Sanford C. Bernstein Forecasts Strong Price Appreciation for QUALCOMM (NASDAQ:QCOM) Stock

QUALCOMM (NASDAQ:QCOM) had its target price lifted by Sanford C. Bernstein from $200.00 to $215.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the wireless technology company’s stock. Sanford C. Bernstein’s target price suggests a potential upside of 24.49% from the company’s previous close.

Several other equities analysts also recently commented on QCOM. KeyCorp downgraded QUALCOMM from an “overweight” rating to a “sector weight” rating in a report on Tuesday, October 8th. Westpark Capital restated a “hold” rating on shares of QUALCOMM in a research note on Tuesday, July 30th. HSBC cut shares of QUALCOMM from a “buy” rating to a “hold” rating and set a $200.00 target price for the company. in a research report on Wednesday, July 17th. JPMorgan Chase & Co. dropped their price target on shares of QUALCOMM from $210.00 to $195.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Barclays lifted their price target on shares of QUALCOMM from $185.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $210.88.

QUALCOMM Price Performance

Shares of QCOM traded down $0.28 during trading hours on Thursday, reaching $172.71. The company had a trading volume of 17,519,672 shares, compared to its average volume of 9,004,213. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53. The firm has a 50 day simple moving average of $168.55 and a 200-day simple moving average of $182.14. QUALCOMM has a 12-month low of $119.15 and a 12-month high of $230.63. The company has a market capitalization of $192.40 billion, a price-to-earnings ratio of 22.46, a PEG ratio of 1.66 and a beta of 1.28.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, November 6th. The wireless technology company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.01 by $0.25. The business had revenue of $10.24 billion for the quarter, compared to analysts’ expectations of $9.90 billion. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. Research analysts expect that QUALCOMM will post 8.02 earnings per share for the current year.

Insider Activity

In other news, General Counsel Ann C. Chaplin sold 1,901 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $165.06, for a total value of $313,779.06. Following the completion of the sale, the general counsel now owns 12,007 shares of the company’s stock, valued at approximately $1,981,875.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, General Counsel Ann C. Chaplin sold 1,901 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $165.06, for a total value of $313,779.06. Following the transaction, the general counsel now directly owns 12,007 shares of the company’s stock, valued at approximately $1,981,875.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $169.80, for a total value of $1,358,400.00. Following the completion of the transaction, the chief technology officer now owns 213,364 shares of the company’s stock, valued at approximately $36,229,207.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,146 shares of company stock worth $2,709,186. 0.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On QUALCOMM

Several institutional investors and hedge funds have recently modified their holdings of QCOM. Reston Wealth Management LLC bought a new stake in shares of QUALCOMM during the 3rd quarter valued at $26,000. HWG Holdings LP bought a new stake in QUALCOMM during the 2nd quarter valued at about $30,000. Financial Connections Group Inc. purchased a new position in shares of QUALCOMM during the second quarter valued at $32,000. Planning Capital Management Corp lifted its holdings in QUALCOMM by 137.3% during the third quarter. Planning Capital Management Corp now owns 197 shares of the wireless technology company’s stock worth $34,000 after buying an additional 114 shares during the period. Finally, Aspect Partners LLC lifted its position in QUALCOMM by 71.8% during the second quarter. Aspect Partners LLC now owns 177 shares of the wireless technology company’s stock valued at $35,000 after acquiring an additional 74 shares during the last quarter. 74.35% of the stock is currently 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.