QUALCOMM (NASDAQ:QCOM) Stock Price Up 2.1% Following Analyst Upgrade

QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) shares were up 2.1% during trading on Tuesday after Citigroup raised their price target on the stock from $145.00 to $170.00. Citigroup currently has a neutral rating on the stock. QUALCOMM traded as high as $160.41 and last traded at $161.43. Approximately 1,739,442 shares changed hands during trading, a decline of 80% from the average daily volume of 8,499,246 shares. The stock had previously closed at $158.09.

A number of other research firms have also commented on QCOM. Benchmark lowered their target price on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Rosenblatt Securities reissued a "buy" rating and set a $225.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. JPMorgan Chase & Co. reissued an "overweight" rating and set a $185.00 price target on shares of QUALCOMM in a research report on Tuesday, April 29th. TD Cowen reduced their price target on shares of 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 reduced their price target 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. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $186.39.

Insiders Place Their Bets

In other QUALCOMM news, major shareholder Inc/De Qualcomm sold 412,500 shares of the business'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 legal filing with the SEC, which is available through the SEC website. Also, insider Heather S. Ace sold 1,600 shares of the business's stock in a transaction dated 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 directly owned 22,793 shares in the company, valued at $3,139,507.82. This trade represents a 6.56% decrease in their ownership of the stock. 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 three months. 0.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On QUALCOMM

Several institutional investors and hedge funds have recently added to or reduced their stakes in QCOM. Teza Capital Management LLC acquired a new position in QUALCOMM in the 4th quarter valued at about $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in QUALCOMM by 3.3% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 188,654 shares of the wireless technology company's stock valued at $28,979,000 after buying an additional 6,017 shares during the last quarter. Kanawha Capital Management LLC grew its stake in QUALCOMM by 1.9% in the 1st quarter. Kanawha Capital Management LLC now owns 85,414 shares of the wireless technology company's stock valued at $13,120,000 after buying an additional 1,573 shares during the last quarter. First Foundation Advisors grew its stake in QUALCOMM by 41.2% in the 4th quarter. First Foundation Advisors now owns 156,770 shares of the wireless technology company's stock valued at $24,083,000 after buying an additional 45,769 shares during the last quarter. Finally, Sound Income Strategies LLC grew its stake in QUALCOMM by 42.2% in the 1st quarter. Sound Income Strategies LLC now owns 1,055 shares of the wireless technology company's stock valued at $162,000 after buying an additional 313 shares during the last quarter. 74.35% of the stock is owned by institutional investors.

QUALCOMM Stock Performance

The firm 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. The stock's 50 day moving average is $152.83 and its 200 day moving average is $155.06. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48.

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

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.