Traders Buy Qualcomm Inc. (QCOM) on Weakness
Investors purchased shares of Qualcomm Inc. (NASDAQ:QCOM) on weakness during trading hours on Monday. $86.71 million flowed into the stock on the tick-up and $46.86 million flowed out of the stock on the tick-down, for a money net flow of $39.85 million into the stock. Of all stocks tracked, Qualcomm had the 6th highest net in-flow for the day. Qualcomm traded down ($0.08) for the day and closed at $54.12
Several equities analysts recently weighed in on the stock. Vetr lowered shares of Qualcomm from a “strong-buy” rating to a “buy” rating and set a $58.17 price objective on the stock. in a research report on Monday, March 21st. Mizuho raised their price objective on shares of Qualcomm from $47.00 to $49.00 and gave the company a “neutral” rating in a research report on Tuesday, April 12th. Zacks Investment Research lowered shares of Qualcomm from a “hold” rating to a “sell” rating in a research report on Tuesday, March 29th. Canaccord Genuity reaffirmed a “buy” rating and set a $65.00 price objective on shares of Qualcomm in a research report on Thursday, April 14th. Finally, Barclays PLC lowered shares of Qualcomm from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $55.00 to $50.00 in a research report on Monday, March 28th. Seventeen equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $61.09.
The stock has a 50 day moving average price of $53.95 and a 200 day moving average price of $50.86. The company has a market cap of $79.49 billion and a P/E ratio of 17.071.
Qualcomm (NASDAQ:QCOM) last issued its earnings results on Wednesday, April 20th. The wireless technology company reported $1.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.08. The firm earned $5.60 billion during the quarter, compared to the consensus estimate of $5.33 billion. During the same quarter in the previous year, the firm earned $1.40 earnings per share. The business’s quarterly revenue was down 19.5% compared to the same quarter last year. On average, equities analysts forecast that Qualcomm Inc. will post $4.08 earnings per share for the current year.
In other Qualcomm news, EVP Matthew S. Grob sold 32,700 shares of the business’s stock in a transaction on Wednesday, April 13th. The stock was sold at an average price of $51.59, for a total value of $1,686,993.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Cristiano R. Amon sold 6,887 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president now owns 1,204 shares in the company, valued at $62,018.04. The disclosure for this sale can be found here.
Several hedge funds recently added to or reduced their stakes in the stock. Meridian Investment Counsel Inc. raised 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 worth $1,029,000 after buying an additional 1,785 shares during the last quarter. AMG National Trust Bank raised 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 worth $1,057,000 after buying an additional 7,806 shares during the last quarter. Jennison Associates LLC bought a new stake in Qualcomm during the fourth quarter worth about $1,161,000. Condor Capital Management raised 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 worth $1,199,000 after buying an additional 497 shares during the last quarter. Finally, Baker Chad R bought a new stake in Qualcomm during the fourth quarter worth 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.
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