QUALCOMM (NASDAQ:QCOM) Shares Up 0.1% Following Analyst Upgrade

Shares of QUALCOMM Incorporated (NASDAQ:QCOM) shot up 0.1% during trading on Wednesday after KeyCorp raised their price target on the stock from $205.00 to $225.00. KeyCorp currently has an overweight rating on the stock. QUALCOMM traded as high as $209.10 and last traded at $207.33. 1,071,916 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 9,153,311 shares. The stock had previously closed at $207.12.

Other analysts also recently issued research reports about the stock. Barclays raised their price target on shares of QUALCOMM from $155.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. TD Cowen raised their price target on shares of QUALCOMM from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, June 4th. Robert W. Baird raised their price target on shares of QUALCOMM from $160.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Bank of America increased their price objective on shares of QUALCOMM from $180.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Finally, StockNews.com cut shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, QUALCOMM has an average rating of “Moderate Buy” and a consensus price target of $192.96.

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $180.69, for a total transaction of $542,070.00. Following the sale, the chief financial officer now directly owns 66,343 shares in the company, valued at approximately $11,987,516.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $180.69, for a total value of $542,070.00. Following the sale, the chief financial officer now owns 66,343 shares of the company’s stock, valued at $11,987,516.67. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Sylvia Acevedo sold 2,056 shares of QUALCOMM 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 completion of the sale, the director now directly owns 54 shares in the company, valued at approximately $9,623.34. The disclosure for this sale can be found here. Insiders have sold 45,185 shares of company stock worth $8,552,835 in the last ninety days. 0.08% of the stock is owned by corporate insiders.

Institutional Trading of QUALCOMM

A number of institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of QUALCOMM by 8.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock valued at $3,664,418,000 after purchasing an additional 1,909,025 shares in the last quarter. Norges Bank acquired a new position in shares of QUALCOMM in the fourth quarter valued at approximately $2,507,978,000. Matrix Capital Management Company LP acquired a new position in shares of QUALCOMM in the first quarter valued at approximately $1,171,516,000. Putnam Investments LLC raised its position in shares of QUALCOMM by 4.3% in the fourth quarter. Putnam Investments LLC now owns 6,340,667 shares of the wireless technology company’s stock valued at $917,051,000 after buying an additional 263,482 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of QUALCOMM by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,317,857 shares of the wireless technology company’s stock valued at $913,752,000 after buying an additional 259,403 shares during the last quarter. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Trading Down 4.3 %

The business’s 50-day moving average price is $202.70 and its two-hundred day moving average price is $173.15. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.65 and a quick ratio of 1.98. The firm has a market cap of $223.03 billion, a price-to-earnings ratio of 26.86, a price-to-earnings-growth ratio of 2.53 and a beta of 1.27.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 EPS 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 firm had revenue of $9.39 billion during the quarter, compared to analyst estimates of $9.32 billion. Equities analysts expect that QUALCOMM Incorporated will post 7.85 earnings per share for the current year.

About QUALCOMM

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.