QUALCOMM Incorporated (NASDAQ:QCOM) Shares Sold by Arizona State Retirement System

Arizona State Retirement System decreased its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 1.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 316,655 shares of the wireless technology company's stock after selling 6,129 shares during the quarter. Arizona State Retirement System's holdings in QUALCOMM were worth $48,641,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Banque Transatlantique SA acquired a new position in shares of QUALCOMM during the fourth quarter valued at about $26,000. Atlantic Edge Private Wealth Management LLC grew its holdings in shares of QUALCOMM by 70.0% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock valued at $26,000 after buying an additional 70 shares during the last quarter. WFA Asset Management Corp acquired a new position in shares of QUALCOMM in the 1st quarter valued at $27,000. Sunbeam Capital Management LLC acquired a new position in shares of QUALCOMM in the 4th quarter valued at $29,000. Finally, Mascagni Wealth Management Inc. purchased a new position in QUALCOMM in the 4th quarter worth $30,000. Institutional investors and hedge funds own 74.35% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on QCOM. Robert W. Baird decreased their target price on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Bank of America reduced their price target on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a research report on Tuesday, June 17th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $225.00 price objective on shares of QUALCOMM in a report on Thursday, May 1st. Seaport Res Ptn upgraded shares of QUALCOMM to a "hold" rating in a research note on Friday, May 9th. Finally, Loop Capital reduced their target price on shares of QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $186.39.

QUALCOMM Price Performance

Shares of NASDAQ:QCOM traded down $1.63 during midday trading on Friday, reaching $157.46. 5,902,831 shares of the company's stock traded hands, compared to its average volume of 8,528,385. The company has a fifty day simple moving average of $152.83 and a two-hundred day simple moving average of $155.06. QUALCOMM Incorporated has a 1 year low of $120.80 and a 1 year high of $211.09. The company has a market cap of $172.89 billion, a P/E ratio of 16.03, a PEG ratio of 2.05 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, topping analysts' consensus estimates of $2.82 by $0.03. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The company had revenue of $10.98 billion during the quarter, compared to analysts' expectations of $10.58 billion. During the same period in the prior year, the business posted $2.44 earnings per share. The firm's revenue for the quarter was up 17.0% on a year-over-year basis. Equities analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total transaction of $537,546.24. Following the completion of the sale, the chief financial officer directly owned 46,446 shares in the company, valued at approximately $7,490,810.88. The trade was a 6.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total value of $6,600,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 424,099 shares of company stock worth $8,310,735. Insiders own 0.08% of the company's stock.

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.