QUALCOMM Incorporated (QCOM) Lifted to Buy at Zacks Investment Research
QUALCOMM Incorporated (NASDAQ:QCOM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $59.00 price target on the wireless technology company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.64% from the stock’s previous close.
According to Zacks, “Qualcomm achieved a 5G data connection with the Snapdragon X50 5G modem chipset on 28GHz mmWave spectrum. Qualcomm is teaming up with Verizon and Novatel Wireless for 5G NR mmWave technology trial. This marks Qualcomm’s leadership in 5G, chipset market and mobile connectivity. Qualcomm is extending cash tender offer for its pending NXP Semiconductor deal. Qualcomm has launched Mesh Networking Platform and is planning to buy Scyfer B.V. to boost its Artificial Intelligence Research. Qualcomm’s subsidiary unveiled a new chipset — the C-V2X, compatible with 4G and 5G cellular standards. However, the company continues to receive charges for unfair business practices and licensing royalty payments. Aggressive competition in the mobile phone chipset market has also been hurting Qualcomm’s profits. Qualcomm sued Apple in China, seeking iPhone sales’ ban. Over the past three months, the stock underperformed its industry.”
Several other equities research analysts have also issued reports on the stock. J P Morgan Chase & Co reiterated an “overweight” rating on shares of QUALCOMM in a research note on Wednesday, September 6th. Stifel Nicolaus reiterated a “buy” rating on shares of QUALCOMM in a research note on Thursday, October 12th. BMO Capital Markets reiterated a “market perform” rating and issued a $54.00 price target on shares of QUALCOMM in a research note on Monday, July 10th. Northland Securities upgraded shares of QUALCOMM from a “market perform” rating to an “outperform” rating and set a $62.50 price target on the stock in a research note on Friday, September 15th. Finally, Deutsche Bank AG started coverage on shares of QUALCOMM in a research note on Monday, June 19th. They issued a “hold” rating and a $62.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $63.80.
QUALCOMM (NASDAQ:QCOM) traded down 0.716% during trading on Tuesday, hitting $52.005. 3,600,716 shares of the stock were exchanged. QUALCOMM has a 12-month low of $48.92 and a 12-month high of $71.62. The stock has a 50 day moving average price of $51.84 and a 200-day moving average price of $54.30. The firm has a market capitalization of $76.76 billion, a PE ratio of 19.918 and a beta of 1.28.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.02. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The business had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.25 billion. During the same period last year, the business posted $1.16 earnings per share. The firm’s quarterly revenue was down 11.1% on a year-over-year basis. On average, equities research analysts anticipate that QUALCOMM will post $4.16 earnings per share for the current fiscal year.
In related news, EVP Michelle M. Sterling sold 4,740 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $51.88, for a total transaction of $245,911.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 5,810 shares of company stock valued at $301,596. 0.24% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Westwood Holdings Group Inc. acquired a new position in QUALCOMM in the 2nd quarter valued at approximately $114,000. Krilogy Financial LLC increased its position in QUALCOMM by 47.0% in the 2nd quarter. Krilogy Financial LLC now owns 2,331 shares of the wireless technology company’s stock valued at $129,000 after acquiring an additional 745 shares during the period. Capstone Investment Advisors Netherlands B.V. acquired a new position in QUALCOMM in the 2nd quarter valued at approximately $141,000. Jacobi Capital Management LLC increased its position in QUALCOMM by 10.8% in the 1st quarter. Jacobi Capital Management LLC now owns 2,567 shares of the wireless technology company’s stock valued at $145,000 after acquiring an additional 250 shares during the period. Finally, Alpha Windward LLC increased its position in QUALCOMM by 6.1% in the 2nd quarter. Alpha Windward LLC now owns 2,680 shares of the wireless technology company’s stock valued at $148,000 after acquiring an additional 153 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.
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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