Norges Bank Makes New Investment in Qorvo, Inc. (NASDAQ:QRVO)

Norges Bank bought a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,027,093 shares of the semiconductor company’s stock, valued at approximately $71,825,000. Norges Bank owned about 1.10% of Qorvo as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Cerity Partners LLC lifted its position in Qorvo by 20.7% during the third quarter. Cerity Partners LLC now owns 8,020 shares of the semiconductor company’s stock valued at $828,000 after purchasing an additional 1,373 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Qorvo by 0.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 565,023 shares of the semiconductor company’s stock valued at $58,367,000 after acquiring an additional 2,382 shares during the last quarter. Public Sector Pension Investment Board grew its position in Qorvo by 13.7% in the third quarter. Public Sector Pension Investment Board now owns 4,145 shares of the semiconductor company’s stock worth $428,000 after acquiring an additional 500 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Qorvo during the third quarter worth approximately $226,000. Finally, Centiva Capital LP raised its position in Qorvo by 338.0% during the third quarter. Centiva Capital LP now owns 13,696 shares of the semiconductor company’s stock valued at $1,415,000 after purchasing an additional 10,569 shares during the period. 88.57% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on QRVO. Benchmark reiterated a “hold” rating on shares of Qorvo in a report on Wednesday, January 29th. Loop Capital boosted their price objective on shares of Qorvo from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, January 29th. Citigroup lowered their target price 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. Stifel Nicolaus cut their price target on shares of Qorvo from $95.00 to $90.00 and set a “hold” rating on the stock in a report on Wednesday, January 29th. Finally, Mizuho raised their price objective on shares of Qorvo from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, January 24th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $95.84.

Qorvo Stock Up 0.6 %

Shares of Qorvo stock opened at $72.64 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78. The stock has a market cap of $6.78 billion, a price-to-earnings ratio of 259.43, a PEG ratio of 15.57 and a beta of 1.43. The firm’s 50-day moving average is $76.15 and its two-hundred day moving average is $79.76. Qorvo, Inc. has a 1 year low of $64.54 and a 1 year high of $130.99.

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.