Bessemer Group Inc. Sells 635 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Bessemer Group Inc. decreased its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,963 shares of the semiconductor company’s stock after selling 635 shares during the quarter. Bessemer Group Inc.’s holdings in Qorvo were worth $2,794,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Rakuten Securities Inc. purchased a new stake in Qorvo during the 4th quarter valued at about $28,000. Huntington National Bank raised its holdings in Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 145 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Qorvo during the 4th quarter valued at $37,000. Versant Capital Management Inc raised its stake in shares of Qorvo by 89.7% in the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 286 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of Qorvo by 67.4% during the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 250 shares during the last quarter. 88.57% of the stock is owned by institutional investors.

Qorvo Trading Up 2.1 %

Shares of QRVO stock opened at $56.27 on Monday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. The stock has a fifty day simple moving average of $70.99 and a two-hundred day simple moving average of $76.91. The firm has a market capitalization of $5.26 billion, a PE ratio of 200.96, a PEG ratio of 15.57 and a beta of 1.43. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $130.99.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on QRVO. Piper Sandler raised shares of Qorvo from a “neutral” rating to an “overweight” rating and raised their price target for the company from $85.00 to $110.00 in a report on Monday, January 27th. Morgan Stanley upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $90.00 to $106.00 in a report on Tuesday, January 21st. Needham & Company LLC reiterated a “buy” rating and set a $100.00 target price on shares of Qorvo in a research note on Wednesday, January 29th. The Goldman Sachs Group dropped their price target on Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Finally, Mizuho upped their price objective on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, January 24th. Three research 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. Based on data from MarketBeat.com, Qorvo presently has an average 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.