Pzena Investment Management LLC Sells 267 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Pzena Investment Management LLC trimmed its stake in Qorvo, Inc. (NASDAQ:QRVO) by 8.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,977 shares of the semiconductor company’s stock after selling 267 shares during the period. Pzena Investment Management LLC’s holdings in Qorvo were worth $208,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of QRVO. Amundi lifted its holdings in shares of Qorvo by 84.4% during the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company’s stock worth $156,673,000 after acquiring an additional 981,519 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Qorvo by 7.1% in the third quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock worth $157,920,000 after buying an additional 101,742 shares in the last quarter. KBC Group NV raised its stake in shares of Qorvo by 144.8% during the fourth 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 in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of 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 acquiring an additional 487,621 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Qorvo by 377.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock valued at $57,125,000 after purchasing an additional 645,829 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors.

Qorvo Stock Down 4.1 %

Shares of NASDAQ:QRVO opened at $71.06 on Wednesday. The stock has a market capitalization of $6.64 billion, a price-to-earnings ratio of 253.79, a PEG ratio of 15.57 and a beta of 1.48. 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 12-month low of $64.54 and a 12-month high of $130.99. The stock has a fifty day simple moving average of $77.19 and a two-hundred day simple moving average of $83.75.

Analyst Ratings Changes

QRVO has been the subject of several recent research reports. Morgan Stanley raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $90.00 to $106.00 in a research note on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and issued a $100.00 target price on shares of Qorvo in a report on Wednesday, January 29th. Citigroup reduced their price target on Qorvo from $72.00 to $69.00 and set a “sell” rating on the stock in a report on Wednesday, January 29th. Benchmark reiterated a “hold” rating on shares of Qorvo in a report on Wednesday, January 29th. Finally, Piper Sandler raised Qorvo from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $85.00 to $110.00 in a research note on Monday, January 27th. 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. According to MarketBeat.com, Qorvo has a consensus rating of “Hold” and a consensus target price of $95.84.

Qorvo 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.