Kennondale Capital Management LLC Invests $838,000 in Qorvo, Inc. (NASDAQ:QRVO)

Kennondale Capital Management LLC acquired a new position in shares of Qorvo, Inc. (NASDAQ:QRVO) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,979 shares of the semiconductor company’s stock, valued at approximately $838,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mediolanum International Funds Ltd purchased a new stake in Qorvo in the fourth quarter worth approximately $1,177,000. Janney Montgomery Scott LLC boosted its stake in Qorvo by 245.6% in the fourth quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company’s stock worth $1,024,000 after buying an additional 10,405 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Qorvo in the third quarter worth approximately $2,507,000. Quest Partners LLC boosted its stake in Qorvo by 504.6% in the third quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock worth $1,198,000 after buying an additional 9,678 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in Qorvo in the third quarter worth approximately $1,211,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Piper Sandler raised 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 note on Monday, January 27th. Citigroup cut their target price on Qorvo from $72.00 to $69.00 and set a “sell” rating for the company in a research note on Wednesday, January 29th. Benchmark reaffirmed a “hold” rating on shares of Qorvo in a research note on Wednesday, January 29th. Morgan Stanley upgraded Qorvo from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $90.00 to $106.00 in a research report on Tuesday, January 21st. Finally, Stifel Nicolaus lowered their price objective on Qorvo from $95.00 to $90.00 and set a “hold” rating for the company in a research report on Wednesday, January 29th. Three research 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $95.84.

Qorvo Price Performance

Shares of Qorvo stock opened at $73.02 on Tuesday. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. The company has a market cap of $6.82 billion, a PE ratio of 260.79, a P/E/G ratio of 15.57 and a beta of 1.48. The business has a 50 day moving average of $77.20 and a 200 day moving average of $82.56. Qorvo, Inc. has a 52 week low of $64.54 and a 52 week high of $130.99.

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.