Qualcomm (NASDAQ:QCOM) Price Target Cut to $185.00 by Analysts at TD Cowen

Qualcomm (NASDAQ:QCOM) had its price target dropped by analysts at TD Cowen from $200.00 to $185.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the wireless technology company’s stock. TD Cowen‘s price objective suggests a potential upside of 17.57% from the company’s previous close.

A number of other analysts have also commented on QCOM. Benchmark reduced their price objective on shares of Qualcomm from $300.00 to $270.00 and set a “buy” rating for the company in a research note on Monday, July 27th. Susquehanna cut their price target on Qualcomm from $185.00 to $165.00 and set a “neutral” rating for the company in a research note on Thursday. Zacks Research cut shares of Qualcomm from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 15th. Rosenblatt Securities lowered their price target on Qualcomm from $235.00 to $205.00 and set a “buy” rating on the stock in a report on Thursday. Finally, The Goldman Sachs Group reiterated a “neutral” rating on shares of Qualcomm in a research note on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, twenty-one have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $199.45.

Qualcomm Price Performance

NASDAQ QCOM traded down $15.84 on Thursday, reaching $157.35. 28,930,840 shares of the stock traded hands, compared to its average volume of 15,124,688. The firm’s fifty day simple moving average is $178.23 and its 200 day simple moving average is $169.48. The company has a market cap of $168.02 billion, a price-to-earnings ratio of 18.56, a P/E/G ratio of 3.70 and a beta of 1.70. Qualcomm has a 12 month low of $121.99 and a 12 month high of $259.92. The company has a quick ratio of 1.28, a current ratio of 2.02 and a debt-to-equity ratio of 0.46.

Qualcomm (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, November 4th. The wireless technology company reported $2.17 EPS for the quarter, topping the consensus estimate of $2.16 by $0.01. Qualcomm had a net margin of 21.01% and a return on equity of 38.36%. The firm had revenue of $10.44 billion for the quarter, compared to analysts’ expectations of $10.12 billion. During the same period in the previous year, the business earned $3.00 earnings per share. Qualcomm’s revenue for the quarter was down 8.4% compared to the same quarter last year. As a group, research analysts predict that Qualcomm will post 7.71 EPS for the current fiscal year.

Insider Activity

In other news, CAO Patricia Y. Grech sold 208 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $170.00, for a total value of $35,360.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ann C. Chaplin sold 1,827 shares of Qualcomm stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $174.75, for a total value of $319,268.25. Following the completion of the transaction, the executive vice president directly owned 25,770 shares of the company’s stock, valued at $4,503,307.50. This represents a 6.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 30,258 shares of company stock valued at $5,727,616 over the last three months. 0.05% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Qualcomm during the second quarter worth $17,583,115,000. State Street Corp grew its position in shares of Qualcomm by 1.3% during the 2nd quarter. State Street Corp now owns 52,763,263 shares of the wireless technology company’s stock worth $9,750,123,000 after buying an additional 671,537 shares during the period. Van ECK Associates Corp raised its stake in shares of Qualcomm by 22.7% during the second quarter. Van ECK Associates Corp now owns 17,202,619 shares of the wireless technology company’s stock worth $3,178,872,000 after buying an additional 3,179,720 shares during the last quarter. Amundi raised its stake in shares of Qualcomm by 94.1% during the second quarter. Amundi now owns 10,195,741 shares of the wireless technology company’s stock worth $1,884,071,000 after buying an additional 4,942,908 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Qualcomm in the second quarter valued at approximately $1,523,930,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

Key Stories Impacting Qualcomm

Here are the key news stories impacting Qualcomm this week:

• Positive Sentiment: Qualcomm reported fiscal Q4 EPS of $2.17 and revenue of about $10.44 billion, edging past consensus. Automotive revenue surged 89%, while the company sees data-center revenue reaching $5 billion in fiscal 2027. QCOM Q4 Earnings Beat Estimates on Robust Automotive Growth
• Positive Sentiment: SpaceX selected Qualcomm’s Dragonwing platforms and software for Starlink Mobile’s planned U.S. 5G network, creating a significant infrastructure opportunity. Qualcomm signs major 5G infrastructure deal with SpaceX
• Negative Sentiment: Soft profit guidance and margin concerns are overshadowing the earnings beat. Revenue fell 8.4% year over year, with handset sales down sharply; investors are also concerned about declining Apple-related handset revenue and lower margins as newer businesses grow. Qualcomm Beat Earnings, But Its Fastest-Growing Businesses Have a Catch
• Negative Sentiment: Analysts have cut price targets: Susquehanna lowered its target to $165 and Rosenblatt reduced its target to $205, although Rosenblatt maintained a Buy rating. Broader chip-sector weakness and concerns about data-center demand added pressure. Qualcomm slides after earnings, leading post-election chip stock sell-off

About Qualcomm

Qualcomm Incorporated is a technology company that develops and commercializes wireless communications and semiconductor technologies. Through Qualcomm Technologies, Inc, the company designs integrated circuits, system software and related platforms used in smartphones, personal computers, automobiles, industrial equipment, consumer devices and other connected products. Its Snapdragon platforms support mobile computing, connectivity, artificial intelligence and multimedia applications, while its broader portfolio includes radio-frequency systems, networking and edge-computing technologies.

Qualcomm also operates a significant technology-licensing business through its Qualcomm Technology Licensing segment.