QUALCOMM (NASDAQ:QCOM) Stock Price Up 1.7% – Time to Buy?

QUALCOMM Incorporated (NASDAQ:QCOM)’s share price shot up 1.7% during mid-day trading on Tuesday . The company traded as high as $163.45 and last traded at $162.49. Approximately 1,724,197 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 5,451,816 shares. The stock had previously closed at $159.85.

Wall Street Analyst Weigh In

Several research firms recently commented on QCOM. Mizuho decreased their price target on shares of QUALCOMM from $245.00 to $215.00 and set an “outperform” rating on the stock in a research note on Tuesday. Susquehanna decreased their target price on shares of QUALCOMM from $230.00 to $210.00 and set a “positive” rating on the stock in a research report on Wednesday, November 20th. KeyCorp downgraded shares of QUALCOMM from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, October 8th. Morgan Stanley reduced their price target on QUALCOMM from $207.00 to $204.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 7th. Finally, Sanford C. Bernstein lifted their price objective on QUALCOMM from $200.00 to $215.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, QUALCOMM has a consensus rating of “Moderate Buy” and a consensus price target of $207.11.

QUALCOMM Price Performance

The stock has a market cap of $179.89 billion, a P/E ratio of 18.01, a P/E/G ratio of 2.65 and a beta of 1.25. The company has a quick ratio of 1.79, a current ratio of 2.40 and a debt-to-equity ratio of 0.51. The company’s 50 day moving average price is $160.39 and its 200-day moving average price is $171.17.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, November 6th. The wireless technology company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.25. QUALCOMM had a net margin of 26.03% and a return on equity of 38.81%. The firm had revenue of $10.24 billion for the quarter, compared to the consensus estimate of $9.90 billion. As a group, sell-side analysts expect that QUALCOMM Incorporated will post 9.09 earnings per share for the current year.

Insider Activity

In related news, CAO Neil Martin sold 1,304 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $155.00, for a total transaction of $202,120.00. Following the transaction, the chief accounting officer now directly owns 94 shares in the company, valued at approximately $14,570. The trade was a 93.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alexander H. Rogers sold 10,373 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $160.59, for a total value of $1,665,800.07. Following the completion of the transaction, the insider now owns 33,383 shares in the company, valued at $5,360,975.97. The trade was a 23.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,882 shares of company stock worth $4,314,649 in the last quarter. 0.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On QUALCOMM

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA boosted its holdings in QUALCOMM by 1,778.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,219,303 shares of the wireless technology company’s stock worth $641,221,000 after buying an additional 3,047,947 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of QUALCOMM by 1,702.6% in the third quarter. Pacer Advisors Inc. now owns 3,191,342 shares of the wireless technology company’s stock worth $542,688,000 after buying an additional 3,014,302 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of QUALCOMM by 17,357.3% in the third quarter. International Assets Investment Management LLC now owns 2,936,310 shares of the wireless technology company’s stock valued at $499,320,000 after acquiring an additional 2,919,490 shares during the period. Geode Capital Management LLC grew its stake in QUALCOMM by 7.9% during the third quarter. Geode Capital Management LLC now owns 27,128,468 shares of the wireless technology company’s stock valued at $4,600,625,000 after acquiring an additional 1,989,725 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in QUALCOMM by 30.2% during the 3rd quarter. Van ECK Associates Corp now owns 7,506,863 shares of the wireless technology company’s stock worth $1,250,644,000 after acquiring an additional 1,741,432 shares during the period. 74.35% of the stock is owned by hedge funds and other 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.