California Public Employees Retirement System Cuts Holdings in Qorvo, Inc. (NASDAQ:QRVO)

California Public Employees Retirement System decreased its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 9.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 163,810 shares of the semiconductor company’s stock after selling 17,705 shares during the quarter. California Public Employees Retirement System’s holdings in Qorvo were worth $11,455,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of QRVO. Amundi raised its position in shares of Qorvo by 84.4% in the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company’s stock worth $156,673,000 after acquiring an additional 981,519 shares in the last quarter. KBC Group NV raised its holdings in Qorvo by 144.8% in the fourth quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock worth $75,328,000 after purchasing an additional 637,087 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Qorvo by 27.7% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,067,065 shares of the semiconductor company’s stock valued at $74,620,000 after buying an additional 231,729 shares during the last quarter. Norges Bank bought a new stake in shares of Qorvo in the 4th quarter valued at about $71,825,000. Finally, Wealthfront Advisers LLC grew its position in shares of Qorvo by 8,535.6% in the 4th quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company’s stock worth $65,153,000 after buying an additional 920,901 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Trading Down 7.8 %

Shares of NASDAQ:QRVO opened at $56.35 on Friday. The company has a market capitalization of $5.26 billion, a PE ratio of 201.25, a PEG ratio of 15.57 and a beta of 1.43. Qorvo, Inc. has a 12-month low of $53.90 and a 12-month high of $130.99. The business has a 50 day moving average of $74.91 and a two-hundred day moving average of $79.18. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. StockNews.com raised shares of Qorvo from a “hold” rating to a “buy” rating in a research report on Wednesday, January 29th. Stifel Nicolaus lowered their price objective on Qorvo from $95.00 to $90.00 and set a “hold” rating for the company in a research report on Wednesday, January 29th. Benchmark reaffirmed a “hold” rating on shares of Qorvo in a research report on Wednesday, January 29th. Barclays lowered their price target on Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Finally, Loop Capital increased their price objective on shares of Qorvo from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Qorvo presently has an average rating of “Hold” and a consensus price target of $95.84.

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.