QUALCOMM (NASDAQ:QCOM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Regulatory disputes and aggressive competition in the mobile phone chipset market continues to hurt Qualcomm. Amidst such headwinds, Qualcomm posted strong first-quarter fiscal 2018 financial results. During the quarter, Qualcomm shipped 237 million CDMA-based MSM (Mobile Station Modem) chipsets, up 9% year over year. The performance was backed by Qualcomm’s continued product leadership and profitability improvement in its semiconductor business and mobile connectivity with multiple technological achievements and launches. Qualcomm received regulatory nod from the South Korea’s FairTrade Commission and European Commission for its pending NXP Semiconductor deal. The stock price 17.1% in the past six months, outperforming its industry’s 5.8% gain.”
Other analysts have also recently issued reports about the stock. KeyCorp upped their price objective on shares of QUALCOMM from $68.00 to $73.00 and gave the stock a “buy” rating in a research note on Thursday, February 1st. Canaccord Genuity upped their price objective on shares of QUALCOMM from $83.00 to $86.00 and gave the stock a “buy” rating in a research note on Wednesday, January 17th. Vetr cut shares of QUALCOMM from a “strong-buy” rating to a “buy” rating and set a $76.42 price objective on the stock. in a research note on Thursday, February 1st. ValuEngine raised shares of QUALCOMM from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Sanford C. Bernstein reaffirmed a “hold” rating on shares of QUALCOMM in a research note on Monday, November 13th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $68.25.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, January 31st. The wireless technology company reported $0.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.07. The firm had revenue of $6.10 billion for the quarter, compared to analysts’ expectations of $5.93 billion. QUALCOMM had a negative net margin of 18.65% and a positive return on equity of 18.10%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.19 earnings per share. equities analysts predict that QUALCOMM will post 3.07 EPS for the current year.
In other QUALCOMM news, EVP Alexander H. Rogers sold 874 shares of the stock in a transaction on Monday, November 27th. The shares were sold at an average price of $68.52, for a total value of $59,886.48. Following the sale, the executive vice president now directly owns 12,035 shares in the company, valued at $824,638.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Alexander H. Rogers sold 919 shares of the stock in a transaction on Wednesday, December 27th. The stock was sold at an average price of $64.32, for a total transaction of $59,110.08. Following the completion of the sale, the executive vice president now owns 11,116 shares in the company, valued at $714,981.12. The disclosure for this sale can be found here. Insiders sold 53,346 shares of company stock worth $3,499,504 over the last 90 days. 0.24% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. United Asset Strategies Inc. acquired a new stake in shares of QUALCOMM during the 2nd quarter worth about $5,249,000. Wrapmanager Inc. acquired a new stake in QUALCOMM in the 3rd quarter worth about $369,000. Conning Inc. raised its stake in QUALCOMM by 16.4% in the 3rd quarter. Conning Inc. now owns 719,378 shares of the wireless technology company’s stock worth $37,293,000 after purchasing an additional 101,483 shares in the last quarter. Stephens Inc. AR raised its stake in QUALCOMM by 10.8% in the 2nd quarter. Stephens Inc. AR now owns 115,483 shares of the wireless technology company’s stock worth $6,377,000 after purchasing an additional 11,232 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in QUALCOMM by 3.6% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 4,668,570 shares of the wireless technology company’s stock worth $257,798,000 after purchasing an additional 160,226 shares in the last quarter. Institutional investors own 76.16% of the company’s stock.
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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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