Qualcomm (NASDAQ:QCOM) Stock Rating Upgraded by Zacks Research

Qualcomm (NASDAQ:QCOM) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks reports.

QCOM has been the topic of a number of other research reports. Sanford C. Bernstein lowered their price target on Qualcomm from $165.00 to $155.00 and set a “market perform” rating on the stock in a report on Monday, November 2nd. Benchmark reduced their price objective on Qualcomm from $300.00 to $270.00 and set a “buy” rating for the company in a research note on Monday, July 27th. Rosenblatt Securities decreased their price objective on Qualcomm from $235.00 to $205.00 and set a “buy” rating for the company in a research report on Thursday, November 5th. JPMorgan Chase & Co. decreased their price objective on Qualcomm from $215.00 to $200.00 and set a “neutral” rating for the company in a research report on Thursday, November 5th. Finally, Freedom Broker cut Qualcomm from a “buy” rating to a “hold” rating and lowered their target price for the company from $200.00 to $185.00 in a research note on Monday. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, twenty-two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $197.13.

Qualcomm Trading Up 0.3%

NASDAQ QCOM opened at $177.14 on Wednesday. Qualcomm has a twelve month low of $121.99 and a twelve month high of $259.92. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.14 and a current ratio of 1.86. The stock has a market cap of $189.54 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 2.07 and a beta of 1.70. The firm’s 50 day moving average price is $178.65 and its two-hundred day moving average price is $169.90.

Qualcomm (NASDAQ:QCOM) last announced its earnings results on Wednesday, November 4th. The wireless technology company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.01. The company had revenue of $10.44 billion for the quarter, compared to the consensus estimate of $10.12 billion. Qualcomm had a net margin of 31.60% and a return on equity of 30.62%. The company’s revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the business earned $3.00 EPS. Equities analysts anticipate that Qualcomm will post 6.75 EPS for the current year.

Insider Activity at Qualcomm

In other news, CAO Patricia Y. Grech sold 208 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $170.00, for a total value of $35,360.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Akash J. Palkhiwala sold 2,500 shares of the stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $175.06, for a total value of $437,650.00. Following the sale, the executive vice president owned 20,799 shares of the company’s stock, valued at approximately $3,641,072.94. This represents a 10.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 32,520 shares of company stock worth $6,101,411. 0.05% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of QCOM. BlackRock Inc. acquired a new position in Qualcomm in the second quarter worth approximately $17,583,115,000. State Street Corp lifted its stake in Qualcomm by 1.3% in the second quarter. State Street Corp now owns 52,763,263 shares of the wireless technology company’s stock valued at $9,750,123,000 after acquiring an additional 671,537 shares during the last quarter. Van ECK Associates Corp grew its position in Qualcomm by 22.7% in the second quarter. Van ECK Associates Corp now owns 17,202,619 shares of the wireless technology company’s stock worth $3,178,872,000 after acquiring an additional 3,179,720 shares in the last quarter. Amundi grew its position in Qualcomm by 94.1% in the second quarter. Amundi now owns 10,195,741 shares of the wireless technology company’s stock worth $1,884,071,000 after acquiring an additional 4,942,908 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Qualcomm in the second quarter worth approximately $1,523,930,000. 74.35% of the stock is owned by institutional investors and hedge funds.

Qualcomm News Roundup

Here’s some of the latest news about QCOM:

• Positive Sentiment: Zacks Research upgraded Qualcomm from “strong sell” to “hold,” a modest improvement in its rating outlook. Zacks Research ratings
• Positive Sentiment: Qualcomm’s 5G deal with SpaceX could create new opportunities for its network technology. The CEO described the partnership as a driver of innovation, though its commercial impact remains uncertain. Qualcomm CEO discusses SpaceX deal
• Neutral Sentiment: ETFs bought a reported $293.8 million of Qualcomm shares on Nov. 9, with more funds buying than selling. The flow offers a demand signal but does not establish a lasting trend. ETF trading in Qualcomm

About Qualcomm

Qualcomm Incorporated is a technology company that develops wireless communications technologies and semiconductor products. Its chips and related systems are used in smartphones and other connected devices, with products spanning mobile processors, modem-radio frequency systems, and connectivity solutions. The Snapdragon brand includes platforms for mobile devices as well as computing, automotive, and extended-reality applications. Qualcomm also develops technology for automotive systems and the Internet of Things, including connectivity and processing solutions for vehicles, industrial equipment, and consumer devices.