Bank of America Increases QUALCOMM (NASDAQ:QCOM) Price Target to $245.00

QUALCOMM (NASDAQ:QCOMGet Free Report) had its price objective hoisted by analysts at Bank of America from $180.00 to $245.00 in a report released on Friday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the wireless technology company’s stock. Bank of America‘s price objective would suggest a potential upside of 20.07% from the stock’s current price.

Several other equities research analysts have also commented on QCOM. Susquehanna lifted their price target on shares of QUALCOMM from $175.00 to $205.00 and gave the stock a “positive” rating in a research note on Wednesday, April 10th. Robert W. Baird lifted their price target on shares of QUALCOMM from $160.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. Morgan Stanley lifted their price target on shares of QUALCOMM from $158.00 to $172.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. Citigroup lifted their price target on shares of QUALCOMM from $160.00 to $170.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Finally, TD Cowen lifted their price target on shares of QUALCOMM from $160.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday, February 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $185.91.

Read Our Latest Research Report on QCOM

QUALCOMM Price Performance

QUALCOMM stock opened at $204.05 on Friday. The stock has a market cap of $227.72 billion, a P/E ratio of 27.43, a price-to-earnings-growth ratio of 2.53 and a beta of 1.33. The company has a fifty day simple moving average of $179.52 and a 200-day simple moving average of $158.21. QUALCOMM has a 12-month low of $104.33 and a 12-month high of $217.43. The company has a current ratio of 2.65, a quick ratio of 1.98 and a debt-to-equity ratio of 0.59.

QUALCOMM (NASDAQ:QCOMGet Free Report) last released its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.11. The business had revenue of $9.39 billion during the quarter, compared to analysts’ expectations of $9.32 billion. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. Equities analysts expect that QUALCOMM will post 7.83 EPS for the current fiscal year.

Insider Activity

In other news, CAO Neil Martin sold 689 shares of QUALCOMM stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $160.64, for a total value of $110,680.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Sylvia Acevedo sold 744 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $181.52, for a total transaction of $135,050.88. Following the sale, the director now owns 54 shares of the company’s stock, valued at $9,802.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Neil Martin sold 689 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $160.64, for a total transaction of $110,680.96. The disclosure for this sale can be found here. Insiders have sold a total of 53,974 shares of company stock valued at $9,691,316 over the last quarter. Corporate insiders own 0.08% of the company’s stock.

Institutional Trading of QUALCOMM

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of QUALCOMM by 0.4% in the third quarter. Vanguard Group Inc. now owns 110,717,388 shares of the wireless technology company’s stock valued at $12,296,273,000 after purchasing an additional 483,390 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of QUALCOMM by 8.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock valued at $3,664,418,000 after purchasing an additional 1,909,025 shares in the last quarter. Morgan Stanley lifted its holdings in shares of QUALCOMM by 2.2% in the third quarter. Morgan Stanley now owns 20,767,489 shares of the wireless technology company’s stock valued at $2,306,438,000 after purchasing an additional 438,660 shares in the last quarter. Norges Bank purchased a new stake in shares of QUALCOMM in the fourth quarter valued at about $2,507,978,000. Finally, Northern Trust Corp lifted its holdings in shares of QUALCOMM by 3.5% in the third quarter. Northern Trust Corp now owns 12,291,482 shares of the wireless technology company’s stock valued at $1,365,092,000 after purchasing an additional 415,398 shares in the last quarter. Hedge funds and other institutional investors own 74.35% of the company’s stock.

About QUALCOMM

(Get Free Report)

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.

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