QUALCOMM (NASDAQ:QCOM) Trading 3% Higher - Here's What Happened

QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) traded up 3% during trading on Tuesday . The company traded as high as $135.29 and last traded at $133.61. 3,076,478 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 8,076,859 shares. The stock had previously closed at $129.72.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $160.00 price target on shares of QUALCOMM in a research report on Thursday, February 6th. Rosenblatt Securities reiterated a "buy" rating and issued a $250.00 target price on shares of QUALCOMM in a research note on Thursday, February 6th. Piper Sandler reduced their price target on shares of QUALCOMM from $205.00 to $190.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. Barclays decreased their price objective on shares of QUALCOMM from $200.00 to $185.00 and set an "overweight" rating for the company in a report on Friday, January 17th. Finally, Benchmark reiterated a "buy" rating and set a $240.00 target price on shares of QUALCOMM in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and sixteen have issued a buy rating to the company's stock. According to MarketBeat, QUALCOMM has an average rating of "Hold" and a consensus price target of $201.21.

QUALCOMM Trading Up 3.6 %

The stock's 50-day simple moving average is $156.49 and its two-hundred day simple moving average is $161.46. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The firm has a market capitalization of $154.01 billion, a P/E ratio of 14.88, a price-to-earnings-growth ratio of 2.01 and a beta of 1.28.

Remove Ads

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued 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%. Equities research analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current year.

Insiders Place Their Bets

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 648 shares of the business's stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $141.11, for a total value of $91,439.28. Following the sale, the chief financial officer now owns 56,445 shares in the company, valued at $7,964,953.95. The trade was a 1.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Neil Martin sold 744 shares of the firm's stock in a transaction dated Friday, February 21st. The shares were 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 of the company's stock, valued at approximately $80,596.63. The trade was a 61.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,666 shares of company stock worth $5,047,052 in the last three months. 0.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Kohmann Bosshard Financial Services LLC purchased a new position in shares of QUALCOMM in the 4th quarter worth $26,000. Banque Transatlantique SA bought a new stake in QUALCOMM during the fourth quarter worth approximately $26,000. CKW Financial Group purchased a new stake in QUALCOMM during the fourth quarter valued at approximately $27,000. Centricity Wealth Management LLC purchased a new stake in QUALCOMM during the fourth quarter valued at approximately $29,000. Finally, Sunbeam Capital Management LLC purchased a new position in shares of QUALCOMM in the 4th quarter worth approximately $29,000. 74.35% of the stock is 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.