QUALCOMM (NASDAQ:QCOM) Price Target Raised to $195.00 at Canaccord Genuity

QUALCOMM (NASDAQ:QCOM) had its price target raised by research analysts at Canaccord Genuity from $188.00 to $195.00 in a report released on Thursday, The Fly reports. The firm currently has a “buy” rating on the wireless technology company’s stock. Canaccord Genuity’s target price would suggest a potential upside of 37.16% from the company’s current price.

A number of other equities research analysts also recently issued reports on QCOM. Susquehanna Bancshares downgraded shares of QUALCOMM to a “neutral” rating and cut their target price for the stock from $175.00 to $155.00 in a research report on Monday, April 19th. Piper Sandler increased their price target on shares of QUALCOMM from $160.00 to $175.00 and gave the stock an “overweight” rating in a research note on Thursday, April 29th. KGI Securities assumed coverage on shares of QUALCOMM in a research note on Tuesday, June 29th. They set an “outperform” rating on the stock. Evercore ISI restated an “in-line” rating and set a $150.00 price target (down previously from $195.00) on shares of QUALCOMM in a research note on Monday, April 19th. Finally, Susquehanna restated a “neutral” rating and set a $155.00 price target (down previously from $175.00) on shares of QUALCOMM in a research note on Monday, April 26th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. QUALCOMM has an average rating of “Buy” and a consensus price target of $165.56.

QUALCOMM stock opened at $142.17 on Thursday. The company has a 50 day moving average of $136.28. The company has a quick ratio of 1.72, a current ratio of 2.02 and a debt-to-equity ratio of 2.05. The company has a market capitalization of $160.37 billion, a PE ratio of 20.40, a PEG ratio of 0.97 and a beta of 1.32. QUALCOMM has a 12-month low of $87.51 and a 12-month high of $167.94.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, April 28th. The wireless technology company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.41 by $0.49. QUALCOMM had a net margin of 27.28% and a return on equity of 103.71%. The business had revenue of $7.93 billion during the quarter, compared to analyst estimates of $7.62 billion. During the same period in the prior year, the business earned $0.88 earnings per share. The business’s quarterly revenue was up 52.2% on a year-over-year basis. As a group, equities research analysts forecast that QUALCOMM will post 6.65 earnings per share for the current year.

In related news, EVP Brian Modoff sold 1,510 shares of QUALCOMM stock in a transaction dated Friday, May 14th. The shares were sold at an average price of $129.32, for a total transaction of $195,273.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Erin L. Polek sold 1,835 shares of QUALCOMM stock in a transaction dated Friday, May 21st. The shares were sold at an average price of $132.00, for a total transaction of $242,220.00. Insiders have sold a total of 4,855 shares of company stock valued at $643,533 over the last three months. 0.14% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. increased its position in QUALCOMM by 4.5% in the 1st quarter. BlackRock Inc. now owns 83,599,923 shares of the wireless technology company’s stock valued at $11,084,513,000 after acquiring an additional 3,600,480 shares in the last quarter. Geode Capital Management LLC increased its position in QUALCOMM by 3.0% in the 1st quarter. Geode Capital Management LLC now owns 17,766,435 shares of the wireless technology company’s stock valued at $2,349,140,000 after acquiring an additional 525,507 shares in the last quarter. Alliancebernstein L.P. increased its position in QUALCOMM by 6.6% in the 1st quarter. Alliancebernstein L.P. now owns 14,154,422 shares of the wireless technology company’s stock valued at $1,876,735,000 after acquiring an additional 876,689 shares in the last quarter. Norges Bank acquired a new stake in QUALCOMM in the 4th quarter valued at about $1,638,769,000. Finally, Morgan Stanley increased its position in QUALCOMM by 36.8% in the 1st quarter. Morgan Stanley now owns 10,330,243 shares of the wireless technology company’s stock valued at $1,369,687,000 after acquiring an additional 2,781,284 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

QUALCOMM Company Profile

QUALCOMM, Inc engages in the development, design, and provision of digital telecommunications products and services. It operates through the following 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 technologies for the use in voice and data communications, networking, application processing, multimedia, and global positioning system products.

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