SteelPeak Wealth LLC Has $22 Million Position in QUALCOMM Incorporated (NASDAQ:QCOM)

SteelPeak Wealth LLC increased its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 147.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 143,239 shares of the wireless technology company's stock after buying an additional 85,270 shares during the period. QUALCOMM comprises 0.9% of SteelPeak Wealth LLC's portfolio, making the stock its 26th largest holding. SteelPeak Wealth LLC's holdings in QUALCOMM were worth $22,003,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Diversify Wealth Management LLC boosted its holdings in QUALCOMM by 24.7% during the first quarter. Diversify Wealth Management LLC now owns 26,232 shares of the wireless technology company's stock worth $3,853,000 after buying an additional 5,191 shares in the last quarter. WESPAC Advisors LLC lifted its holdings in shares of QUALCOMM by 14.9% in the first quarter. WESPAC Advisors LLC now owns 7,862 shares of the wireless technology company's stock valued at $1,208,000 after purchasing an additional 1,021 shares in the last quarter. Croban purchased a new stake in shares of QUALCOMM in the first quarter valued at about $1,050,000. Fidelis Capital Partners LLC lifted its holdings in shares of QUALCOMM by 7.4% in the first quarter. Fidelis Capital Partners LLC now owns 22,799 shares of the wireless technology company's stock valued at $3,387,000 after purchasing an additional 1,570 shares in the last quarter. Finally, Genus Capital Management Inc. purchased a new stake in shares of QUALCOMM in the first quarter valued at about $2,570,000. Hedge funds and other institutional investors own 74.35% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on QCOM shares. Evercore ISI reduced their price target on shares of QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a report on Friday, May 2nd. Susquehanna dropped their price target on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a research report on Thursday, May 1st. Rosenblatt Securities reaffirmed a "buy" rating and set a $225.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. Robert W. Baird dropped their price target on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Finally, Seaport Res Ptn raised QUALCOMM to a "hold" rating in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, QUALCOMM currently has an average rating of "Hold" and an average target price of $186.39.

Insider Transactions at QUALCOMM

In other news, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $137.74, for a total transaction of $220,384.00. Following the completion of the transaction, the insider directly owned 22,793 shares in the company, valued at approximately $3,139,507.82. This represents a 6.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the company's stock in a transaction 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 transaction, the chief financial officer owned 46,446 shares of the company's stock, valued at $7,490,810.88. This trade represents a 6.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 424,099 shares of company stock worth $8,310,735. Corporate insiders own 0.08% of the company's stock.

QUALCOMM Stock Performance

Shares of QUALCOMM stock traded down $1.63 on Friday, hitting $157.46. The stock had a trading volume of 5,902,831 shares, compared to its average volume of 8,528,385. QUALCOMM Incorporated has a twelve month low of $120.80 and a twelve month high of $211.09. The business's 50 day moving average is $152.48 and its two-hundred day moving average is $155.07. The company has a quick ratio of 2.08, a current ratio of 2.73 and a debt-to-equity ratio of 0.48. The stock has a market cap of $172.89 billion, a price-to-earnings ratio of 16.03, a price-to-earnings-growth ratio of 2.05 and a beta of 1.26.

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

QUALCOMM 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.