Allianz Asset Management GmbH Has $29.33 Million Stake in Qorvo, Inc. (NASDAQ:QRVO)

Allianz Asset Management GmbH boosted its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 1.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 419,354 shares of the semiconductor company’s stock after purchasing an additional 7,570 shares during the quarter. Allianz Asset Management GmbH owned about 0.45% of Qorvo worth $29,325,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. ING Groep NV boosted its stake in Qorvo by 13.5% during the 4th quarter. ING Groep NV now owns 14,400 shares of the semiconductor company’s stock valued at $1,007,000 after purchasing an additional 1,713 shares during the period. Alberta Investment Management Corp boosted its stake in Qorvo by 477.8% during the 4th quarter. Alberta Investment Management Corp now owns 36,399 shares of the semiconductor company’s stock valued at $2,545,000 after purchasing an additional 30,099 shares during the period. Kestra Investment Management LLC boosted its stake in Qorvo by 33.8% during the 4th quarter. Kestra Investment Management LLC now owns 8,569 shares of the semiconductor company’s stock valued at $599,000 after purchasing an additional 2,166 shares during the period. Venturi Wealth Management LLC boosted its stake in Qorvo by 67.4% during the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 250 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in Qorvo by 320.0% during the 4th quarter. Principal Financial Group Inc. now owns 458,178 shares of the semiconductor company’s stock valued at $32,040,000 after purchasing an additional 349,078 shares during the period. Institutional investors own 88.57% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Citigroup decreased 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 reiterated a “hold” rating on shares of Qorvo in a research report on Wednesday, January 29th. Susquehanna reduced their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. The Goldman Sachs Group reduced their price objective on Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Finally, StockNews.com upgraded Qorvo from a “hold” rating to a “buy” rating in a research report on Wednesday, January 29th. Three investment 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. According to data from MarketBeat.com, Qorvo has a consensus rating of “Hold” and an average price target of $95.84.

Insider Activity at Qorvo

In related 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 sale, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.46% of the company’s stock.

Qorvo Trading Down 1.3 %

QRVO stock opened at $76.07 on Monday. The business has a fifty day moving average price of $76.69 and a 200 day moving average price of $86.95. Qorvo, Inc. has a fifty-two week low of $64.54 and a fifty-two 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 has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78.

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.