CIBC Asset Management Inc Reduces Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

CIBC Asset Management Inc lowered its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 32.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,388 shares of the semiconductor company’s stock after selling 4,535 shares during the quarter. CIBC Asset Management Inc’s holdings in Qorvo were worth $657,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mediolanum International Funds Ltd purchased a new position in Qorvo during the fourth quarter valued at $1,177,000. GDS Wealth Management purchased a new position in Qorvo during the third quarter valued at $2,171,000. Robeco Institutional Asset Management B.V. lifted its position in Qorvo by 78.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after buying an additional 236,590 shares during the period. Janney Montgomery Scott LLC lifted its position in Qorvo by 245.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company’s stock valued at $1,024,000 after buying an additional 10,405 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Qorvo during the third quarter valued at $2,507,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Insider Activity

In other news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the transaction, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at $2,122,809.15. The trade was a 11.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.46% of the company’s stock.

Qorvo Trading Down 1.3 %

Qorvo stock opened at $76.07 on Friday. The business has a 50-day simple moving average of $76.69 and a two-hundred day simple moving average of $87.04. The company has a market cap of $7.10 billion, a P/E ratio of 271.68, a P/E/G ratio of 15.57 and a beta of 1.41. Qorvo, Inc. has a 52-week low of $64.54 and a 52-week 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.

Analyst Ratings Changes

Several brokerages have commented on QRVO. TD Cowen lowered their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Benchmark restated a “hold” rating on shares of Qorvo in a report on Wednesday, January 29th. BNP Paribas downgraded Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target for the company. in a report on Wednesday, October 30th. Bank of America reduced their price target on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a report on Wednesday, October 30th. Finally, UBS Group reduced their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Three research 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 MarketBeat, the company currently has an average 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.