QUALCOMM (NASDAQ:QCOM) Earns Overweight Rating from Piper Sandler

QUALCOMM (NASDAQ:QCOM)‘s stock had its “overweight” rating reaffirmed by investment analysts at Piper Sandler in a research report issued on Thursday, Benzinga reports. They presently have a $205.00 price target on the wireless technology company’s stock, up from their previous price target of $185.00. Piper Sandler’s price target indicates a potential upside of 24.23% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Wells Fargo & Company boosted their price target on shares of QUALCOMM from $140.00 to $170.00 and gave the stock an “underweight” rating in a research report on Thursday. Canaccord Genuity Group boosted their price target on shares of QUALCOMM from $180.00 to $206.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. HSBC cut shares of QUALCOMM from a “buy” rating to a “hold” rating and set a $200.00 price objective on the stock. in a research report on Wednesday, July 17th. Rosenblatt Securities boosted their price objective on shares of QUALCOMM from $240.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Barclays boosted their price objective on shares of QUALCOMM from $155.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $205.04.

QUALCOMM Price Performance

QCOM traded down $15.94 during trading hours on Thursday, hitting $165.01. The company’s stock had a trading volume of 9,178,183 shares, compared to its average volume of 9,275,548. The business’s 50-day moving average price is $202.69 and its 200-day moving average price is $178.02. QUALCOMM has a 12 month low of $104.33 and a 12 month high of $230.63. The stock has a market cap of $184.15 billion, a price-to-earnings ratio of 22.18, a P/E/G ratio of 2.03 and a beta of 1.27. The company has a current ratio of 2.65, a quick ratio of 1.98 and a debt-to-equity ratio of 0.59.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.11. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. The company had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.32 billion. Sell-side analysts expect that QUALCOMM will post 7.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other QUALCOMM news, Director Sylvia Acevedo sold 2,056 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $178.21, for a total value of $366,399.76. Following the completion of the transaction, the director now directly owns 54 shares in the company, valued at $9,623.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Sylvia Acevedo sold 2,056 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $178.21, for a total transaction of $366,399.76. Following the transaction, the director now owns 54 shares in the company, valued at $9,623.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $205.61, for a total transaction of $616,830.00. Following the transaction, the chief financial officer now owns 60,343 shares in the company, valued at approximately $12,407,124.23. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,185 shares of company stock worth $8,552,835. 0.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On QUALCOMM

Hedge funds and other institutional investors have recently bought and sold shares of the business. Peoples Bank OH acquired a new position in QUALCOMM in the 4th quarter worth approximately $219,000. NewEdge Wealth LLC boosted its position in QUALCOMM by 120.2% in the 4th quarter. NewEdge Wealth LLC now owns 20,677 shares of the wireless technology company’s stock worth $2,991,000 after purchasing an additional 11,285 shares in the last quarter. Alexander Randolph Advisory Inc. purchased a new stake in QUALCOMM in the 4th quarter worth approximately $305,000. City Holding Co. boosted its position in QUALCOMM by 3.5% in the 1st quarter. City Holding Co. now owns 5,884 shares of the wireless technology company’s stock worth $996,000 after purchasing an additional 199 shares in the last quarter. Finally, Bard Financial Services Inc. boosted its position in QUALCOMM by 0.4% in the 4th quarter. Bard Financial Services Inc. now owns 34,790 shares of the wireless technology company’s stock worth $5,032,000 after purchasing an additional 125 shares in the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Company Profile

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products.