Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 315.8% in the fourth quarter, Holdings Channel reports. The firm owned 88,616 shares of the semiconductor company’s stock after acquiring an additional 67,302 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Qorvo were worth $6,197,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its holdings in Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after buying an additional 104 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Qorvo by 1.3% in the 3rd quarter. Principal Financial Group Inc. now owns 109,100 shares of the semiconductor company’s stock valued at $11,270,000 after purchasing an additional 1,426 shares in the last quarter. Atria Investments Inc raised its stake in Qorvo by 12.8% during the third quarter. Atria Investments Inc now owns 2,584 shares of the semiconductor company’s stock worth $267,000 after acquiring an additional 293 shares during the period. GSA Capital Partners LLP acquired a new stake in Qorvo during the third quarter worth about $234,000. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in Qorvo by 4.0% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 219,484 shares of the semiconductor company’s stock worth $22,673,000 after acquiring an additional 8,371 shares during the period. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Trading Down 0.3 %

Qorvo stock opened at $69.12 on Friday. The business has a 50 day moving average price of $77.18 and a two-hundred day moving average price of $83.65. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. The stock has a market cap of $6.46 billion, a price-to-earnings ratio of 246.86, 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.

Analysts Set New Price Targets

QRVO has been the subject of several recent analyst reports. Morgan Stanley upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $90.00 to $106.00 in a research report on Tuesday, January 21st. Stifel Nicolaus decreased their price objective on shares of Qorvo from $95.00 to $90.00 and set a “hold” rating for the company in a report on Wednesday, January 29th. The Goldman Sachs Group reduced their target price on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $85.00 to $110.00 in a report on Monday, January 27th. Finally, StockNews.com raised 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 given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $95.84.

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.