First Interstate Bank Trims Position in QUALCOMM Incorporated (NASDAQ:QCOM)

First Interstate Bank reduced its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 71.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,363 shares of the wireless technology company's stock after selling 13,663 shares during the period. First Interstate Bank's holdings in QUALCOMM were worth $824,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of QCOM. Banque Transatlantique SA purchased a new stake in shares of QUALCOMM during the 4th quarter valued at $26,000. Atlantic Edge Private Wealth Management LLC raised its position in QUALCOMM by 70.0% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock worth $26,000 after purchasing an additional 70 shares during the period. WFA Asset Management Corp purchased a new position in QUALCOMM in the 1st quarter worth $27,000. Sunbeam Capital Management LLC bought a new stake in QUALCOMM in the 4th quarter worth $29,000. Finally, Mascagni Wealth Management Inc. bought a new stake in QUALCOMM in the 4th quarter worth $30,000. 74.35% of the stock is owned by institutional investors.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total transaction of $537,546.24. Following the completion of the transaction, the chief financial officer owned 46,446 shares in the company, valued at $7,490,810.88. This trade represents a 6.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 transaction of $6,600,000.00. The disclosure for this sale can be found here. Insiders sold 424,099 shares of company stock worth $8,310,735 over the last 90 days. 0.08% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on QCOM shares. Evercore ISI cut their target price on shares of QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a research note on Friday, May 2nd. Wells Fargo & Company dropped their price objective on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. Susquehanna dropped their price objective on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research note on Thursday, May 1st. Citigroup boosted their price objective on shares of QUALCOMM from $145.00 to $170.00 and gave the stock a "neutral" rating in a research note on Monday. Finally, Bank of America decreased their target price on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, June 17th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $186.39.

QUALCOMM Price Performance

Shares of NASDAQ:QCOM traded up $0.30 during midday trading on Thursday, reaching $159.65. 2,930,770 shares of the company were exchanged, compared to its average volume of 8,515,072. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48. The business's fifty day moving average is $152.00 and its two-hundred day moving average is $155.07. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $211.09. The stock has a market cap of $175.30 billion, a PE ratio of 16.26, a price-to-earnings-growth ratio of 2.06 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its earnings results 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 firm had revenue of $10.98 billion during the quarter, compared to analyst estimates of $10.58 billion. During the same quarter in the prior year, the business earned $2.44 earnings per share. QUALCOMM's revenue for the quarter was up 17.0% on a year-over-year basis. As a group, analysts predict that QUALCOMM Incorporated will post 9.39 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.