Connor Clark & Lunn Investment Management Ltd. Invests $14.85 Million in Qorvo, Inc. (NASDAQ:QRVO)

Connor Clark & Lunn Investment Management Ltd. has recently purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO) during the fourth quarter, as revealed in its latest Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired a total of 212,410 shares of the semiconductor company, amounting to an estimated value of $14,854,000. By the end of the fourth quarter, Connor Clark & Lunn Investment Management Ltd. held about 0.23% of Qorvo.

Institutional Investment Trends

Several other institutional investors have also made adjustments to their holdings in Qorvo. For instance, Mediolanum International Funds Ltd established a new position in Qorvo in the fourth quarter valued at roughly $1,177,000. Similarly, Janney Montgomery Scott LLC increased its stake in Qorvo by an impressive 245.6% during the same period, owning 14,641 shares valued at $1,024,000 after acquiring an additional 10,405 shares. Furthermore, Dynamic Technology Lab Private Ltd entered a new position in Qorvo in the third quarter amounting to about $2,507,000. Quest Partners LLC made a substantial increase as well, lifting its stake by 504.6% and owning 11,596 shares valued at around $1,198,000 after buying an extra 9,678 shares. Virtu Financial LLC also invested in Qorvo, purchasing shares valued at approximately $1,211,000 in the same quarter. Currently, institutional investors and hedge funds own 88.57% of Qorvo's stock.

Current Stock Performance

As of Friday, shares of Qorvo opened at $69.12. The company demonstrates a quick ratio of 1.78, a current ratio of 2.60, and a debt-to-equity ratio of 0.46. Over the past year, Qorvo has seen stock fluctuations with a twelve-month low of $64.54 and a high of $130.99. The stock has a market capitalization of $6.46 billion. It boasts a price-to-earnings (P/E) ratio of 246.86 and a P/E ratio growth (P/E/G) of 15.57, alongside a beta of 1.48. Additionally, the stock has a 50-day simple moving average of $77.18 and a 200-day simple moving average of $83.65.

Analyst Reviews and Ratings

Recently, several research analysts have provided evaluations on Qorvo shares. The Goldman Sachs Group reduced their target price for Qorvo from $99.00 to $78.00, maintaining a "neutral" rating. Citigroup similarly lowered its price target from $72.00 to $69.00, issuing a "sell" rating in their report. Conversely, StockNews.com upgraded Qorvo's rating from "hold" to "buy." Piper Sandler also revised their assessment, upgrading the stock from "neutral" to "overweight" with a new price target of $110.00. Additionally, Loop Capital increased its target price for Qorvo from $80.00 to $90.00, providing a "hold" rating in their analysis. Presently, analysts have generally categorized the stock with three sell ratings, twelve hold ratings, and five buy ratings, leading to a consensus rating of "Hold" with an average target price of $95.84.

About Qorvo, Inc.

Qorvo, Inc is a company specializing in the development and commercialization of technologies and products for various markets including wireless, wired, and power. The firm operates through three main segments: the High Performance Analog (HPA) segment, the Connectivity and Sensors Group (CSG), and the Advanced Cellular Group (ACG). The HPA segment focuses on providing radio frequency and power management solutions catering to automotive, defense, aerospace, cellular infrastructure, broadband, and other sectors.

Investment, Stocks, Qorvo