QUALCOMM (NASDAQ:QCOM) Earns "Buy" Rating from Rosenblatt Securities

Key Points

• Rosenblatt Securities has reiterated a "buy" rating for QUALCOMM with a target price of $225.00, suggesting a potential upside of 46.96% from its previous close.
• Wells Fargo recently reduced its price target for QUALCOMM to $140.00, indicating a less favorable outlook compared to other analysts who have set higher targets.
• QUALCOMM reported earnings of $2.77 per share for the last quarter, exceeding analysts' expectations, with a 10.4% increase in revenue year-over-year.

QUALCOMM (NASDAQ:QCOM - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Rosenblatt Securities in a research note issued to investors on Thursday,Benzinga reports. They presently have a $225.00 target price on the wireless technology company's stock. Rosenblatt Securities' price objective would indicate a potential upside of 51.83% from the company's previous close.

Other equities research analysts have also issued research reports about the stock. Benchmark decreased their price objective 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. Susquehanna decreased 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. Evercore ISI decreased their price objective on shares of QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a report on Friday, May 2nd. Robert W. Baird reduced their target price on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. raised their target price on shares of QUALCOMM from $190.00 to $200.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, QUALCOMM presently has an average rating of "Hold" and a consensus target price of $182.48.

QUALCOMM Price Performance

NASDAQ:QCOM traded up $1.43 during mid-day trading on Thursday, reaching $148.19. 12,700,280 shares of the company were exchanged, compared to its average volume of 7,744,643. QUALCOMM has a 12 month low of $120.80 and a 12 month high of $182.10. The company has a fifty day moving average of $155.11 and a 200 day moving average of $154.93. The company has a quick ratio of 2.08, a current ratio of 3.19 and a debt-to-equity ratio of 0.54. The stock has a market cap of $162.71 billion, a PE ratio of 14.29, a PEG ratio of 1.88 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, topping analysts' consensus estimates of $2.71 by $0.06. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. The firm had revenue of $10.37 billion for the quarter, compared to analyst estimates of $10.33 billion. During the same quarter in the prior year, the firm earned $2.33 EPS. The company's revenue was up 10.4% on a year-over-year basis. On average, research analysts anticipate that QUALCOMM will post 9.39 EPS for the current fiscal year.

Insider Transactions at QUALCOMM

In other news, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $146.40, for a total transaction of $234,240.00. Following the completion of the transaction, the insider directly owned 21,193 shares of the company's stock, valued at $3,102,655.20. This trade represents a 7.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm'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 sold 424,099 shares of company stock valued at $8,324,591 in the last ninety days. 0.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On QUALCOMM

Several hedge funds and other institutional investors have recently made changes to their positions in QCOM. Brighton Jones LLC grew its stake in shares of QUALCOMM by 116.6% in the fourth quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company's stock valued at $2,666,000 after buying an additional 9,343 shares in the last quarter. Revolve Wealth Partners LLC grew its stake in shares of QUALCOMM by 15.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 2,542 shares of the wireless technology company's stock valued at $391,000 after buying an additional 340 shares in the last quarter. OneAscent Financial Services LLC grew its stake in shares of QUALCOMM by 80.6% in the fourth quarter. OneAscent Financial Services LLC now owns 4,477 shares of the wireless technology company's stock valued at $688,000 after buying an additional 1,998 shares in the last quarter. Westpac Banking Corp grew its stake in shares of QUALCOMM by 15.9% in the fourth quarter. Westpac Banking Corp now owns 71,159 shares of the wireless technology company's stock valued at $10,931,000 after buying an additional 9,760 shares in the last quarter. Finally, World Investment Advisors grew its stake in shares of QUALCOMM by 14.1% in the fourth quarter. World Investment Advisors now owns 51,528 shares of the wireless technology company's stock valued at $7,916,000 after buying an additional 6,362 shares in the last quarter. 74.35% of the stock is owned by 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.