CIBC Asset Management Inc Lowers Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

CIBC Asset Management Inc trimmed its position in Qorvo, Inc. (NASDAQ:QRVO) by 32.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,388 shares of the semiconductor company’s stock after selling 4,535 shares during the quarter. CIBC Asset Management Inc’s holdings in Qorvo were worth $657,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Larson Financial Group LLC lifted its holdings in shares of Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after buying an additional 201 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Qorvo by 89.7% in the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after buying an additional 286 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after buying an additional 104 shares in the last quarter. CENTRAL TRUST Co lifted its holdings in shares of Qorvo by 2,621.4% in the fourth quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company’s stock worth $53,000 after buying an additional 734 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Qorvo in the fourth quarter worth about $70,000. 88.57% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the transaction, the senior vice president now owns 30,261 shares in the company, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on QRVO shares. Raymond James downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. TD Cowen decreased their price objective on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Stifel Nicolaus decreased their price objective 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. JPMorgan Chase & Co. decreased their price objective on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Finally, Morgan Stanley upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $90.00 to $106.00 in a research report on Tuesday, January 21st. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $95.84.

Qorvo Stock Down 1.3 %

Shares of Qorvo stock opened at $76.07 on Friday. 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 $64.54 and a 52-week high of $130.99. The stock has a market capitalization of $7.10 billion, a price-to-earnings ratio of 271.68, a P/E/G ratio of 15.57 and a beta of 1.41. The company’s 50 day moving average price is $76.69 and its 200-day moving average price is $87.04.

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.