Retirement Systems of Alabama Sells 20,562 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Retirement Systems of Alabama lessened its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 18.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 89,527 shares of the semiconductor company’s stock after selling 20,562 shares during the quarter. Retirement Systems of Alabama owned about 0.09% of Qorvo worth $6,261,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Farther Finance Advisors LLC grew its holdings in shares of Qorvo by 33.7% in the third 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 last quarter. V Square Quantitative Management LLC grew its position in shares of Qorvo by 5.0% in the 3rd quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock worth $231,000 after buying an additional 107 shares during the period. Verdence Capital Advisors LLC increased its stake in shares of Qorvo by 3.7% during the third quarter. Verdence Capital Advisors LLC now owns 3,884 shares of the semiconductor company’s stock valued at $401,000 after purchasing an additional 140 shares in the last quarter. Narwhal Capital Management raised its stake in Qorvo by 7.7% during the third quarter. Narwhal Capital Management now owns 2,240 shares of the semiconductor company’s stock valued at $231,000 after buying an additional 160 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Qorvo by 1.8% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 9,702 shares of the semiconductor company’s stock worth $1,002,000 after purchasing an additional 176 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Stock Performance

NASDAQ:QRVO opened at $77.03 on Monday. 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 company has a market capitalization of $7.19 billion, a P/E ratio of 275.11, a price-to-earnings-growth ratio of 15.93 and a beta of 1.41. The firm has a 50-day moving average price of $75.17 and a two-hundred day moving average price of $89.47. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99.

Insider Activity at Qorvo

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction dated 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 directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on QRVO shares. The Goldman Sachs Group cut their target price on Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Barclays dropped their price target on shares of Qorvo from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Craig Hallum decreased their target price on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Piper Sandler upgraded Qorvo from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Finally, Citigroup dropped their target price on shares of Qorvo from $72.00 to $69.00 and set a “sell” rating for the company in a research report 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 company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target 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.