Traders Sell Shares of Qualcomm Inc. (QCOM) on Strength (QCOM)
Traders sold shares of Qualcomm Inc. (NASDAQ:QCOM) on strength during trading hours 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 companies 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
A number of equities research analysts have recently weighed in on the company. Credit Suisse Group AG reaffirmed a “buy” rating and set a $67.00 price target on shares of Qualcomm in a report on Sunday, April 17th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Qualcomm in a report on Saturday, April 23rd. Raymond James Financial Inc. reaffirmed a “hold” rating on shares of Qualcomm in a report on Saturday, April 23rd. Sanford C. Bernstein reaffirmed a “buy” rating on shares of Qualcomm in a report on Saturday, April 23rd. Finally, Pacific Crest reaffirmed an “overweight” rating on shares of Qualcomm in a report on Monday, May 16th. Eighteen research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $61.10.
The company has a market cap of $79.60 billion and a P/E ratio of 17.09. The stock’s 50 day moving average is $53.96 and its 200 day moving average is $50.80.
Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, April 20th. The wireless technology company reported $1.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.08. The company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.33 billion. Qualcomm’s quarterly revenue was down 19.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.40 EPS. On average, equities research analysts anticipate that Qualcomm Inc. will post $4.08 earnings per share for the current fiscal year.
In other Qualcomm news, EVP Cristiano R. Amon sold 6,887 shares of the company’s stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $51.51, for a total transaction of $354,749.37. Following the sale, the executive vice president now directly owns 1,204 shares of the company’s stock, valued at $62,018.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Matthew S. Grob sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 24th. The shares were sold at an average price of $55.25, for a total transaction of $552,500.00. The disclosure for this sale can be found here.
Other large investors have added to or reduced their stakes in the company. Meridian Investment Counsel Inc. increased its stake 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 period. AMG National Trust Bank increased its stake 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 period. Jennison Associates LLC acquired a new stake in Qualcomm during the fourth quarter valued at approximately $1,161,000. Condor Capital Management increased its stake 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 period. Finally, Baker Chad R acquired a new stake in Qualcomm during the fourth quarter valued at approximately $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.
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