QUALCOMM (NASDAQ:QCOM) Price Target Cut to $90.00 by Analysts at Barclays

QUALCOMM (NASDAQ:QCOM) had its price target cut by equities research analysts at Barclays from $100.00 to $90.00 in a research note issued to investors on Thursday, June 6th, The Fly reports. The brokerage currently has an “overweight” rating on the wireless technology company’s stock. Barclays‘s price target points to a potential upside of 16.10% from the stock’s current price.

A number of other research firms have also issued reports on QCOM. Macquarie set a $90.00 target price on QUALCOMM and gave the company a “buy” rating in a report on Thursday, May 23rd. Zacks Investment Research lowered QUALCOMM from a “buy” rating to a “hold” rating in a report on Tuesday, February 19th. ValuEngine raised QUALCOMM from a “sell” rating to a “hold” rating in a report on Tuesday, March 5th. Bank of America raised QUALCOMM from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $90.00 to $105.00 in a report on Thursday, May 2nd. Finally, Deutsche Bank reissued a “hold” rating on shares of QUALCOMM in a report on Monday, April 29th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. QUALCOMM presently has an average rating of “Buy” and a consensus price target of $79.68.

QCOM traded up $1.45 during midday trading on Thursday, reaching $77.52. The company’s stock had a trading volume of 14,411,018 shares, compared to its average volume of 18,118,566. The stock has a market capitalization of $94.24 billion, a PE ratio of 24.30, a P/E/G ratio of 1.68 and a beta of 1.63. The firm has a fifty day simple moving average of $72.16. The company has a debt-to-equity ratio of 3.98, a quick ratio of 1.39 and a current ratio of 1.55. QUALCOMM has a twelve month low of $49.10 and a twelve month high of $90.34.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.07. The firm had revenue of $4.88 billion for the quarter, compared to analyst estimates of $4.83 billion. QUALCOMM had a return on equity of 56.69% and a net margin of 11.57%. The company’s revenue was down 5.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.80 EPS. As a group, sell-side analysts expect that QUALCOMM will post 3.3 earnings per share for the current year.

In other news, EVP Michelle M. Sterling sold 5,560 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $86.44, for a total value of $480,606.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Clark T. Jr. Randt sold 2,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $89.58, for a total value of $179,160.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 949,832 shares of company stock valued at $37,443,538. Insiders own 0.11% of the company’s stock.

Several institutional investors have recently modified their holdings of QCOM. ACG Wealth raised its holdings in QUALCOMM by 2.6% during the first quarter. ACG Wealth now owns 7,749 shares of the wireless technology company’s stock worth $442,000 after acquiring an additional 197 shares in the last quarter. Conning Inc. raised its holdings in QUALCOMM by 5.7% during the first quarter. Conning Inc. now owns 826,550 shares of the wireless technology company’s stock worth $47,138,000 after acquiring an additional 44,907 shares in the last quarter. World Asset Management Inc raised its stake in QUALCOMM by 18.5% in the first quarter. World Asset Management Inc now owns 91,562 shares of the wireless technology company’s stock valued at $5,222,000 after buying an additional 14,322 shares during the period. Epstein & White Financial LLC raised its stake in QUALCOMM by 34.4% in the fourth quarter. Epstein & White Financial LLC now owns 9,752 shares of the wireless technology company’s stock valued at $555,000 after buying an additional 2,495 shares during the period. Finally, Regent Investment Management LLC raised its stake in QUALCOMM by 12.5% in the first quarter. Regent Investment Management LLC now owns 4,492 shares of the wireless technology company’s stock valued at $256,000 after buying an additional 500 shares during the period. Institutional investors own 76.27% of the company’s stock.

QUALCOMM Company Profile

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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Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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