We all know how important it is to have speed on our smartphones, right? Well, today Qualcomm, Inc. (NASDAQ:QCOM) plans to announce a major upgrade to their cellular chip line. The new modem chip, the Snapdragon X16, will allow users to download data at rates of up to 1 billion bits per second, while uploading data at 150 megabits per second. This is a marked improvement over the 600 megabits per second download speeds the company was able to achieve in its past chips.
As Qualcomm, Inc. (NASDAQ:QCOM) looks towards 5G technology, they understand the importance of ramping up the technology behind their latest chips in an effort to not only win over customers, but to prepare themselves for the high-speed future that awaits us all.
Shares of Qualcomm, Inc. are trading down $0.85 or 1.98% in the pre-market this morning. The stock closed at $42.96 during the last trading session. It is down 30.61% since July 8, 2015 and is downtrending. It has underperformed the S&P500 by 21.74%.
From a total of 22 analysts covering Qualcomm Inc. (NASDAQ:QCOM) stock, 14 rate it a “Buy”, 0 a “Sell”, and 8 a “Hold”. This means that 64% of the ratings are positive. The highest target price is $75 while the lowest target price is $51. The mean of all analyst targets is $63.11 which is 46.90% above today’s ($42.96) stock price. Qualcomm Inc. was the topic of 39 analyst reports since July 23, 2015 according to the firm StockzIntelligence Inc. Argus Research maintained shares on January 14 with a “Buy” rating. Pacific Crest initiated shares with a”Overweight” rating and a $64 target share price in their report from a December 4. Susquehanna upgraded QCOM stock in a recent report from January 13 to a “Positive” rating. Rosenblatt initiated the rating on October 22. Rosenblatt has a “Buy” rating and a $65 price target on shares. Finally, Topeka Capital Markets maintained the stock with a “Hold” rating in a report they issued on a December 16.
The institutional sentiment decreased to 0.63 in Q2 2015. It’s down 0.30, from 0.93 in 2015Q2. The ratio worsened, as 154 funds sold all their QUALCOMM, Inc. shares they owned while 677 reduced their positions. 93 funds bought stakes while 428 increased their total positions. Institutions now own 1.06 billion shares which is 14.12% less than the previous share count of 1.24 billion in 2015Q2.
Jana Partners Llc holds 17.29% of its total portfolio in QUALCOMM, Inc., equating to 28.55 million shares. Orbis Investment Management (U.S.) Llc owns 213,730 shares representing 10.41% of their total US portfolio. Moreover, Penn Davis Mcfarland Inc has 9.19% of their total portfolio invested in the company, equating to 650,023 shares. The United Kingdom-based Generation Investment Management Llp has a total of 8.8% of their portfolio invested in the stock. Spo Advisory Corp, a California-based fund reported 9.44 million shares owned.
Since March 11, 2015, the stock had 1 insider buy, and 3 selling transactions for a total of $490,240 in net activity. Renduchintala Venkata S M sold 2,700 shares worth $150,066. Amon Cristiano R sold 2,737 shares worth $146,621. Vinciquerra Anthony J bought 1,000 shares worth $54,700. Sterling Michelle M sold 4,185 shares worth $248,253. The insider Aberle Derek K sold 14,794 shares worth $981,465.
Qualcomm Incorporated is engaged in providing third-generation (3G), fourth-generation (4G) and next-generation wireless technologies. The company has a market cap of $63.26 billion. The Company’s products include 2net, AllPlay, Brew, Gobi, Halo, HealthyCircles, Hy-Fi, IPQ, IZat, Pixtronix, Powerline, QChat, QLearn, Small Cells, Snapdragon, Vive, RaptorQ, Vuforia and WiPower. It has 14.22 P/E ratio. AllPlay helps manufacturers create devices and services.