Illinois Municipal Retirement Fund Trims Position in Qorvo, Inc. (NASDAQ:QRVO)

Illinois Municipal Retirement Fund decreased its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 73.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 24,781 shares of the semiconductor company’s stock after selling 67,082 shares during the period. Illinois Municipal Retirement Fund’s holdings in Qorvo were worth $1,733,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Assenagon Asset Management S.A. grew its holdings in Qorvo by 377.6% in the fourth 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 during the period. KBC Group NV boosted its holdings in shares of Qorvo by 144.8% in the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock valued at $75,328,000 after purchasing an additional 637,087 shares during the last quarter. Thrivent Financial for Lutherans boosted 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 valued at $86,290,000 after purchasing an additional 487,621 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Qorvo by 320.0% during the 4th quarter. Principal Financial Group Inc. now owns 458,178 shares of the semiconductor company’s stock valued at $32,040,000 after buying an additional 349,078 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of Qorvo by 78.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after buying an additional 236,590 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on QRVO shares. Mizuho lifted their target price on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, January 24th. Piper Sandler raised 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 report on Monday, January 27th. Loop Capital lifted their price target on shares of Qorvo from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, January 29th. Barclays dropped their price objective on shares of Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Finally, Stifel Nicolaus reduced their target price on shares of Qorvo from $95.00 to $90.00 and set a “hold” rating on the stock in a report on Wednesday, January 29th. Three investment 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 data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $95.84.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $72.69 on Friday. The business has a 50 day moving average price of $77.04 and a two-hundred day moving average price of $86.31. Qorvo, Inc. has a fifty-two week low of $64.54 and a fifty-two week high of $130.99. The firm has a market cap of $6.79 billion, a PE ratio of 259.61, a price-to-earnings-growth ratio of 15.57 and a beta of 1.41. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46.

Insider Transactions at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were 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 $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.46% of the company’s stock.

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.