QUALCOMM Incorporated (NASDAQ:QCOM) Lowered to “Strong Sell” at BidaskClub

QUALCOMM Incorporated (NASDAQ:QCOM) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Monday, July 24th.

A number of other research firms have also issued reports on QCOM. Vetr lowered QUALCOMM from a “buy” rating to a “hold” rating and set a $60.62 target price on the stock. in a research note on Monday, May 22nd. Stifel Nicolaus upped their target price on QUALCOMM from $56.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 26th. BMO Capital Markets reaffirmed a “market perform” rating on shares of QUALCOMM in a research note on Sunday, May 21st. J P Morgan Chase & Co raised QUALCOMM from a “neutral” rating to an “overweight” rating and upped their target price for the company from $50.00 to $68.00 in a research note on Monday, May 22nd. Finally, Zacks Investment Research lowered QUALCOMM from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 20th. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. QUALCOMM currently has an average rating of “Hold” and a consensus price target of $63.96.

Shares of QUALCOMM (NASDAQ QCOM) opened at 52.72 on Monday. QUALCOMM has a 52 week low of $51.05 and a 52 week high of $71.62. The stock has a market capitalization of $77.82 billion, a PE ratio of 20.19 and a beta of 1.29. The company’s 50 day moving average price is $54.47 and its 200-day moving average price is $55.60.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.02. The business had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.25 billion. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The company’s quarterly revenue was down 11.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.16 EPS. Equities research analysts predict that QUALCOMM will post $4.16 EPS for the current year.

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In other QUALCOMM news, EVP Alexander H. Rogers sold 470 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $57.28, for a total value of $26,921.60. Following the sale, the executive vice president now owns 3,049 shares in the company, valued at $174,646.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michelle M. Sterling sold 5,509 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $59.11, for a total transaction of $325,636.99. The disclosure for this sale can be found here. Insiders sold 52,101 shares of company stock worth $2,955,612 in the last 90 days. 0.17% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Guardian Capital LP raised its position in QUALCOMM by 23.6% in the fourth quarter. Guardian Capital LP now owns 15,026 shares of the wireless technology company’s stock worth $980,000 after buying an additional 2,871 shares in the last quarter. Fred Alger Management Inc. raised its position in QUALCOMM by 120.7% in the fourth quarter. Fred Alger Management Inc. now owns 1,425,214 shares of the wireless technology company’s stock worth $92,924,000 after buying an additional 779,587 shares in the last quarter. Girard Securities Inc. raised its stake in shares of QUALCOMM by 7.7% in the fourth quarter. Girard Securities Inc. now owns 5,812 shares of the wireless technology company’s stock worth $379,000 after buying an additional 414 shares during the period. GSA Capital Partners LLP raised its stake in shares of QUALCOMM by 572.8% in the fourth quarter. GSA Capital Partners LLP now owns 114,706 shares of the wireless technology company’s stock worth $7,479,000 after buying an additional 97,656 shares during the period. Finally, Crosslink Capital Inc. bought a new stake in shares of QUALCOMM during the fourth quarter worth about $6,023,000. Hedge funds and other institutional investors own 76.61% of the company’s stock.

About QUALCOMM

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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