First Interstate Bank Sells 13,663 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

First Interstate Bank decreased its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 71.8% during the first quarter, HoldingsChannel reports. The institutional investor owned 5,363 shares of the wireless technology company’s stock after selling 13,663 shares during the period. First Interstate Bank’s holdings in QUALCOMM were worth $824,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of QCOM. Banque Transatlantique SA purchased a new stake in QUALCOMM during the fourth quarter worth $26,000. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of QUALCOMM by 70.0% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company’s stock valued at $26,000 after purchasing an additional 70 shares during the last quarter. WFA Asset Management Corp purchased a new stake in shares of QUALCOMM during the 1st quarter valued at $27,000. Sunbeam Capital Management LLC purchased a new position in QUALCOMM in the 4th quarter worth $29,000. Finally, Mascagni Wealth Management Inc. purchased a new position in QUALCOMM in the 4th quarter worth $30,000. Institutional investors own 74.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on QCOM shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $225.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. TD Cowen cut their price target on QUALCOMM from $195.00 to $160.00 and set a “buy” rating on the stock in a research report on Wednesday, April 9th. Robert W. Baird cut their price target on QUALCOMM from $250.00 to $216.00 and set an “outperform” rating on the stock in a research report on Thursday, May 1st. Susquehanna cut their price target on QUALCOMM from $210.00 to $190.00 and set a “positive” rating on the stock in a research report on Thursday, May 1st. Finally, Evercore ISI dropped their target price on QUALCOMM from $179.00 to $157.00 and set an “in-line” rating on the stock in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $188.00.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,333 shares of the firm’s stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total value of $537,546.24. Following the completion of the sale, the chief financial officer owned 46,446 shares in the company, valued at approximately $7,490,810.88. This trade represents a 6.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $16.00, for a total transaction of $6,600,000.00. The disclosure for this sale can be found here. Insiders sold a total of 424,099 shares of company stock valued at $8,310,735 in the last ninety days. Company insiders own 0.08% of the company’s stock.

QUALCOMM Trading Up 0.5%

Shares of NASDAQ:QCOM traded up $0.85 during mid-day trading on Wednesday, hitting $160.30. The stock had a trading volume of 513,467 shares, compared to its average volume of 8,509,944. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73. The company has a market cap of $176.01 billion, a PE ratio of 16.33, a P/E/G ratio of 2.04 and a beta of 1.26. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $211.09. The company’s 50 day moving average is $151.78 and its 200-day moving average is $155.04.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.03. The firm had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.58 billion. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The company’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.44 EPS. On average, sell-side analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Profile

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.