QUALCOMM (NASDAQ:QCOM) Shares Down 0.9% – Here’s Why

QUALCOMM Incorporated (NASDAQ:QCOM) shares traded down 0.9% during trading on Thursday . The company traded as low as $156.94 and last traded at $159.08. 7,726,012 shares were traded during trading, an increase of 8% from the average session volume of 7,177,426 shares. The stock had previously closed at $160.52.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Wells Fargo & Company upped their price objective on shares of QUALCOMM from $170.00 to $175.00 and gave the company an “underweight” rating in a research report on Thursday, November 7th. Evercore ISI upped their target price on shares of QUALCOMM from $190.00 to $199.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Melius began coverage on shares of QUALCOMM in a research note on Monday, December 9th. They issued a “hold” rating and a $180.00 target price on the stock. KeyCorp cut shares of QUALCOMM from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, October 8th. Finally, Mizuho lowered their target price on shares of QUALCOMM from $245.00 to $215.00 and set an “outperform” rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $207.11.

QUALCOMM Price Performance

The company’s fifty day moving average is $159.67 and its two-hundred day moving average is $170.33. The firm has a market capitalization of $174.40 billion, a price-to-earnings ratio of 17.46, a price-to-earnings-growth 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.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, November 6th. The wireless technology company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.25. QUALCOMM had a net margin of 26.03% and a return on equity of 38.81%. The business had revenue of $10.24 billion for the quarter, compared to analyst estimates of $9.90 billion. Equities research analysts anticipate that QUALCOMM Incorporated will post 9.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Neil Martin sold 1,304 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $155.00, for a total transaction of $202,120.00. Following the sale, the chief accounting officer now directly owns 94 shares in the company, valued at $14,570. This trade represents a 93.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Ann C. Chaplin sold 2,587 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $158.12, for a total transaction of $409,056.44. Following the sale, the general counsel now owns 19,739 shares in the company, valued at approximately $3,121,130.68. The trade was a 11.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,882 shares of company stock worth $4,314,649. Company insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On QUALCOMM

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Reston Wealth Management LLC bought a new position in shares of QUALCOMM in the 3rd quarter valued at about $26,000. HWG Holdings LP acquired a new stake in shares of QUALCOMM during the 2nd quarter worth about $30,000. Planning Capital Management Corp lifted its stake in shares of QUALCOMM by 137.3% during the 3rd 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 last quarter. Accordant Advisory Group Inc acquired a new stake in shares of QUALCOMM during the 3rd quarter worth about $36,000. Finally, Legacy Investment Solutions LLC acquired a new stake in shares of QUALCOMM during the 3rd quarter worth about $39,000. 74.35% of the stock is currently owned by institutional investors and hedge funds.

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.