered their target price on shares of Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. StockNews.com raised shares of Qorvo from a “hold” rating to a “buy” rating in a report on Wednesday, January 29th. Finally, The Goldman Sachs Group reduced their target price on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $95.84.

Qorvo Price Performance

Shares of QRVO stock opened at $71.39 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 firm’s 50-day moving average is $77.18 and its two-hundred day moving average is $83.05. Qorvo, Inc. has a 12 month low of $64.54 and a 12 month high of $130.99. The company has a market capitalization of $6.67 billion, a PE ratio of 254.96, a price-to-earnings-growth ratio of 15.57 and a beta of 1.48.

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.