QUALCOMM’s (QCOM) “Buy” Rating Reaffirmed at Canaccord Genuity

QUALCOMM (NASDAQ:QCOM)‘s stock had its “buy” rating reissued by investment analysts at Canaccord Genuity in a research report issued to clients and investors on Thursday, AnalystRatings.com reports. They presently have a $102.00 target price on the wireless technology company’s stock. Canaccord Genuity’s price objective indicates a potential upside of 29.61% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. Raymond James lowered their price objective on shares of QUALCOMM from $115.00 to $110.00 and set a “strong-buy” rating for the company in a report on Monday, April 13th. ValuEngine upgraded shares of QUALCOMM from a “sell” rating to a “hold” rating in a report on Tuesday, March 3rd. Daiwa Capital Markets upgraded shares of QUALCOMM from a “neutral” rating to an “outperform” rating in a report on Tuesday, February 11th. Piper Sandler assumed coverage on shares of QUALCOMM in a report on Wednesday, March 4th. They issued a “neutral” rating and a $80.00 price objective for the company. Finally, Zacks Investment Research lowered shares of QUALCOMM from a “strong-buy” rating to a “hold” rating and set a $83.00 price objective for the company. in a report on Tuesday, April 7th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $88.57.

QUALCOMM stock traded up $0.70 during mid-day trading on Thursday, hitting $78.70. 5,471,251 shares of the company traded hands, compared to its average volume of 10,017,896. QUALCOMM has a one year low of $58.00 and a one year high of $96.17. The stock has a market cap of $87.74 billion, a price-to-earnings ratio of 23.28, a price-to-earnings-growth ratio of 1.38 and a beta of 1.36. The company has a debt-to-equity ratio of 4.42, a quick ratio of 1.39 and a current ratio of 1.57. The stock has a fifty day moving average price of $75.19 and a 200-day moving average price of $82.06.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, April 29th. The wireless technology company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.09. QUALCOMM had a net margin of 16.36% and a return on equity of 69.92%. The business had revenue of $5.21 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same period in the previous year, the business posted $0.77 earnings per share. QUALCOMM’s revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts predict that QUALCOMM will post 3.08 EPS for the current year.

In other QUALCOMM news, CAO Erin L. Polek sold 1,646 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $79.47, for a total transaction of $130,807.62. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.12% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in QCOM. Samalin Investment Counsel LLC purchased a new stake in shares of QUALCOMM in the 4th quarter worth about $27,000. FSA Wealth Management LLC purchased a new stake in shares of QUALCOMM in the 4th quarter worth about $27,000. Peddock Capital Advisors LLC purchased a new stake in shares of QUALCOMM in the 4th quarter worth about $30,000. Howard Wealth Management LLC bought a new position in QUALCOMM in the 4th quarter worth about $31,000. Finally, AlphaMark Advisors LLC bought a new position in QUALCOMM in the 4th quarter worth about $31,000. 76.65% of the stock is currently owned by hedge funds and other institutional investors.

About QUALCOMM

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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