Cowen Reaffirms Outperform Rating for QUALCOMM (QCOM)
QUALCOMM (NASDAQ:QCOM)‘s stock had its “outperform” rating reissued by stock analysts at Cowen in a research note issued on Thursday, Briefing.com Automated Import reports. They currently have a $80.00 target price on the wireless technology company’s stock, down from their previous target price of $100.00. Cowen’s price target indicates a potential upside of 15.42% from the company’s current price.
A number of other research analysts also recently issued reports on QCOM. BidaskClub downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating in a research report on Tuesday. Zacks Investment Research downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. Citigroup boosted their price target on shares of QUALCOMM from $55.00 to $85.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Macquarie set a $85.00 price target on shares of QUALCOMM and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Finally, Rosenblatt Securities boosted their price target on shares of QUALCOMM from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $79.86.
NASDAQ:QCOM traded down $8.44 during mid-day trading on Thursday, hitting $69.31. 66,054,728 shares of the company’s stock were exchanged, compared to its average volume of 21,153,108. The company has a debt-to-equity ratio of 3.98, a current ratio of 1.55 and a quick ratio of 1.39. QUALCOMM has a fifty-two week low of $49.10 and a fifty-two week high of $90.34. The company has a market cap of $82.32 billion, a PE ratio of 21.73, a P/E/G ratio of 1.71 and a beta of 1.45.
In related news, EVP Michelle M. Sterling sold 5,560 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $86.44, for a total transaction of $480,606.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Clark T. Jr. Randt sold 2,000 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $89.58, for a total transaction of $179,160.00. The disclosure for this sale can be found here. Insiders have sold a total of 949,832 shares of company stock worth $37,443,538 in the last quarter. 0.11% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Federated Investors Inc. PA increased its stake in QUALCOMM by 91.5% during the 3rd quarter. Federated Investors Inc. PA now owns 94,917 shares of the wireless technology company’s stock valued at $6,837,000 after purchasing an additional 45,360 shares in the last quarter. Boston Advisors LLC increased its stake in QUALCOMM by 17.5% during the 4th quarter. Boston Advisors LLC now owns 4,025 shares of the wireless technology company’s stock valued at $229,000 after purchasing an additional 600 shares in the last quarter. Lavaca Capital LLC bought a new stake in QUALCOMM during the 4th quarter valued at $25,000. Lincoln Capital Corp bought a new stake in QUALCOMM during the 4th quarter valued at $1,587,000. Finally, Boenning & Scattergood Inc. increased its stake in QUALCOMM by 3.1% during the 4th quarter. Boenning & Scattergood Inc. now owns 6,537 shares of the wireless technology company’s stock valued at $372,000 after purchasing an additional 197 shares in the last quarter. Institutional investors own 77.95% of the company’s stock.
QUALCOMM Company Profile
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products 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 code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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