Lake Street Advisors Group LLC Sells 1,049 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Lake Street Advisors Group LLC reduced its position in Qorvo, Inc. (NASDAQ:QRVO) by 24.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 3,271 shares of the semiconductor company’s stock after selling 1,049 shares during the period. Lake Street Advisors Group LLC’s holdings in Qorvo were worth $229,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in QRVO. Creative Planning raised its stake in Qorvo by 14.4% in the 3rd quarter. Creative Planning now owns 11,151 shares of the semiconductor company’s stock valued at $1,152,000 after acquiring an additional 1,400 shares during the period. International Assets Investment Management LLC increased its position in shares of Qorvo by 10,229.8% during the third quarter. International Assets Investment Management LLC now owns 10,743 shares of the semiconductor company’s stock valued at $1,110,000 after buying an additional 10,639 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Qorvo by 12.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 4,552 shares of the semiconductor company’s stock valued at $470,000 after buying an additional 501 shares during the period. abrdn plc increased its position in shares of Qorvo by 17.1% during the third quarter. abrdn plc now owns 48,414 shares of the semiconductor company’s stock valued at $4,965,000 after buying an additional 7,054 shares during the period. Finally, New York State Teachers Retirement System increased its position in shares of Qorvo by 6.6% during the third quarter. New York State Teachers Retirement System now owns 87,693 shares of the semiconductor company’s stock valued at $9,059,000 after buying an additional 5,465 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.46% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

QRVO has been the topic of several analyst reports. Citigroup decreased their price target on Qorvo from $72.00 to $69.00 and set a “sell” rating on the stock in a research report on Wednesday, January 29th. StockNews.com raised Qorvo from a “hold” rating to a “buy” rating in a report on Wednesday, January 29th. Benchmark reissued a “hold” rating on shares of Qorvo in a report on Wednesday, January 29th. Barclays cut their price objective 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, Piper Sandler raised Qorvo from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $85.00 to $110.00 in a report on Monday, January 27th. Three 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’s stock. According to data from MarketBeat, Qorvo has an average rating of “Hold” and a consensus price target of $95.84.

Qorvo Stock Up 2.4 %

Shares of Qorvo stock opened at $72.69 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. Qorvo, Inc. has a 52-week low of $64.54 and a 52-week high of $130.99. The stock has a market capitalization of $6.79 billion, a price-to-earnings ratio of 259.61, a P/E/G ratio of 15.57 and a beta of 1.41. The company’s 50 day moving average price is $77.04 and its 200-day moving average price is $86.31.

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.