Qualcomm (NASDAQ:QCOM) Downgraded by Freedom Broker to “Hold”

Qualcomm (NASDAQ:QCOM) was downgraded by equities research analysts at Freedom Broker from a “buy” rating to a “hold” rating in a research report issued on Monday, Benzinga reports. They presently have a $185.00 price target on the wireless technology company’s stock, down from their previous price target of $200.00. Freedom Broker‘s price objective would suggest a potential upside of 7.14% from the stock’s current price.

A number of other research analysts have also recently commented on the company. Royal Bank Of Canada boosted their price target on Qualcomm from $160.00 to $180.00 and gave the stock a “sector perform” rating in a report on Wednesday, September 9th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of Qualcomm in a report on Thursday. Susquehanna reduced their price objective on shares of Qualcomm from $185.00 to $165.00 and set a “neutral” rating on the stock in a research report on Thursday. KeyCorp reissued a “sector weight” rating on shares of Qualcomm in a report on Wednesday, September 9th. Finally, Robert W. Baird set a $320.00 target price on shares of Qualcomm in a report on Thursday. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, twenty-two have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $197.13.

Qualcomm Price Performance

QCOM stock traded up $7.25 during trading on Monday, reaching $172.66. The company’s stock had a trading volume of 6,464,013 shares, compared to its average volume of 15,163,182. The company has a quick ratio of 1.14, a current ratio of 1.86 and a debt-to-equity ratio of 0.42. The company’s fifty day moving average is $178.11 and its 200-day moving average is $169.52. The company has a market capitalization of $184.75 billion, a P/E ratio of 13.64, a price-to-earnings-growth ratio of 2.61 and a beta of 1.70. Qualcomm has a 1 year low of $121.99 and a 1 year high of $259.92.

Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, November 4th. The wireless technology company reported $2.17 EPS for the quarter, beating the consensus estimate of $2.16 by $0.01. The business had revenue of $10.44 billion for the quarter, compared to the consensus estimate of $10.12 billion. Qualcomm had a return on equity of 30.62% and a net margin of 31.60%. The business’s revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the business earned $3.00 earnings per share. On average, research analysts expect that Qualcomm will post 7.16 earnings per share for the current fiscal year.

Insider Transactions at Qualcomm

In other Qualcomm news, CAO Patricia Y. Grech sold 625 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $162.85, for a total transaction of $101,781.25. Following the completion of the transaction, the chief accounting officer owned 208 shares in the company, valued at $33,872.80. This trade represents a 75.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Akash J. Palkhiwala sold 2,500 shares of Qualcomm stock in a transaction on Friday, September 11th. The stock was sold at an average price of $182.85, for a total transaction of $457,125.00. Following the completion of the transaction, the executive vice president directly owned 18,184 shares of the company’s stock, valued at $3,324,944.40. The trade was a 12.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 31,820 shares of company stock valued at $5,980,217 over the last quarter. 0.05% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in Qualcomm in the second quarter worth $17,583,115,000. Bank of New York Mellon Corp purchased a new position in Qualcomm during the second quarter worth $1,523,930,000. Deutsche Bank AG bought a new position in Qualcomm during the second quarter valued at $1,178,349,000. Amundi increased its position in Qualcomm by 94.1% during the second quarter. Amundi now owns 10,195,741 shares of the wireless technology company’s stock valued at $1,884,071,000 after acquiring an additional 4,942,908 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in Qualcomm by 22.7% during the second quarter. Van ECK Associates Corp now owns 17,202,619 shares of the wireless technology company’s stock valued at $3,178,872,000 after acquiring an additional 3,179,720 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

Qualcomm Company Profile

Qualcomm Incorporated is a technology company that develops wireless communications technologies and semiconductor products. Its chips and related systems are used in smartphones and other connected devices, with products spanning mobile processors, modem-radio frequency systems, and connectivity solutions. The Snapdragon brand includes platforms for mobile devices as well as computing, automotive, and extended-reality applications.

Qualcomm also develops technology for automotive systems and the Internet of Things, including connectivity and processing solutions for vehicles, industrial equipment, and consumer devices.