QUALCOMM (NASDAQ:QCOM) Trading Down 2.4% - Here's Why

Shares of QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) traded down 2.4% during trading on Monday . The stock traded as low as $153.55 and last traded at $153.63. 2,247,350 shares were traded during trading, a decline of 74% from the average session volume of 8,509,617 shares. The stock had previously closed at $157.46.

Wall Street Analysts Forecast Growth

QCOM has been the topic of a number of research reports. Rosenblatt Securities reiterated a "buy" rating and issued a $225.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. Wells Fargo & Company reduced their price target on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Robert W. Baird reduced their price target on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Bank of America reduced their target price on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, June 17th. Finally, Benchmark reduced their target price on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, QUALCOMM presently has a consensus rating of "Hold" and a consensus target price of $186.39.

QUALCOMM Price Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73. The firm has a market cap of $169.41 billion, a price-to-earnings ratio of 15.71, a price-to-earnings-growth ratio of 2.03 and a beta of 1.26. The stock's 50 day simple moving average is $153.13 and its 200-day simple moving average is $154.98.

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

Insider Activity

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 value of $220,384.00. Following the sale, the insider directly owned 22,793 shares of the company's stock, valued at $3,139,507.82. This represents a 6.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company's 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 have sold 424,099 shares of company stock valued at $8,310,735 in the last ninety days. Insiders own 0.08% of the company's stock.

Institutional Trading of QUALCOMM

A number of hedge funds have recently added to or reduced their stakes in QCOM. Brighton Jones LLC boosted its holdings in QUALCOMM by 116.6% during the fourth quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company's stock worth $2,666,000 after buying an additional 9,343 shares in the last quarter. Revolve Wealth Partners LLC boosted its holdings in QUALCOMM by 15.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 2,542 shares of the wireless technology company's stock worth $391,000 after buying an additional 340 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in QUALCOMM by 50.1% during the fourth quarter. Proficio Capital Partners LLC now owns 4,199 shares of the wireless technology company's stock worth $645,000 after buying an additional 1,401 shares in the last quarter. Great Lakes Advisors LLC lifted its holdings in QUALCOMM by 4.1% during the fourth quarter. Great Lakes Advisors LLC now owns 4,506 shares of the wireless technology company's stock valued at $692,000 after purchasing an additional 179 shares in the last quarter. Finally, Choate Investment Advisors lifted its holdings in QUALCOMM by 6.3% during the fourth quarter. Choate Investment Advisors now owns 18,272 shares of the wireless technology company's stock valued at $2,807,000 after purchasing an additional 1,087 shares in the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

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.