Meeder Asset Management Inc. Purchases 5,730 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Meeder Asset Management Inc. boosted its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 85.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,471 shares of the semiconductor company’s stock after acquiring an additional 5,730 shares during the period. Meeder Asset Management Inc.’s holdings in Qorvo were worth $872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in QRVO. DnB Asset Management AS increased its holdings in shares of Qorvo by 6.1% in the 4th quarter. DnB Asset Management AS now owns 52,436 shares of the semiconductor company’s stock valued at $3,667,000 after acquiring an additional 3,034 shares during the period. New Age Alpha Advisors LLC purchased a new stake in shares of Qorvo during the 4th quarter worth $2,203,000. Norges Bank bought a new stake in Qorvo during the fourth quarter valued at about $71,825,000. JPMorgan Chase & Co. grew its stake in Qorvo by 16.3% in the fourth quarter. JPMorgan Chase & Co. now owns 649,631 shares of the semiconductor company’s stock valued at $45,429,000 after purchasing an additional 91,120 shares during the last quarter. Finally, Korea Investment CORP grew its stake in Qorvo by 26.0% in the fourth quarter. Korea Investment CORP now owns 89,737 shares of the semiconductor company’s stock valued at $6,275,000 after purchasing an additional 18,489 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Analysts Set New Price Targets

QRVO has been the topic of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and issued a $100.00 price target on shares of Qorvo in a report on Wednesday, January 29th. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and raised their target price for the company from $85.00 to $110.00 in a research note on Monday, January 27th. Barclays reduced their price target on Qorvo from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Morgan Stanley raised Qorvo from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $90.00 to $106.00 in a research report on Tuesday, January 21st. Finally, The Goldman Sachs Group decreased their price target on Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus target price of $95.84.

Qorvo Stock Performance

Shares of QRVO stock opened at $72.41 on Tuesday. The stock has a market cap of $6.76 billion, a PE ratio of 258.61, a price-to-earnings-growth ratio of 15.57 and a beta of 1.48. Qorvo, Inc. has a 52-week low of $64.54 and a 52-week high of $130.99. The business has a 50-day simple moving average of $76.74 and a 200-day simple moving average of $80.06. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46.

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.