Qorvo, Inc. (NASDAQ:QRVO) Shares Bought by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System raised its stake in Qorvo, Inc. (NASDAQ:QRVO) by 579.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 37,327 shares of the semiconductor company’s stock after purchasing an additional 31,833 shares during the period. Maryland State Retirement & Pension System’s holdings in Qorvo were worth $2,610,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Mediolanum International Funds Ltd acquired a new position in Qorvo in the fourth quarter valued at $1,177,000. Janney Montgomery Scott LLC boosted its stake in Qorvo by 245.6% in the fourth 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 in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Qorvo in the third quarter valued at $2,507,000. Virtu Financial LLC acquired a new position in Qorvo in the third quarter valued at $1,211,000. Finally, Paloma Partners Management Co acquired a new position in Qorvo in the third quarter valued at $5,165,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Price Performance

Shares of QRVO opened at $72.36 on Friday. The stock’s 50 day moving average is $77.14 and its two-hundred day moving average is $82.11. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $6.76 billion, a PE ratio of 258.43, a P/E/G ratio of 15.57 and a beta of 1.48.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on QRVO shares. Benchmark restated a “hold” rating on shares of Qorvo in a research note on Wednesday, January 29th. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $85.00 to $110.00 in a research note on Monday, January 27th. Morgan Stanley upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $90.00 to $106.00 in a research note on Tuesday, January 21st. Citigroup decreased their target price on shares of Qorvo from $72.00 to $69.00 and set a “sell” rating for the company in a research note on Wednesday, January 29th. Finally, Stifel Nicolaus decreased their target price on shares of Qorvo from $95.00 to $90.00 and set a “hold” rating for the company in a research note on Wednesday, January 29th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Qorvo has an average rating of “Hold” and an average price target of $95.84.

About Qorvo

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.