Citigroup Boosts QUALCOMM (NASDAQ:QCOM) Price Target to $170.00

QUALCOMM (NASDAQ:QCOM - Free Report) had its price target increased by Citigroup from $145.00 to $170.00 in a research note released on Monday,Benzinga reports. They currently have a neutral rating on the wireless technology company's stock.

QCOM has been the topic of a number of other research reports. Susquehanna cut their price objective on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a report on Thursday, May 1st. Cantor Fitzgerald reissued a "neutral" rating and issued a $150.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. Benchmark dropped their price objective on QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. TD Cowen cut their target price on QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Finally, Loop Capital decreased their target price on QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. 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 MarketBeat, the company has an average rating of "Hold" and a consensus price target of $186.39.

QUALCOMM Stock Down 0.2%

Shares of QCOM traded down $0.26 during midday trading on Monday, reaching $159.09. The stock had a trading volume of 5,671,246 shares, compared to its average volume of 8,539,163. The company has a market cap of $174.68 billion, a price-to-earnings ratio of 16.20, a PEG ratio of 2.06 and a beta of 1.26. The company's fifty day simple moving average is $152.00 and its two-hundred day simple moving average is $155.07. QUALCOMM has a 1-year low of $120.80 and a 1-year high of $211.09. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08.

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

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, major shareholder Inc/De Qualcomm sold 412,500 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $16.00, for a total transaction of $6,600,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction dated 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 directly owned 46,446 shares of the company's stock, valued at approximately $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 quarter, insiders sold 424,099 shares of company stock valued at $8,310,735. 0.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On QUALCOMM

Several hedge funds have recently bought and sold shares of the company. Eagle Strategies LLC raised its stake in shares of QUALCOMM by 4.3% during the 4th quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company's stock worth $219,000 after buying an additional 59 shares during the last quarter. Clark Capital Management Group Inc. raised its position in QUALCOMM by 3.6% during the fourth quarter. Clark Capital Management Group Inc. now owns 1,717 shares of the wireless technology company's stock worth $264,000 after acquiring an additional 59 shares during the last quarter. PDS Planning Inc lifted its holdings in shares of QUALCOMM by 1.6% in the fourth quarter. PDS Planning Inc now owns 4,110 shares of the wireless technology company's stock valued at $631,000 after purchasing an additional 64 shares in the last quarter. Cassady Schiller Wealth Management LLC grew its position in shares of QUALCOMM by 15.8% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 477 shares of the wireless technology company's stock valued at $73,000 after purchasing an additional 65 shares during the last quarter. Finally, Rise Advisors LLC increased its stake in shares of QUALCOMM by 6.7% during the 1st quarter. Rise Advisors LLC now owns 1,048 shares of the wireless technology company's stock worth $161,000 after purchasing an additional 66 shares in the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

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.