QUALCOMM (NASDAQ:QCOM) had its target price raised by investment analysts at Royal Bank of Canada from $81.00 to $106.00 in a report released on Thursday, The Fly reports. The brokerage currently has a “sector perform” rating on the wireless technology company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 0.37% from the stock’s current price. The analysts noted that the move was a valuation call.

A number of other equities analysts also recently issued reports on the company. Morgan Stanley increased their target price on QUALCOMM from $102.00 to $121.00 and gave the stock an “overweight” rating in a research note on Thursday. UBS Group increased their target price on QUALCOMM from $70.00 to $77.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. Wells Fargo & Co assumed coverage on QUALCOMM in a research note on Monday, May 4th. They set an “underweight” rating and a $70.00 target price for the company. Deutsche Bank increased their target price on QUALCOMM from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Charter Equity reissued a “hold” rating on shares of QUALCOMM in a research note on Thursday, April 30th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $106.36.

QCOM traded down $1.58 on Thursday, hitting $105.61. 16,770,274 shares of the company traded hands, compared to its average volume of 8,403,357. The company has a 50 day moving average of $90.67 and a 200-day moving average of $82.54. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 4.67. The stock has a market capitalization of $120.94 billion, a PE ratio of 44.56, a PEG ratio of 1.98 and a beta of 1.34. QUALCOMM has a 12-month low of $58.00 and a 12-month high of $107.75.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 29th. The wireless technology company reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.15. The firm had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.80 billion. QUALCOMM had a return on equity of 78.39% and a net margin of 13.72%. The firm’s revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.80 EPS. On average, research analysts anticipate that QUALCOMM will post 3.08 EPS for the current year.

In related news, CFO Akash J. Palkhiwala sold 3,925 shares of QUALCOMM stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $102.42, for a total value of $401,998.50. Following the transaction, the chief financial officer now owns 17,790 shares in the company, valued at $1,822,051.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steven M. Mollenkopf sold 219,131 shares of QUALCOMM stock in a transaction on Monday, July 13th. The shares were sold at an average price of $93.66, for a total value of $20,523,809.46. The disclosure for this sale can be found here. Insiders have sold 235,740 shares of company stock worth $22,024,427 in the last 90 days. Insiders own 0.12% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. National Asset Management Inc. boosted its holdings in QUALCOMM by 48.2% in the second quarter. National Asset Management Inc. now owns 25,723 shares of the wireless technology company’s stock valued at $2,348,000 after acquiring an additional 8,365 shares during the last quarter. Comerica Bank raised its position in QUALCOMM by 3.0% in the second quarter. Comerica Bank now owns 247,714 shares of the wireless technology company’s stock valued at $22,938,000 after purchasing an additional 7,170 shares during the period. Wilbanks Smith & Thomas Asset Management LLC raised its position in QUALCOMM by 21.6% in the second quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 69,471 shares of the wireless technology company’s stock valued at $6,336,000 after purchasing an additional 12,346 shares during the period. Lincoln National Corp raised its position in QUALCOMM by 42.0% in the second quarter. Lincoln National Corp now owns 7,013 shares of the wireless technology company’s stock valued at $640,000 after purchasing an additional 2,076 shares during the period. Finally, Cadence Bank NA raised its position in QUALCOMM by 40.7% in the second quarter. Cadence Bank NA now owns 4,967 shares of the wireless technology company’s stock valued at $453,000 after purchasing an additional 1,437 shares during the period. Hedge funds and other institutional investors own 74.50% of the company’s stock.

QUALCOMM Company Profile

QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products 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 code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.

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Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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