Wolfe Research Raises QUALCOMM (NASDAQ:QCOM) Price Target to $200.00

QUALCOMM (NASDAQ:QCOM) had its price target raised by equities research analysts at Wolfe Research from $180.00 to $200.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the wireless technology company’s stock. Wolfe Research’s price target suggests a potential upside of 21.87% from the stock’s current price.

A number of other equities research analysts have also issued reports on the stock. Piper Sandler raised their price target on shares of QUALCOMM from $140.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Evercore ISI initiated coverage on QUALCOMM in a research note on Tuesday, April 16th. They issued an “in-line” rating and a $177.00 target price on the stock. Robert W. Baird boosted their price target on QUALCOMM from $160.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday. Canaccord Genuity Group increased their price objective on QUALCOMM from $152.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, January 19th. Finally, StockNews.com raised QUALCOMM from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $170.68.

QUALCOMM Price Performance

QCOM opened at $164.11 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.56 and a quick ratio of 1.88. The stock’s 50 day simple moving average is $166.69 and its 200 day simple moving average is $145.87. The firm has a market cap of $183.15 billion, a price-to-earnings ratio of 23.78, a PEG ratio of 2.27 and a beta of 1.33. QUALCOMM has a 1 year low of $101.47 and a 1 year high of $177.59.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.43. QUALCOMM had a net margin of 21.39% and a return on equity of 38.06%. The firm had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.50 billion. As a group, analysts predict that QUALCOMM will post 7.64 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Neil Martin sold 371 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total transaction of $55,586.93. Following the completion of the transaction, the chief accounting officer now directly owns 689 shares in the company, valued at $103,232.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Neil Martin sold 371 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $149.83, for a total value of $55,586.93. Following the transaction, the chief accounting officer now owns 689 shares in the company, valued at $103,232.87. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total transaction of $520,470.00. Following the sale, the chief financial officer now directly owns 69,343 shares of the company’s stock, valued at approximately $12,030,317.07. The disclosure for this sale can be found here. Insiders have sold 36,260 shares of company stock worth $5,973,728 in the last 90 days. Insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Simon Quick Advisors LLC grew its stake in shares of QUALCOMM by 10.6% in the third quarter. Simon Quick Advisors LLC now owns 2,776 shares of the wireless technology company’s stock worth $308,000 after acquiring an additional 265 shares during the period. Legacy Financial Group LLC bought a new position in shares of QUALCOMM during the 3rd quarter valued at $29,000. NorthRock Partners LLC boosted its stake in shares of QUALCOMM by 12.5% in the 3rd quarter. NorthRock Partners LLC now owns 4,418 shares of the wireless technology company’s stock worth $491,000 after buying an additional 490 shares during the last quarter. Horst & Graben Wealth Management LLC grew its holdings in shares of QUALCOMM by 50.7% in the third quarter. Horst & Graben Wealth Management LLC now owns 2,812 shares of the wireless technology company’s stock worth $312,000 after acquiring an additional 946 shares during the period. Finally, Mn Services Vermogensbeheer B.V. increased its position in QUALCOMM by 1.7% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 543,300 shares of the wireless technology company’s stock valued at $60,339,000 after acquiring an additional 9,200 shares during the last quarter. 74.35% of the stock is owned by institutional investors.

QUALCOMM Company Profile

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.