HSBC Downgrades QUALCOMM (NASDAQ:QCOM) to Hold

QUALCOMM (NASDAQ:QCOM) was downgraded by equities research analysts at HSBC from a “buy” rating to a “hold” rating in a report released on Wednesday, Marketbeat Ratings reports. They presently have a $200.00 price objective on the wireless technology company’s stock. HSBC’s target price would indicate a potential upside of 4.46% from the company’s previous close.

QCOM has been the topic of several other reports. Benchmark reiterated a “buy” rating and issued a $200.00 price target on shares of QUALCOMM in a research report on Friday, May 3rd. Piper Sandler boosted their price target on shares of QUALCOMM from $165.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Robert W. Baird boosted their price target on shares of QUALCOMM from $160.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Cantor Fitzgerald boosted their price target on shares of QUALCOMM from $190.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Evercore ISI initiated coverage on shares of QUALCOMM in a research report on Tuesday, April 16th. They issued an “in-line” rating and a $177.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, QUALCOMM currently has an average rating of “Moderate Buy” and a consensus target price of $197.54.

QUALCOMM Stock Performance

QCOM stock opened at $191.46 on Wednesday. The company has a market capitalization of $213.67 billion, a P/E ratio of 25.73, a PEG ratio of 2.55 and a beta of 1.27. The company has a 50-day simple moving average of $204.71 and a 200 day simple moving average of $175.08. QUALCOMM has a fifty-two week low of $104.33 and a fifty-two week high of $230.63. The company has a quick ratio of 1.98, a current ratio of 2.65 and a debt-to-equity ratio of 0.59.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.11. The business had revenue of $9.39 billion during the quarter, compared to the consensus estimate of $9.32 billion. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. Sell-side analysts predict that QUALCOMM will post 7.85 earnings per share for the current fiscal year.

Insider Activity at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $180.69, for a total transaction of $542,070.00. Following the transaction, the chief financial officer now owns 66,343 shares in the company, valued at $11,987,516.67. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $180.69, for a total transaction of $542,070.00. Following the transaction, the chief financial officer now owns 66,343 shares in the company, valued at $11,987,516.67. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO James H. Thompson sold 8,000 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $182.00, for a total value of $1,456,000.00. Following the transaction, the chief technology officer now owns 253,893 shares in the company, valued at approximately $46,208,526. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,185 shares of company stock valued at $8,552,835. 0.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On QUALCOMM

Hedge funds and other institutional investors have recently modified their holdings of the stock. WFA Asset Management Corp acquired a new stake in shares of QUALCOMM in the first quarter worth $27,000. Aspect Partners LLC grew its stake in shares of QUALCOMM by 71.8% in the second quarter. Aspect Partners LLC now owns 177 shares of the wireless technology company’s stock worth $35,000 after acquiring an additional 74 shares during the last quarter. CarsonAllaria Wealth Management Ltd. grew its stake in shares of QUALCOMM by 327.1% in the fourth quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock worth $30,000 after acquiring an additional 157 shares during the last quarter. Richardson Capital Management LLC acquired a new stake in shares of QUALCOMM in the first quarter worth $37,000. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in shares of QUALCOMM in the fourth quarter worth $32,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

About QUALCOMM

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry 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 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products.