Qorvo (NASDAQ:QRVO) Stock Price Up 3.8% – Here’s Why

Shares of Qorvo, Inc. (NASDAQ:QRVO) traded up 3.8% on Tuesday . The company traded as high as $75.50 and last traded at $75.69. 1,101,727 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 1,910,040 shares. The stock had previously closed at $72.91.

Analyst Ratings Changes

A number of research analysts have recently weighed in on QRVO shares. Mizuho raised their target price on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, January 24th. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $85.00 to $110.00 in a research report on Monday, January 27th. Stifel Nicolaus dropped their target price 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 restated a “hold” rating on shares of Qorvo in a research report on Wednesday, January 29th. Finally, Citigroup dropped their price objective on Qorvo from $72.00 to $69.00 and set a “sell” rating for the company in a report on Wednesday, January 29th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Qorvo currently has an average rating of “Hold” and an average price target of $95.84.

Qorvo Stock Up 3.7 %

The business has a 50-day moving average of $77.16 and a 200-day moving average of $81.18. The stock has a market capitalization of $7.06 billion, a price-to-earnings ratio of 270.11, a P/E/G ratio of 15.57 and a beta of 1.48. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60.

Hedge Funds Weigh In On Qorvo

Several hedge funds have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. grew its stake in shares of Qorvo by 102.0% in 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. Norges Bank acquired a new stake in shares of Qorvo in the fourth quarter valued at approximately $71,825,000. Amundi raised its holdings in shares of Qorvo by 84.4% in the fourth 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 during the last quarter. Wealthfront Advisers LLC boosted its position in Qorvo by 8,535.6% during the fourth quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company’s stock worth $65,153,000 after acquiring an additional 920,901 shares during the last quarter. Finally, Vulcan Value Partners LLC lifted its position in Qorvo by 53.7% during the fourth 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. 88.57% of the stock is currently 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.