QUALCOMM, Inc. (NASDAQ:QCOM) Sees Significant Growth in Short Interest
QUALCOMM, Inc. (NASDAQ:QCOM) saw a large growth in short interest in the month of July. As of July 15th, there was short interest totalling 27,429,000 shares, a growth of 17.8% from the June 15th total of 23,279,400 shares. Based on an average daily volume of 17,120,000 shares, the short-interest ratio is currently 1.6 days. Approximately 2.3% of the shares of the company are sold short.
Shares of QCOM stock traded down $0.13 on Friday, reaching $75.22. 8,262,074 shares of the stock were exchanged, compared to its average volume of 11,659,942. The stock has a market cap of $91.44 billion, a PE ratio of 23.58, a P/E/G ratio of 1.62 and a beta of 1.63. The company has a current ratio of 1.55, a quick ratio of 1.39 and a debt-to-equity ratio of 3.98. The stock’s 50 day moving average price is $73.82. QUALCOMM has a 1-year low of $49.10 and a 1-year high of $90.34.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.07. QUALCOMM had a return on equity of 56.69% and a net margin of 11.57%. The firm had revenue of $4.88 billion during the quarter, compared to the consensus estimate of $4.83 billion. During the same period in the prior year, the firm earned $0.80 EPS. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. As a group, equities analysts forecast that QUALCOMM will post 3.31 EPS for the current fiscal year.
In other QUALCOMM news, EVP Brian Modoff sold 17,440 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $88.53, for a total transaction of $1,543,963.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Clark T. Jr. Randt sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $89.58, for a total value of $179,160.00. The disclosure for this sale can be found here. Insiders have sold a total of 87,489 shares of company stock worth $7,603,985 in the last quarter. 0.11% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Redwood Investments LLC acquired a new stake in QUALCOMM in the 2nd quarter valued at $6,744,000. Arrow Financial Corp boosted its position in QUALCOMM by 892.8% in the 2nd quarter. Arrow Financial Corp now owns 14,941 shares of the wireless technology company’s stock valued at $1,137,000 after buying an additional 13,436 shares during the last quarter. Systematic Financial Management LP purchased a new position in QUALCOMM in the 2nd quarter valued at about $1,173,000. Advisor Partners LLC boosted its position in QUALCOMM by 6.9% in the 2nd quarter. Advisor Partners LLC now owns 24,321 shares of the wireless technology company’s stock valued at $1,850,000 after buying an additional 1,564 shares during the last quarter. Finally, Osborn Williams & Donohoe LLC boosted its position in QUALCOMM by 4.7% in the 2nd quarter. Osborn Williams & Donohoe LLC now owns 36,691 shares of the wireless technology company’s stock valued at $2,791,000 after buying an additional 1,641 shares during the last quarter. Hedge funds and other institutional investors own 76.24% of the company’s stock.
QCOM has been the topic of several research analyst reports. Macquarie set a $90.00 price target on QUALCOMM and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Zacks Investment Research lowered GALP ENERGIA SG/ADR from a “hold” rating to a “sell” rating in a research note on Monday, May 6th. DZ Bank reaffirmed a “buy” rating on shares of Siemens in a research note on Thursday, May 23rd. Mizuho set a $45.00 target price on Targa Resources and gave the company a “hold” rating in a research note on Friday, July 12th. Finally, Cfra set a $80.00 target price on QUALCOMM and gave the company a “buy” rating in a research note on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $80.21.
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products 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 code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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