QUALCOMM (NASDAQ:QCOM) Stock Price Up 1.2% - Here's Why

Shares of QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) were up 1.2% during trading on Wednesday . The stock traded as high as $127.66 and last traded at $126.15. Approximately 2,080,104 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 8,735,220 shares. The stock had previously closed at $124.66.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $250.00 target price on shares of QUALCOMM in a report on Thursday, February 6th. Benchmark reaffirmed a "buy" rating and issued a $240.00 price objective on shares of QUALCOMM in a research note on Friday, February 7th. Mizuho cut their price objective on QUALCOMM from $245.00 to $215.00 and set an "outperform" rating on the stock in a report on Tuesday, January 7th. Barclays lowered their target price on QUALCOMM from $200.00 to $185.00 and set an "overweight" rating for the company in a report on Friday, January 17th. Finally, TD Cowen dropped their price objective on shares of QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a report on Wednesday. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $201.21.

QUALCOMM Stock Up 3.6 %

The business's fifty day moving average price is $156.49 and its 200 day moving average price is $161.46. The firm has a market capitalization of $154.01 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 2.01 and a beta of 1.28. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49.

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QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. On average, equities analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current year.

Insider Activity

In related news, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $154.24, for a total value of $246,784.00. Following the completion of the sale, the insider now owns 24,393 shares in the company, valued at $3,762,376.32. This trade represents a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Neil Martin sold 744 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $174.83, for a total value of $130,073.52. Following the transaction, the chief accounting officer now owns 461 shares in the company, valued at $80,596.63. The trade was a 61.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,666 shares of company stock valued at $5,047,052. Company insiders own 0.08% of the company's stock.

Institutional Trading of QUALCOMM

Institutional investors have recently modified their holdings of the business. Norges Bank acquired a new stake in QUALCOMM in the fourth quarter valued at $2,721,882,000. Amundi lifted its stake in shares of QUALCOMM by 36.6% in the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock valued at $2,313,634,000 after purchasing an additional 3,905,918 shares during the period. Raymond James Financial Inc. purchased a new stake in QUALCOMM during the fourth quarter worth about $527,053,000. GAMMA Investing LLC grew its position in QUALCOMM by 20,700.4% during the first quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company's stock worth $501,192,000 after buying an additional 3,247,068 shares during the period. Finally, Northern Trust Corp increased its holdings in QUALCOMM by 12.7% in the fourth quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock valued at $2,041,535,000 after buying an additional 1,493,076 shares in the last quarter. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

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.