Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by abrdn plc

abrdn plc lowered its stake in Qorvo, Inc. (NASDAQ:QRVO) by 38.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,771 shares of the semiconductor company’s stock after selling 18,643 shares during the period. abrdn plc’s holdings in Qorvo were worth $2,082,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in QRVO. Farther Finance Advisors LLC increased its stake in shares of Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 104 shares in the last quarter. V Square Quantitative Management LLC grew its holdings in Qorvo by 5.0% in the third quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock valued at $231,000 after purchasing an additional 107 shares during the period. Verdence Capital Advisors LLC increased its position in shares of Qorvo by 3.7% in the third quarter. Verdence Capital Advisors LLC now owns 3,884 shares of the semiconductor company’s stock valued at $401,000 after buying an additional 140 shares in the last quarter. Narwhal Capital Management raised its stake in shares of Qorvo by 7.7% during the 3rd quarter. Narwhal Capital Management now owns 2,240 shares of the semiconductor company’s stock worth $231,000 after buying an additional 160 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Qorvo by 1.8% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 9,702 shares of the semiconductor company’s stock valued at $1,002,000 after buying an additional 176 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Stock Up 0.3 %

QRVO opened at $77.26 on Tuesday. The firm has a market cap of $7.22 billion, a P/E ratio of 275.93, a price-to-earnings-growth ratio of 15.93 and a beta of 1.41. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. The business has a 50 day moving average price of $75.30 and a 200 day moving average price of $89.18. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on QRVO. StockNews.com upgraded Qorvo from a “hold” rating to a “buy” rating in a report on Wednesday, January 29th. Bank of America lowered their price target on Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 30th. Citigroup reduced their price objective on Qorvo from $72.00 to $69.00 and set a “sell” rating for the company in a research note on Wednesday, January 29th. TD Cowen decreased their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Finally, Benchmark reaffirmed a “hold” rating on shares of Qorvo in a report on Wednesday, January 29th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Qorvo currently has a consensus rating of “Hold” and a consensus price target of $95.84.

Insider Buying and Selling

In related news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the transaction, the senior vice president now 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 document filed with the SEC, which is available at this hyperlink. 0.46% of the stock is currently owned by insiders.

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.