Fideuram Intesa Sanpaolo Private Banking S.P.A. increased its stake in Qualcomm Incorporated (NASDAQ:QCOM – Free Report) by 44.3% during the 1st quarter, Holdings Channel reports. The firm owned 42,512 shares of the wireless technology company’s stock after purchasing an additional 13,043 shares during the quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A.’s holdings in Qualcomm were worth $5,475,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Blue Capital Inc. bought a new stake in Qualcomm during the first quarter valued at approximately $623,000. Eagle Bay Advisors LLC lifted its holdings in shares of Qualcomm by 7.2% during the 1st quarter. Eagle Bay Advisors LLC now owns 1,762 shares of the wireless technology company’s stock worth $227,000 after acquiring an additional 118 shares during the last quarter. Vision Capital Management Inc. grew its position in Qualcomm by 5.4% in the first quarter. Vision Capital Management Inc. now owns 47,814 shares of the wireless technology company’s stock worth $6,157,000 after acquiring an additional 2,438 shares in the last quarter. Twin City Private Wealth LLC increased its stake in Qualcomm by 4.4% in the first quarter. Twin City Private Wealth LLC now owns 5,336 shares of the wireless technology company’s stock valued at $687,000 after acquiring an additional 225 shares during the last quarter. Finally, Syntax Research Inc. increased its stake in Qualcomm by 1.2% in the first quarter. Syntax Research Inc. now owns 18,781 shares of the wireless technology company’s stock valued at $2,419,000 after acquiring an additional 219 shares during the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.
Qualcomm Price Performance
Shares of NASDAQ QCOM opened at $176.25 on Friday. The firm’s fifty day moving average is $205.65 and its 200 day moving average is $167.95. Qualcomm Incorporated has a 52 week low of $121.99 and a 52 week high of $259.92. The company has a quick ratio of 1.61, a current ratio of 2.37 and a debt-to-equity ratio of 0.54. The company has a market cap of $185.77 billion, a price-to-earnings ratio of 19.16, a PEG ratio of 5.24 and a beta of 1.63.
Qualcomm declared that its Board of Directors has approved a share repurchase plan on Tuesday, March 17th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the wireless technology company to buy up to 14.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on QCOM shares. Weiss Ratings restated a “hold (c)” rating on shares of Qualcomm in a research report on Wednesday, June 24th. Barclays upgraded Qualcomm from an “underweight” rating to an “overweight” rating in a research report on Thursday, June 25th. Lake Street Capital cut Qualcomm to a “hold” rating in a report on Thursday, June 25th. Susquehanna boosted their target price on Qualcomm from $160.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, June 25th. Finally, Cantor Fitzgerald set a $220.00 target price on Qualcomm and gave the stock a “neutral” rating in a research note on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $220.45.
Get Our Latest Stock Analysis on QCOM
Insider Activity
In related news, EVP Heather S. Ace sold 3,200 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $177.82, for a total transaction of $569,024.00. Following the transaction, the executive vice president owned 39,735 shares in the company, valued at $7,065,677.70. The trade was a 7.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Patricia Y. Grech sold 829 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $201.77, for a total value of $167,267.33. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 21,721 shares of company stock valued at $3,918,290. Company insiders own 0.05% of the company’s stock.
Qualcomm Profile
Qualcomm Incorporated is a global semiconductor and telecommunications equipment company headquartered in San Diego, California. Founded in 1985, the company is known for its development of wireless technologies and for playing a central role in the evolution of digital cellular standards, including CDMA and subsequent generations of mobile standards. Qualcomm’s business combines the design and sale of semiconductor products with a patent licensing program for wireless technologies and related intellectual property.
The company’s product portfolio includes system-on-chip (SoC) platforms marketed under the Snapdragon brand, cellular modem and RF front-end components, connectivity solutions for Wi‑Fi and Bluetooth, and processors and platforms aimed at automotive, IoT, networking and edge-computing applications.
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