Pictet Asset Management Holding SA Lowers Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Pictet Asset Management Holding SA cut its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 6.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,551 shares of the semiconductor company’s stock after selling 2,841 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Qorvo were worth $2,976,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Mediolanum International Funds Ltd acquired a new stake in shares of Qorvo during the 4th quarter worth $1,177,000. Janney Montgomery Scott LLC increased its stake in Qorvo by 245.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company’s stock worth $1,024,000 after acquiring an additional 10,405 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Qorvo in the 3rd quarter worth about $1,211,000. F&V Capital Management LLC lifted its stake in shares of Qorvo by 3.7% in the 4th quarter. F&V Capital Management LLC now owns 93,538 shares of the semiconductor company’s stock valued at $6,541,000 after purchasing an additional 3,335 shares in the last quarter. Finally, Diversified Trust Co purchased a new stake in shares of Qorvo during the 4th quarter worth about $806,000. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Trading Down 7.8 %

Shares of NASDAQ QRVO opened at $56.35 on Friday. 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 stock’s 50 day moving average price is $74.91 and its two-hundred day moving average price is $79.32. Qorvo, Inc. has a 52-week low of $53.90 and a 52-week high of $130.99. The stock has a market capitalization of $5.26 billion, a P/E ratio of 201.25, a PEG ratio of 15.57 and a beta of 1.43.

Analysts Set New Price Targets

Several research firms recently commented on QRVO. Needham & Company LLC restated a “buy” rating and issued a $100.00 price target on shares of Qorvo in a report on Wednesday, January 29th. Citigroup cut their target price on shares of Qorvo from $72.00 to $69.00 and set a “sell” rating on the stock in a research note on Wednesday, January 29th. Morgan Stanley upgraded Qorvo from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $90.00 to $106.00 in a report on Tuesday, January 21st. Loop Capital raised their price objective on Qorvo from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, January 29th. Finally, Barclays decreased their target price on Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Three equities 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. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $95.84.

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.