Bank of Nova Scotia Sells 50,473 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Bank of Nova Scotia trimmed its stake in Qorvo, Inc. (NASDAQ:QRVO) by 91.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,975 shares of the semiconductor company’s stock after selling 50,473 shares during the period. Bank of Nova Scotia’s holdings in Qorvo were worth $348,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in QRVO. Mediolanum International Funds Ltd bought a new position in Qorvo in the fourth quarter worth about $1,177,000. Janney Montgomery Scott LLC raised its stake in shares of Qorvo by 245.6% during the 4th 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 in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Qorvo by 16.3% during the 4th quarter. JPMorgan Chase & Co. now owns 649,631 shares of the semiconductor company’s stock worth $45,429,000 after acquiring an additional 91,120 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Qorvo during the fourth quarter valued at approximately $1,327,000. Finally, Virtu Financial LLC acquired a new stake in Qorvo in the third quarter valued at approximately $1,211,000. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Stock Performance

NASDAQ QRVO opened at $58.93 on Tuesday. The firm has a market capitalization of $5.50 billion, a P/E ratio of 210.46, a PEG ratio of 15.57 and a beta of 1.43. The stock has a 50-day simple moving average of $70.51 and a two-hundred day simple moving average of $76.60. 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 fifty-two week low of $49.46 and a fifty-two week high of $130.99.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Stifel Nicolaus reduced their price target on Qorvo from $95.00 to $90.00 and set a “hold” rating on the stock in a research report on Wednesday, January 29th. Benchmark reaffirmed a “hold” rating on shares of Qorvo in a research report on Wednesday, January 29th. Needham & Company LLC reissued a “buy” rating and issued a $100.00 price target on shares of Qorvo in a report on Wednesday, January 29th. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $85.00 to $110.00 in a report on Monday, January 27th. Finally, Morgan Stanley raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and increased their price objective for the company 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 assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price 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.