Qorvo (NASDAQ:QRVO) Sets New 1-Year Low – What’s Next?

Qorvo, Inc. (NASDAQ:QRVO) shares reached a new 52-week low during trading on Thursday . The stock traded as low as $61.53 and last traded at $61.75, with a volume of 1335498 shares traded. The stock had previously closed at $72.64.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on QRVO. Piper Sandler upgraded Qorvo from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Loop Capital increased their price target on Qorvo from $80.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, January 29th. The Goldman Sachs Group dropped their price objective on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. StockNews.com raised shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Wednesday, January 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price target on shares of Qorvo in a research note on Wednesday, January 29th. Three investment 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. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $95.84.

Qorvo Price Performance

The stock has a 50-day moving average price of $74.91 and a two-hundred day moving average price of $79.32. The stock has a market cap of $5.26 billion, a price-to-earnings ratio of 201.25, a PEG ratio of 15.57 and a beta of 1.43. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46.

Hedge Funds Weigh In On Qorvo

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. grew its stake in Qorvo by 102.0% during the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company’s stock valued at $251,577,000 after purchasing an additional 1,816,811 shares during the last quarter. FIL Ltd boosted its position in Qorvo by 5.3% in the fourth quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company’s stock valued at $232,464,000 after buying an additional 166,461 shares during the last quarter. Vulcan Value Partners LLC increased its holdings in Qorvo by 53.7% in the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company’s stock worth $180,487,000 after buying an additional 902,353 shares during the period. Amundi raised its position in Qorvo by 84.4% during the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company’s stock worth $156,673,000 after buying an additional 981,519 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Qorvo by 22.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company’s stock valued at $99,280,000 after acquiring an additional 264,167 shares during the period. 88.57% of the stock is owned by hedge funds and other institutional investors.

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.