Norges Bank purchased a new position in Qorvo, Inc. (NASDAQ:QRVO) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 1,346,009 shares of the semiconductor company’s stock, valued at approximately $223,801,000.

Several other institutional investors have also bought and sold shares of QRVO. Baupost Group LLC MA lifted its position in shares of Qorvo by 49.9% in the 4th quarter. Baupost Group LLC MA now owns 4,440,095 shares of the semiconductor company’s stock worth $738,255,000 after buying an additional 1,477,209 shares during the last quarter. Select Equity Group L.P. increased its holdings in shares of Qorvo by 132.3% in the 4th quarter. Select Equity Group L.P. now owns 629,283 shares of the semiconductor company’s stock worth $104,631,000 after acquiring an additional 358,447 shares during the period. Morgan Stanley increased its holdings in shares of Qorvo by 84.8% in the 4th quarter. Morgan Stanley now owns 578,566 shares of the semiconductor company’s stock worth $96,199,000 after acquiring an additional 265,523 shares during the period. Polar Asset Management Partners Inc. acquired a new stake in shares of Qorvo in the 3rd quarter worth about $21,919,000. Finally, UBS Asset Management Americas Inc. increased its holdings in shares of Qorvo by 10.9% in the 4th quarter. UBS Asset Management Americas Inc. now owns 1,387,366 shares of the semiconductor company’s stock worth $230,677,000 after acquiring an additional 136,634 shares during the period. Institutional investors own 84.57% of the company’s stock.

NASDAQ:QRVO opened at $193.69 on Thursday. Qorvo, Inc. has a twelve month low of $80.80 and a twelve month high of $199.94. The company has a current ratio of 2.07, a quick ratio of 1.75 and a debt-to-equity ratio of 0.40. The company has a 50-day moving average of $177.90 and a 200-day moving average of $160.26. The firm has a market cap of $21.94 billion, a price-to-earnings ratio of 50.97, a price-to-earnings-growth ratio of 1.47 and a beta of 1.51.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, February 3rd. The semiconductor company reported $3.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.48 by $0.60. Qorvo had a net margin of 12.71% and a return on equity of 18.08%. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same quarter last year, the firm posted $1.86 EPS. The business’s revenue for the quarter was up 26.0% on a year-over-year basis. On average, research analysts forecast that Qorvo, Inc. will post 7.79 earnings per share for the current year.

A number of research firms recently weighed in on QRVO. Raymond James increased their price objective on shares of Qorvo from $200.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, February 4th. BMO Capital Markets increased their price objective on shares of Qorvo from $135.00 to $190.00 and gave the stock a “market perform” rating in a report on Wednesday, February 3rd. Oppenheimer reaffirmed a “buy” rating and issued a $220.00 price objective (up previously from $200.00) on shares of Qorvo in a report on Thursday, January 28th. The Goldman Sachs Group increased their price objective on shares of Qorvo from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Monday, December 14th. Finally, Zacks Investment Research cut shares of Qorvo from a “strong-buy” rating to a “hold” rating and set a $173.00 target price on the stock. in a research note on Tuesday, January 5th. Six analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $178.09.

About Qorvo

Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates in two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters and duplexers, antenna tuners, RF power management integrated circuits, multimode/multi-band PAs and transmit modules, antenna-plexers, discrete filters and duplexers, discrete switches, and UWB system solutions, as well as envelope tracking power management solutions, antenna control solutions, and UWB system solutions supporting secure, low power, location, and communication services.

Featured Story: Return on Equity (ROE)

Want to see what other hedge funds are holding QRVO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Qorvo, Inc. (NASDAQ:QRVO).

Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

Receive News & Ratings for Qorvo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Qorvo and related companies with MarketBeat.com's FREE daily email newsletter.