Investment analysts at Wall Street Zen have upgraded QUALCOMM (NASDAQ: QCOM) from a “hold” rating to a “buy” rating. This change, announced in a report on November 4, 2023, reflects growing confidence among analysts regarding the company’s performance and market outlook. Several other financial institutions have also adjusted their ratings and price targets for the wireless technology firm.
JPMorgan Chase & Co. raised its price target for QUALCOMM from $200.00 to $210.00, assigning an “overweight” rating in a report issued on November 4. On the same day, Cowen reaffirmed a “buy” rating, further indicating positive sentiment around the stock. Mizuho also raised its price target, increasing it from $185.00 to $200.00 and assigning an “outperform” rating. Similarly, Piper Sandler increased their price objective for QUALCOMM from $175.00 to $200.00, maintaining an “overweight” rating.
Overall, the stock has received a mixed evaluation from analysts, with one rating it as a Strong Buy, thirteen as Buy, nine as Hold, and one as Sell. According to data from MarketBeat, QUALCOMM currently holds a consensus rating of “Moderate Buy” and a target price of $190.38.
Recent Earnings and Insider Activity
QUALCOMM recently reported its quarterly earnings on November 5, 2023. The company announced earnings per share (EPS) of $3.00, surpassing analysts’ expectations of $2.87 by $0.13. The company generated revenue of $11.27 billion, outperforming the projected $10.74 billion. This represents a 10% increase compared to the same quarter last year, when QUALCOMM recorded an EPS of $2.69.
Looking ahead, QUALCOMM has set guidance for Q1 2026 at an EPS range of $3.300 to $3.500. Analysts predict an average EPS of $9.39 for the current fiscal year.
In terms of insider trading, Chief Accounting Officer Patricia Y. Grech sold 513 shares on November 21, 2023, at an average price of $160.95, totaling $82,567.35. This sale reduced her holdings by 71.65%, leaving her with only 203 shares. CEO Cristiano R. Amon also sold 150,000 shares on October 1, 2023, at an average price of $165.56, amounting to a significant $24,834,000. Post-transaction, Amon retains 149,304 shares, a decrease of 50.12% in his holdings.
Institutional Investment Trends
Institutional investors have shown increased activity in QUALCOMM shares recently. Vermillion & White Wealth Management Group LLC boosted its holdings by 122.4% in the first quarter, now owning 169 shares valued at $26,000. Harbor Capital Advisors Inc. raised its stake by 72.2% in the third quarter, acquiring an additional 65 shares to bring their total to 155 shares, also valued at $26,000.
New positions have been established by several firms, including Cloud Capital Management LLC and Chung Wu Investment Group LLC, each adding to their portfolios with stakes valued at approximately $27,000 and $32,000, respectively. In total, institutional investors own 74.35% of QUALCOMM’s shares, indicating strong confidence in the firm’s future.
QUALCOMM Incorporated remains a key player in the wireless technology sector, focusing on the development of foundational technologies. The company operates through three main segments: Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI). This strategic focus positions QUALCOMM well for continued growth as it adapts to evolving market demands.
