New Age Alpha Advisors LLC Invests $2.20 Million in Qorvo, Inc. (NASDAQ:QRVO)

New Age Alpha Advisors LLC bought a new position in Qorvo, Inc. (NASDAQ:QRVO) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 31,508 shares of the semiconductor company’s stock, valued at approximately $2,203,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Amundi increased its stake in Qorvo by 84.4% in the fourth quarter. Amundi now owns 2,143,858 shares of the semiconductor company’s stock worth $156,673,000 after purchasing an additional 981,519 shares during the period. KBC Group NV raised its stake in Qorvo by 144.8% in the 4th 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 during the last quarter. Thrivent Financial for Lutherans lifted its stake in Qorvo by 27.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,067,065 shares of the semiconductor company’s stock valued at $74,620,000 after acquiring an additional 231,729 shares during the period. Norges Bank purchased a new stake in shares of Qorvo in the fourth quarter worth about $71,825,000. Finally, Wealthfront Advisers LLC grew its position in Qorvo by 8,535.6% during the fourth quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company’s stock valued at $65,153,000 after buying an additional 920,901 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Trading Down 3.0 %

NASDAQ QRVO opened at $71.50 on Friday. The business’s 50-day moving average price is $76.98 and its two-hundred day moving average price is $80.48. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $6.68 billion, a PE ratio of 255.36, a price-to-earnings-growth ratio of 15.57 and a beta of 1.48. Qorvo, Inc. has a 12 month low of $64.54 and a 12 month high of $130.99.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on QRVO. Barclays decreased their target price 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. Morgan Stanley upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $90.00 to $106.00 in a research note on Tuesday, January 21st. Piper Sandler raised Qorvo from a “neutral” rating to an “overweight” rating and upped their target price for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Benchmark reiterated a “hold” rating on shares of Qorvo in a research report on Wednesday, January 29th. Finally, StockNews.com upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Wednesday, January 29th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus 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.