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.
Check Out Our Latest Research Report on QCOM
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
(
Free Report)
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.
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