QUALCOMM (NASDAQ:QCOM) Price Target Lowered to $200.00 at Bank of America

QUALCOMM (NASDAQ:QCOM - Get Free Report) had its target price reduced by research analysts at Bank of America from $245.00 to $200.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the wireless technology company's stock. Bank of America's target price would indicate a potential upside of 29.22% from the company's current price.

Other equities research analysts have also issued research reports about the stock. Seaport Res Ptn upgraded shares of QUALCOMM to a "hold" rating in a research note on Friday, May 9th. TD Cowen reduced their price objective on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Rosenblatt Securities restated a "buy" rating and set a $225.00 price objective on shares of QUALCOMM in a research note on Thursday, May 1st. Susquehanna reduced their price target on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a report on Thursday, May 1st. Finally, Benchmark lowered their price target on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, QUALCOMM has an average rating of "Hold" and an average price target of $190.28.

QUALCOMM Stock Down 1.3%

Shares of NASDAQ:QCOM traded down $2.10 during midday trading on Tuesday, reaching $154.78. The company had a trading volume of 3,996,624 shares, compared to its average volume of 8,723,644. The stock's fifty day moving average price is $146.50 and its 200-day moving average price is $155.12. The stock has a market capitalization of $169.94 billion, a P/E ratio of 16.53, a PEG ratio of 2.01 and a beta of 1.26. QUALCOMM has a one year low of $120.80 and a one year high of $230.63. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The firm had revenue of $10.98 billion for the quarter, compared to analysts' expectations of $10.58 billion. During the same quarter in the prior year, the firm posted $2.44 earnings per share. QUALCOMM's revenue for the quarter was up 17.0% compared to the same quarter last year. Equities research analysts expect that QUALCOMM will post 9.39 earnings per share for the current fiscal year.

Insider Transactions at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 1,781 shares of the company's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $132.10, for a total transaction of $235,270.10. Following the completion of the sale, the chief financial officer now owns 57,997 shares of the company's stock, valued at $7,661,403.70. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total transaction of $220,384.00. Following the sale, the insider now directly owns 22,793 shares of the company's stock, valued at approximately $3,139,507.82. This represents a 6.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 423,464 shares of company stock worth $8,135,164 in the last 90 days. 0.08% of the stock is owned by insiders.

Hedge Funds Weigh In On QUALCOMM

Several large investors have recently made changes to their positions in the business. Norges Bank bought a new position in QUALCOMM during the fourth quarter worth $2,721,882,000. Amundi grew its position in QUALCOMM by 36.6% during the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock worth $2,313,634,000 after buying an additional 3,905,918 shares in the last quarter. Nuveen LLC bought a new position in QUALCOMM during the first quarter valued at about $529,713,000. Raymond James Financial Inc. acquired a new position in QUALCOMM in the 4th quarter valued at approximately $527,053,000. Finally, GAMMA Investing LLC lifted its position in shares of QUALCOMM by 20,700.4% in the 1st quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company's stock worth $501,192,000 after acquiring an additional 3,247,068 shares during the period. Institutional investors and hedge funds own 74.35% 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.

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