Illinois Municipal Retirement Fund Trims Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Illinois Municipal Retirement Fund lowered its stake in Qorvo, Inc. (NASDAQ:QRVO) by 73.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,781 shares of the semiconductor company’s stock after selling 67,082 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Qorvo were worth $1,733,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Amalgamated Bank lifted its holdings in shares of Qorvo by 57.6% in the 4th quarter. Amalgamated Bank now owns 29,443 shares of the semiconductor company’s stock worth $2,059,000 after acquiring an additional 10,758 shares during the last quarter. Bank of New York Mellon Corp raised its position in Qorvo by 19.2% in the fourth quarter. Bank of New York Mellon Corp now owns 778,408 shares of the semiconductor company’s stock valued at $54,434,000 after purchasing an additional 125,463 shares during the period. Y Intercept Hong Kong Ltd lifted its stake in Qorvo by 9.3% during the fourth quarter. Y Intercept Hong Kong Ltd now owns 19,487 shares of the semiconductor company’s stock worth $1,363,000 after purchasing an additional 1,653 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of Qorvo by 9.8% during the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 10,100 shares of the semiconductor company’s stock worth $706,000 after buying an additional 900 shares during the period. Finally, Alexander Randolph Advisory Inc. grew its stake in shares of Qorvo by 1.0% in the fourth quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company’s stock valued at $950,000 after buying an additional 140 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Insider Buying and Selling

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the transaction, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

QRVO has been the topic of several research reports. Needham & Company LLC reissued a “buy” rating and set a $100.00 target price on shares of Qorvo in a research note on Wednesday, January 29th. Stifel Nicolaus reduced their price target on shares of Qorvo from $95.00 to $90.00 and set a “hold” rating on the stock in a research report on Wednesday, January 29th. The Goldman Sachs Group lowered their price objective on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. 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. Finally, Loop Capital raised their price target 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. 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 stock. According to MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and an average price target of $95.84.

Qorvo Stock Performance

Shares of QRVO opened at $72.69 on Friday. Qorvo, Inc. has a 12-month low of $64.54 and a 12-month high of $130.99. The stock has a market cap of $6.79 billion, a P/E ratio of 259.61, a PEG ratio of 15.57 and a beta of 1.41. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. The company has a 50-day moving average of $77.04 and a two-hundred day moving average of $86.31.

Qorvo Company 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.