Wellington Management Group LLP Sells 316,475 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Wellington Management Group LLP cut its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 98.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,306 shares of the semiconductor company’s stock after selling 316,475 shares during the period. Wellington Management Group LLP’s holdings in Qorvo were worth $301,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Mediolanum International Funds Ltd bought a new position in shares of Qorvo in the fourth quarter worth $1,177,000. Janney Montgomery Scott LLC lifted its holdings in Qorvo by 245.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company’s stock worth $1,024,000 after purchasing an additional 10,405 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Qorvo by 16.3% in the 4th quarter. JPMorgan Chase & Co. now owns 649,631 shares of the semiconductor company’s stock worth $45,429,000 after purchasing an additional 91,120 shares during the period. Raymond James Financial Inc. purchased a new position in Qorvo during the 4th quarter valued at about $1,327,000. Finally, Virtu Financial LLC bought a new stake in shares of Qorvo during the third quarter valued at about $1,211,000. 88.57% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on QRVO. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Stifel Nicolaus cut their price target on shares of Qorvo from $95.00 to $90.00 and set a “hold” rating for the company in a report on Wednesday, January 29th. Morgan Stanley raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $90.00 to $106.00 in a report on Tuesday, January 21st. Benchmark reissued a “hold” rating on shares of Qorvo in a research note on Wednesday, January 29th. Finally, StockNews.com upgraded Qorvo from a “hold” rating to a “buy” rating in a research report on Wednesday, January 29th. Three research 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $95.84.

Qorvo Price Performance

QRVO stock opened at $58.93 on Tuesday. The firm has a market cap of $5.50 billion, a P/E ratio of 210.46, a P/E/G ratio of 15.57 and a beta of 1.43. The firm’s fifty day moving average is $70.51 and its 200 day moving average is $76.60. Qorvo, Inc. has a 52 week low of $49.46 and a 52 week high of $130.99. 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 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.