QUALCOMM Incorporated (QCOM) Price Target Cut to $60.00 by Analysts at Deutsche Bank AG
QUALCOMM Incorporated (NASDAQ:QCOM) had its price target reduced by Deutsche Bank AG from $62.00 to $60.00 in a note issued to investors on Thursday, July 20th. The firm currently has a “hold” rating on the wireless technology company’s stock. Deutsche Bank AG’s target price suggests a potential upside of 13.70% from the company’s current price.
QCOM has been the subject of several other reports. Vetr raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $60.45 target price for the company in a report on Wednesday, June 7th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $61.00 target price (down from $63.00) on shares of QUALCOMM in a report on Thursday, May 4th. Stifel Nicolaus reissued a “buy” rating and set a $64.00 price objective on shares of QUALCOMM in a report on Monday, April 17th. Wells Fargo & Company reissued an “outperform” rating and set a $75.00 price objective on shares of QUALCOMM in a report on Saturday, April 22nd. Finally, Zacks Investment Research cut shares of QUALCOMM from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 20th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $63.96.
QUALCOMM (NASDAQ QCOM) opened at 52.77 on Thursday. QUALCOMM has a 12-month low of $51.05 and a 12-month high of $71.62. The firm has a market cap of $77.89 billion, a PE ratio of 20.21 and a beta of 1.29. The firm has a 50-day moving average price of $54.70 and a 200 day moving average price of $55.64. QUALCOMM also was the target of unusually large options trading activity on Monday. Stock investors purchased 21,472 put options on the stock. This is an increase of 152% compared to the typical volume of 8,513 put options.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.02. The business had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 earnings per share. Equities research analysts forecast that QUALCOMM will post $4.16 EPS for the current year.
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In other QUALCOMM news, President Derek K. Aberle sold 23,104 shares of the business’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $55.38, for a total transaction of $1,279,499.52. Following the sale, the president now directly owns 5,855 shares in the company, valued at $324,249.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Alexander H. Rogers sold 470 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $57.28, for a total value of $26,921.60. Following the transaction, the executive vice president now directly owns 3,049 shares of the company’s stock, valued at $174,646.72. The disclosure for this sale can be found here. Insiders have sold a total of 52,101 shares of company stock worth $2,955,612 in the last ninety days. Corporate insiders own 0.17% of the company’s stock.
Large investors have recently modified their holdings of the stock. GSA Capital Partners LLP boosted its stake in QUALCOMM by 572.8% in the fourth quarter. GSA Capital Partners LLP now owns 114,706 shares of the wireless technology company’s stock valued at $7,479,000 after buying an additional 97,656 shares during the period. Doyle Wealth Management acquired a new position in QUALCOMM during the first quarter valued at about $17,957,000. Berkshire Asset Management LLC PA raised its stake in QUALCOMM by 2.7% in the first quarter. Berkshire Asset Management LLC PA now owns 168,062 shares of the wireless technology company’s stock valued at $9,637,000 after buying an additional 4,356 shares during the period. P.R. Herzig & Co. Inc. raised its stake in QUALCOMM by 6.2% in the first quarter. P.R. Herzig & Co. Inc. now owns 35,925 shares of the wireless technology company’s stock valued at $2,060,000 after buying an additional 2,100 shares during the period. Finally, Triangle Securities Wealth Management raised its stake in QUALCOMM by 9.2% in the first quarter. Triangle Securities Wealth Management now owns 9,887 shares of the wireless technology company’s stock valued at $567,000 after buying an additional 830 shares during the period. Institutional investors own 76.61% of the company’s stock.
QUALCOMM Company Profile
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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