QUALCOMM Incorporated (QCOM) Price Target Increased to $76.00 by Analysts at Canaccord Genuity
QUALCOMM Incorporated (NASDAQ:QCOM) had its price target boosted by equities research analysts at Canaccord Genuity from $70.00 to $76.00 in a report released on Thursday. The brokerage currently has a “buy” rating on the wireless technology company’s stock. Canaccord Genuity’s price target points to a potential upside of 48.99% from the stock’s previous close.
QCOM has been the subject of a number of other research reports. Royal Bank Of Canada restated a “sector perform” rating and set a $55.00 target price on shares of QUALCOMM in a report on Wednesday, July 5th. BidaskClub downgraded QUALCOMM from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 5th. BMO Capital Markets restated a “market perform” rating and set a $54.00 target price on shares of QUALCOMM in a report on Monday, July 10th. Cowen and Company restated an “outperform” rating on shares of QUALCOMM in a report on Monday, July 10th. Finally, Stifel Nicolaus restated a “buy” rating and set a $65.00 target price on shares of QUALCOMM in a report on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $63.84.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.22. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The firm had revenue of $5.96 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the previous year, the company posted $1.28 earnings per share. The business’s revenue was down 3.5% on a year-over-year basis.
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In other news, EVP Michelle M. Sterling sold 4,740 shares of QUALCOMM stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $51.88, for a total value of $245,911.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 5,837 shares of company stock valued at $303,249. Company insiders own 0.17% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Westwood Holdings Group Inc. bought a new stake in QUALCOMM during the 2nd quarter valued at $114,000. Krilogy Financial LLC grew its stake in QUALCOMM by 47.0% during the 2nd quarter. Krilogy Financial LLC now owns 2,331 shares of the wireless technology company’s stock worth $129,000 after buying an additional 745 shares during the last quarter. Capstone Investment Advisors Netherlands B.V. purchased a new position in QUALCOMM during the 2nd quarter worth $141,000. Jacobi Capital Management LLC grew its stake in QUALCOMM by 10.8% during the 1st quarter. Jacobi Capital Management LLC now owns 2,567 shares of the wireless technology company’s stock worth $145,000 after buying an additional 250 shares during the last quarter. Finally, Alpha Windward LLC grew its stake in QUALCOMM by 6.1% during the 2nd quarter. Alpha Windward LLC now owns 2,680 shares of the wireless technology company’s stock worth $148,000 after buying an additional 153 shares during the last quarter. 76.77% of the stock is owned by hedge funds and other institutional investors.
QUALCOMM Company Profile
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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