Qualcomm Inc. (NASDAQ:QCOM) gapped up before the market opened on Wednesday . The stock had previously closed at $61.20, but opened at $61.35. Qualcomm shares last traded at $62.03, with a volume of 5,510,420 shares trading hands.

QCOM has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Qualcomm from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a research report on Tuesday. TheStreet cut shares of Qualcomm from a “buy” rating to a “hold” rating in a research report on Tuesday, July 5th. Vetr raised shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $59.08 target price for the company in a research report on Monday, June 27th. Wells Fargo & Co. reissued an “outperform” rating and set a $65.00 target price on shares of Qualcomm in a research report on Sunday. Finally, Sanford C. Bernstein cut shares of Qualcomm from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $53.55 to $55.00 in a report on Thursday, June 30th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $61.57.

The firm has a 50 day moving average of $54.84 and a 200 day moving average of $51.56. The company has a market capitalization of $92.12 billion and a price-to-earnings ratio of 18.30.

Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.19. The business earned $5.60 billion during the quarter, compared to analysts’ expectations of $5.57 billion. During the same quarter in the previous year, the business posted $0.99 EPS. The company’s quarterly revenue was up 2.9% on a year-over-year basis. Analysts expect that Qualcomm Inc. will post $4.24 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 21st. Investors of record on Wednesday, August 31st will be issued a $0.53 dividend. The ex-dividend date of this dividend is Monday, August 29th. This represents a $2.12 annualized dividend and a yield of 3.39%.

In related news, EVP Cristiano R. Amon sold 6,887 shares of the firm’s stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $51.51, for a total value of $354,749.37. Following the transaction, the executive vice president now owns 1,204 shares in the company, valued at $62,018.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Raymond V. Dittamore sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $61.00, for a total transaction of $427,000.00. Following the completion of the transaction, the director now owns 12,765 shares in the company, valued at approximately $778,665. The disclosure for this sale can be found here.

A number of hedge funds and institutional investors have bought and sold shares of QCOM. Mycio Wealth Partners LLC raised its position in Qualcomm by 0.4% in the fourth quarter. Mycio Wealth Partners LLC now owns 27,603 shares of the wireless technology company’s stock valued at $1,380,000 after buying an additional 103 shares during the last quarter. Keystone Financial Planning Inc. increased its stake in shares of Qualcomm by 0.4% in the fourth quarter. Keystone Financial Planning Inc. now owns 61,634 shares of the wireless technology company’s stock valued at $3,080,000 after buying an additional 265 shares during the period. Condor Capital Management increased its stake in shares of Qualcomm by 2.1% in the fourth quarter. Condor Capital Management now owns 23,981 shares of the wireless technology company’s stock valued at $1,199,000 after buying an additional 497 shares during the period. Dorsey & Whitney Trust CO LLC increased its stake in shares of Qualcomm by 2.0% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 32,879 shares of the wireless technology company’s stock valued at $1,643,000 after buying an additional 654 shares during the period. Finally, Clifford Swan Investment Counsel LLC increased its stake in shares of Qualcomm by 0.3% in the fourth quarter. Clifford Swan Investment Counsel LLC now owns 226,560 shares of the wireless technology company’s stock valued at $11,325,000 after buying an additional 667 shares during the period.

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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.