Cerity Partners LLC Cuts Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Cerity Partners LLC cut its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 28.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,738 shares of the semiconductor company’s stock after selling 2,282 shares during the quarter. Cerity Partners LLC’s holdings in Qorvo were worth $401,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Envestnet Asset Management Inc. raised its position in Qorvo by 25.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 37,651 shares of the semiconductor company’s stock worth $2,633,000 after acquiring an additional 7,536 shares during the period. Resona Asset Management Co. Ltd. bought a new stake in shares of Qorvo in the 4th quarter worth approximately $1,881,000. Huntington National Bank raised its holdings in shares of 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 purchasing an additional 145 shares during the period. Headlands Technologies LLC lifted its stake in Qorvo by 198.2% in the fourth quarter. Headlands Technologies LLC now owns 13,734 shares of the semiconductor company’s stock valued at $960,000 after purchasing an additional 9,128 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in Qorvo by 58.5% during the fourth quarter. Franklin Resources Inc. now owns 83,718 shares of the semiconductor company’s stock valued at $5,854,000 after purchasing an additional 30,904 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Qorvo Stock Performance

NASDAQ QRVO opened at $59.12 on Wednesday. The company has a market capitalization of $5.52 billion, a P/E ratio of 211.14, a P/E/G ratio of 15.57 and a beta of 1.43. 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 $49.46 and a 52-week high of $130.99. The company has a fifty day moving average of $68.17 and a 200-day moving average of $74.95.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. 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 report on Friday, January 10th. Barclays cut their target price on shares of Qorvo from $80.00 to $60.00 and set an “equal weight” rating for the company in a research report on Tuesday. Morgan Stanley raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $90.00 to $106.00 in a research report on Tuesday, January 21st. Citigroup cut their price objective on shares of Qorvo from $72.00 to $69.00 and set a “sell” rating for the company in a report on Wednesday, January 29th. Finally, Piper Sandler upgraded Qorvo from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $85.00 to $110.00 in a research report on Monday, January 27th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and an average price target of $94.79.

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.