Citigroup Cuts QUALCOMM (NASDAQ:QCOM) Price Target to $145.00

QUALCOMM (NASDAQ:QCOM) had its target price decreased by Citigroup from $185.00 to $145.00 in a report released on Friday,Benzinga reports. Citigroup currently has a neutral rating on the wireless technology company’s stock.

QCOM has been the topic of several other reports. Rosenblatt Securities restated a “buy” rating and set a $250.00 price objective on shares of QUALCOMM in a research note on Thursday, February 6th. Benchmark restated a “buy” rating and issued a $240.00 price target on shares of QUALCOMM in a research report on Friday, February 7th. Mizuho lowered their price objective on shares of QUALCOMM from $245.00 to $215.00 and set an “outperform” rating for the company in a research report on Tuesday, January 7th. Barclays cut their target price on shares of QUALCOMM from $200.00 to $185.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Finally, TD Cowen lowered their target price on QUALCOMM from $195.00 to $160.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $201.21.

QUALCOMM Stock Performance

Shares of QCOM opened at $139.25 on Friday. QUALCOMM has a 52-week low of $120.80 and a 52-week high of $230.63. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The firm has a market cap of $154.01 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 2.01 and a beta of 1.28. The business’s 50 day moving average is $156.49 and its two-hundred day moving average is $161.38.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, February 5th. The wireless technology company reported $2.86 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. Analysts forecast that QUALCOMM will post 9.39 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $154.24, for a total value of $246,784.00. Following the transaction, the insider now owns 24,393 shares of the company’s stock, valued at approximately $3,762,376.32. This trade represents a 6.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Akash J. Palkhiwala sold 648 shares of the company’s stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $141.11, for a total transaction of $91,439.28. Following the sale, the chief financial officer now directly owns 56,445 shares of the company’s stock, valued at $7,964,953.95. This represents a 1.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,666 shares of company stock worth $5,047,052 in the last ninety days. 0.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On QUALCOMM

A number of large investors have recently made changes to their positions in QCOM. First City Capital Management Inc. grew its position in QUALCOMM by 1.5% during the 1st quarter. First City Capital Management Inc. now owns 5,589 shares of the wireless technology company’s stock worth $859,000 after purchasing an additional 82 shares in the last quarter. Harrington Investments INC grew its holdings in shares of QUALCOMM by 1.6% during the first quarter. Harrington Investments INC now owns 23,087 shares of the wireless technology company’s stock valued at $3,546,000 after buying an additional 360 shares in the last quarter. Butensky & Cohen Financial Security Inc. raised its position in QUALCOMM by 0.3% during the first quarter. Butensky & Cohen Financial Security Inc. now owns 28,789 shares of the wireless technology company’s stock valued at $4,422,000 after buying an additional 76 shares during the period. Radnor Capital Management LLC lifted its stake in QUALCOMM by 3.5% in the 1st quarter. Radnor Capital Management LLC now owns 26,447 shares of the wireless technology company’s stock worth $4,063,000 after acquiring an additional 888 shares in the last quarter. Finally, Constitution Capital LLC acquired a new stake in QUALCOMM during the 1st quarter worth about $338,000. 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.