KLP Kapitalforvaltning AS Takes $2.08 Million Position in Qorvo, Inc. (NASDAQ:QRVO)

KLP Kapitalforvaltning AS bought a new position in shares of Qorvo, Inc. (NASDAQ:QRVO) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 29,752 shares of the semiconductor company’s stock, valued at approximately $2,081,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its position in shares of Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 201 shares during the last quarter. Rakuten Securities Inc. purchased a new position in Qorvo in the fourth quarter valued at $28,000. SBI Securities Co. Ltd. purchased a new position in Qorvo in the fourth quarter valued at $37,000. Versant Capital Management Inc raised its stake in Qorvo by 89.7% in the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 286 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted its holdings in Qorvo by 67.4% during the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company’s stock worth $43,000 after buying an additional 250 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Wall Street Analyst Weigh In

QRVO has been the topic of several research analyst reports. Loop Capital raised their target price on Qorvo from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, January 29th. Mizuho boosted their price objective on shares of Qorvo from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, January 24th. Piper Sandler upgraded shares of 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 report on Monday, January 27th. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price target on shares of Qorvo in a research note on Wednesday, January 29th. Finally, Barclays decreased 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 note on Friday, January 17th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $95.84.

Qorvo Stock Down 1.7 %

QRVO stock opened at $73.69 on Friday. The stock has a market capitalization of $6.88 billion, a PE ratio of 263.18, a price-to-earnings-growth ratio of 15.57 and a beta of 1.48. The company has a fifty day moving average of $77.24 and a 200-day moving average of $80.88. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. Qorvo, Inc. has a one year low of $64.54 and a one year high of $130.99.

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.