Bank of America Increases QUALCOMM (NASDAQ:QCOM) Price Target to $180.00

QUALCOMM (NASDAQ:QCOM) had its target price increased by equities research analysts at Bank of America from $173.00 to $180.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the wireless technology company’s stock. Bank of America‘s target price suggests a potential upside of 9.68% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Evercore ISI started coverage on shares of QUALCOMM in a research report on Tuesday, April 16th. They issued an “in-line” rating and a $177.00 price objective for the company. Piper Sandler raised their price target on shares of QUALCOMM from $140.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, February 1st. JPMorgan Chase & Co. reduced their price target on shares of QUALCOMM from $173.00 to $170.00 and set an “overweight” rating for the company in a research report on Thursday, February 1st. Robert W. Baird raised their price target on shares of QUALCOMM from $160.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Citigroup lowered shares of QUALCOMM from a “buy” rating to a “neutral” rating and set a $160.00 price target for the company. in a research report on Thursday, February 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $170.68.

QUALCOMM Stock Performance

Shares of QUALCOMM stock opened at $164.11 on Thursday. The firm has a market capitalization of $183.15 billion, a P/E ratio of 23.78, a PEG ratio of 2.27 and a beta of 1.33. The company has a quick ratio of 1.88, a current ratio of 2.56 and a debt-to-equity ratio of 0.63. The company has a 50 day moving average price of $166.69 and a 200 day moving average price of $145.87. QUALCOMM has a 52 week low of $101.47 and a 52 week high of $177.59.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, January 31st. The wireless technology company reported $2.33 EPS for the quarter, beating the consensus estimate of $1.90 by $0.43. The firm had revenue of $9.94 billion during the quarter, compared to analyst estimates of $9.50 billion. QUALCOMM had a net margin of 21.39% and a return on equity of 38.06%. Sell-side analysts expect that QUALCOMM will post 7.64 EPS for the current year.

Insider Activity at QUALCOMM

In related news, CAO Neil Martin sold 371 shares of QUALCOMM stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $149.83, for a total value of $55,586.93. Following the sale, the chief accounting officer now owns 689 shares of the company’s stock, valued at approximately $103,232.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total value of $520,470.00. Following the sale, the chief financial officer now owns 69,343 shares of the company’s stock, valued at approximately $12,030,317.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Neil Martin sold 371 shares of QUALCOMM stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total transaction of $55,586.93. Following the sale, the chief accounting officer now directly owns 689 shares in the company, valued at approximately $103,232.87. The disclosure for this sale can be found here. In the last quarter, insiders have sold 36,260 shares of company stock valued at $5,973,728. 0.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On QUALCOMM

Several institutional investors and hedge funds have recently added to or reduced their stakes in QCOM. Norges Bank acquired a new stake in QUALCOMM during the 4th quarter worth $2,507,978,000. International Assets Investment Management LLC raised its holdings in shares of QUALCOMM by 12,998.7% during the 4th quarter. International Assets Investment Management LLC now owns 3,006,156 shares of the wireless technology company’s stock worth $434,780,000 after acquiring an additional 2,983,206 shares during the period. Pacer Advisors Inc. raised its holdings in shares of QUALCOMM by 1,543.8% during the 4th quarter. Pacer Advisors Inc. now owns 2,831,577 shares of the wireless technology company’s stock worth $409,531,000 after acquiring an additional 2,659,323 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of QUALCOMM by 8.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock worth $3,664,418,000 after acquiring an additional 1,909,025 shares during the period. Finally, Barclays PLC raised its holdings in shares of QUALCOMM by 53.6% during the 3rd quarter. Barclays PLC now owns 5,283,274 shares of the wireless technology company’s stock worth $586,760,000 after acquiring an additional 1,842,868 shares during the period. Institutional investors and hedge funds own 74.35% of the company’s stock.

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.