Piper Sandler Cuts QUALCOMM (NASDAQ:QCOM) Price Target to $175.00

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QUALCOMM (NASDAQ:QCOM - Get Free Report) had its price objective dropped by equities researchers at Piper Sandler from $190.00 to $175.00 in a research report issued on Thursday, MarketBeat Ratings reports. The brokerage currently has an "overweight" rating on the wireless technology company's stock. Piper Sandler's target price would indicate a potential upside of 18.32% from the company's previous close.

Several other equities research analysts have also recently issued reports on the stock. Wells Fargo & Company decreased their price objective on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. Seaport Res Ptn raised shares of QUALCOMM to a "hold" rating in a research report on Friday, May 9th. Rosenblatt Securities reaffirmed a "buy" rating and set a $225.00 price objective on shares of QUALCOMM in a research report on Thursday. Loop Capital dropped their target price on shares of QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Finally, Evercore ISI dropped 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 report on Friday, May 2nd. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $181.91.

QUALCOMM Trading Up 0.8%

Shares of QCOM stock traded up $1.14 during trading on Thursday, hitting $147.90. 3,597,463 shares of the stock traded hands, compared to its average volume of 8,474,896. The firm has a market capitalization of $162.40 billion, a P/E ratio of 14.28, a price-to-earnings-growth ratio of 2.04 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08. The firm's fifty day moving average price is $155.05 and its 200-day moving average price is $155.00. QUALCOMM has a 52-week low of $120.80 and a 52-week high of $182.10.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.06. QUALCOMM had a net margin of 26.77% and a return on equity of 40.44%. The firm had revenue of $10.37 billion during the quarter, compared to the consensus estimate of $10.33 billion. During the same quarter last year, the firm earned $2.33 EPS. The firm's revenue for the quarter was up 10.4% on a year-over-year basis. As a group, research analysts forecast that QUALCOMM will post 9.39 earnings per share for the current fiscal year.

Insider Activity at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction that occurred 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 transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM stock in a transaction that occurred on Friday, May 23rd. The stock was 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. Over the last quarter, insiders have sold 422,499 shares of company stock worth $8,090,351. Corporate insiders own 0.08% of the company's stock.

Institutional Investors Weigh In On QUALCOMM

A number of institutional investors have recently modified their holdings of QCOM. Kingstone Capital Partners Texas LLC boosted its stake in shares of QUALCOMM by 656,661.0% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 58,773,542 shares of the wireless technology company's stock valued at $9,360,274,000 after buying an additional 58,764,593 shares during the period. Nuveen LLC acquired a new stake in shares of QUALCOMM during the 1st quarter valued at $529,713,000. GAMMA Investing LLC raised its holdings in shares of QUALCOMM by 20,700.4% during the 1st quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company's stock valued at $501,192,000 after purchasing an additional 3,247,068 shares in the last quarter. Northern Trust Corp raised its holdings in shares of QUALCOMM by 12.7% during the 4th quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock valued at $2,041,535,000 after purchasing an additional 1,493,076 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of QUALCOMM by 17.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,780,687 shares of the wireless technology company's stock valued at $1,502,509,000 after purchasing an additional 1,424,106 shares in the last quarter. Institutional investors and hedge funds own 74.35% of the company's stock.

QUALCOMM Company 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.