Investors Sell Qualcomm Inc. (QCOM) on Strength (QCOM)
Investors sold shares of Qualcomm Inc. (NASDAQ:QCOM) on strength during trading on Thursday. $42.20 million flowed into the stock on the tick-up and $55.14 million flowed out of the stock on the tick-down, for a money net flow of $12.94 million out of the stock. Of all stocks tracked, Qualcomm had the 0th highest net out-flow for the day. Qualcomm traded up $0.56 for the day and closed at $52.93
QCOM has been the subject of several analyst reports. Vetr downgraded shares of Qualcomm from a “strong-buy” rating to a “buy” rating and set a $58.17 target price for the company. in a research note on Monday, March 21st. Morgan Stanley restated an “overweight” rating and issued a $65.00 target price on shares of Qualcomm in a research note on Thursday, March 10th. Mizuho upped their target price on shares of Qualcomm from $47.00 to $49.00 and gave the company a “neutral” rating in a research note on Tuesday, April 12th. Zacks Investment Research downgraded shares of Qualcomm from a “hold” rating to a “sell” rating in a research note on Tuesday, March 29th. Finally, Canaccord Genuity restated a “buy” rating and issued a $65.00 target price on shares of Qualcomm in a research note on Thursday, April 14th. Eighteen research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $61.10.
The firm has a market cap of $77.75 billion and a PE ratio of 16.70. The firm’s 50-day moving average is $53.92 and its 200 day moving average is $50.76.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, April 20th. The wireless technology company reported $1.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.08. The firm had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.33 billion. During the same period in the prior year, the firm posted $1.40 earnings per share. The business’s revenue for the quarter was down 19.5% compared to the same quarter last year. On average, equities research analysts expect that Qualcomm Inc. will post $4.08 EPS for the current year.
In other news, EVP Cristiano R. Amon sold 6,887 shares of the business’s stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $51.51, for a total transaction of $354,749.37. Following the completion of the transaction, the executive vice president now directly owns 1,204 shares in the company, valued at approximately $62,018.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Matthew S. Grob sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $55.25, for a total value of $552,500.00. The disclosure for this sale can be found here.
Other institutional investors recently bought and sold shares of the company. Meridian Investment Counsel Inc. raised its position in Qualcomm by 9.5% in the fourth quarter. Meridian Investment Counsel Inc. now owns 20,583 shares of the wireless technology company’s stock valued at $1,029,000 after buying an additional 1,785 shares during the last quarter. AMG National Trust Bank raised its position in Qualcomm by 58.5% in the fourth quarter. AMG National Trust Bank now owns 21,145 shares of the wireless technology company’s stock valued at $1,057,000 after buying an additional 7,806 shares during the last quarter. Jennison Associates LLC bought a new position in Qualcomm during the fourth quarter valued at about $1,161,000. Condor Capital Management raised its position in 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 last quarter. Finally, Baker Chad R bought a new position in Qualcomm during the fourth quarter valued at about $1,206,000.
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.