QUALCOMM (NASDAQ:QCOM) Shares Up 2.8% – Still a Buy?

Shares of QUALCOMM Incorporated (NASDAQ:QCOM) shot up 2.8% on Monday . The company traded as high as $163.20 and last traded at $162.23. 2,054,787 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 4,221,835 shares. The stock had previously closed at $157.83.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on QCOM. Loop Capital began coverage on QUALCOMM in a report on Monday, November 11th. They issued a “hold” rating and a $180.00 price objective on the stock. Morgan Stanley decreased their price objective on QUALCOMM from $207.00 to $204.00 and set an “equal weight” rating on the stock in a report on Thursday, November 7th. Wells Fargo & Company raised their price objective on QUALCOMM from $170.00 to $175.00 and gave the company an “underweight” rating in a report on Thursday, November 7th. UBS Group raised their price objective on QUALCOMM from $185.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Melius assumed coverage on QUALCOMM in a report on Monday, December 9th. They set a “hold” rating and a $180.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $208.00.

QUALCOMM Stock Performance

The company has a market capitalization of $177.57 billion, a price-to-earnings ratio of 17.78, a P/E/G ratio of 2.65 and a beta of 1.25. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.79 and a current ratio of 2.40. The firm has a 50-day simple moving average of $160.64 and a two-hundred day simple moving average of $171.56.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, November 6th. The wireless technology company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.25. QUALCOMM had a return on equity of 38.81% and a net margin of 26.03%. The company had revenue of $10.24 billion during the quarter, compared to the consensus estimate of $9.90 billion. On average, sell-side analysts anticipate that QUALCOMM Incorporated will post 9.09 EPS for the current fiscal year.

Insider Transactions at QUALCOMM

In other news, CAO Neil Martin sold 1,304 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $155.00, for a total transaction of $202,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 94 shares of the company’s stock, valued at approximately $14,570. The trade was a 93.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Ann C. Chaplin sold 2,587 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $158.12, for a total value of $409,056.44. Following the sale, the general counsel now owns 19,739 shares of the company’s stock, valued at approximately $3,121,130.68. The trade was a 11.59 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,882 shares of company stock valued at $4,314,649. 0.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On QUALCOMM

Several institutional investors have recently added to or reduced their stakes in the business. State Street Corp lifted its stake in QUALCOMM by 1.7% during the third quarter. State Street Corp now owns 51,615,929 shares of the wireless technology company’s stock worth $8,777,289,000 after purchasing an additional 870,814 shares during the last quarter. Geode Capital Management LLC lifted its stake in QUALCOMM by 7.9% during the third quarter. Geode Capital Management LLC now owns 27,128,468 shares of the wireless technology company’s stock worth $4,600,625,000 after purchasing an additional 1,989,725 shares during the last quarter. Legal & General Group Plc lifted its stake in QUALCOMM by 0.9% during the second quarter. Legal & General Group Plc now owns 10,036,779 shares of the wireless technology company’s stock worth $1,999,114,000 after purchasing an additional 86,195 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in QUALCOMM by 6.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,356,581 shares of the wireless technology company’s stock valued at $1,421,037,000 after buying an additional 498,284 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in QUALCOMM by 30.2% in the third quarter. Van ECK Associates Corp now owns 7,506,863 shares of the wireless technology company’s stock valued at $1,250,644,000 after buying an additional 1,741,432 shares during the last quarter. Hedge funds and other institutional investors 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.