Franklin Resources Inc. Purchases 30,904 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Franklin Resources Inc. raised its stake in Qorvo, Inc. (NASDAQ:QRVO) by 58.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 83,718 shares of the semiconductor company’s stock after purchasing an additional 30,904 shares during the period. Franklin Resources Inc. owned 0.09% of Qorvo worth $5,854,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Qorvo during the fourth quarter valued at about $71,825,000. Amundi grew its position in shares of Qorvo by 84.4% during the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company’s stock valued at $156,673,000 after acquiring an additional 981,519 shares during the period. Wealthfront Advisers LLC grew its position in shares of Qorvo by 8,535.6% during the 4th quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company’s stock valued at $65,153,000 after acquiring an additional 920,901 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Qorvo by 377.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock valued at $57,125,000 after acquiring an additional 645,829 shares during the period. Finally, KBC Group NV grew its position in shares of Qorvo by 144.8% during the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock valued at $75,328,000 after acquiring an additional 637,087 shares during the period. 88.57% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on QRVO shares. Citigroup dropped their price target 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. Barclays lowered their price objective on shares of Qorvo from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Mizuho raised their price objective on shares of Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, January 24th. Piper Sandler raised shares of Qorvo from a “neutral” rating to an “overweight” rating and increased their target price for the company from $85.00 to $110.00 in a report on Monday, January 27th. Finally, The Goldman Sachs Group reduced their target price on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $95.84.

Qorvo Trading Up 22.2 %

NASDAQ:QRVO opened at $62.11 on Thursday. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $130.99. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 221.82, a P/E/G ratio of 15.57 and a beta of 1.43. The company has a 50-day moving average price of $72.03 and a 200-day moving average price of $77.76. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46.

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.