Bank of America just raised its EUR/USD forecast
Akash J. Palkhiwala, CFO and COO of Qualcomm Inc . (NASDAQ:QCOM), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Palkhiwala sold a total of 3,337 shares of common stock on March 3, 2025. The transactions were executed at prices ranging from $153.0764 to $159.6286 per share, amounting to a total value of approximately $523,292. The sale comes as Qualcomm, currently valued at $169.8 billion, trades near its 52-week low of $149.43, with analysts maintaining a consensus buy rating and a high target of $250. According to InvestingPro analysis, the stock appears undervalued at current levels.
Following these transactions, Palkhiwala retains ownership of 59,778 shares in Qualcomm. The sales were conducted under a pre-established Rule 10b5-1 trading plan, which was adopted on November 26, 2024. This plan allows company insiders to set up a predetermined schedule for selling stocks to avoid any potential conflicts of interest. Despite the insider sale, Qualcomm maintains strong fundamentals with a perfect Piotroski Score of 9 and a "GOOD" financial health rating from InvestingPro, which offers 12 additional key insights about the company’s performance and prospects.
In other recent news, Apple (NASDAQ:AAPL) has announced the development of its first custom-designed modem chip, which will be used in the iPhone 16e, marking a strategic shift away from Qualcomm’s chips. This move is part of Apple’s broader plan to replace Qualcomm modems in its iPhones, potentially reducing patent fees paid to Qualcomm. While Apple has not disclosed a specific timeline for this transition, the introduction of the new chip suggests a significant change in Apple’s operations and cost structure.
Meanwhile, Qualcomm has been in the spotlight with analysts providing mixed outlooks. TD Cowen raised its price target for Qualcomm to $195, maintaining a Buy rating, citing robust financial performance and strong market positioning. In contrast, Piper Sandler lowered its price target to $190 but kept an Overweight rating, noting potential growth opportunities despite near-term challenges. KeyBanc maintained a Sector Weight rating, acknowledging Qualcomm’s strong financial results but expressing caution due to Apple’s modem developments.
These developments reflect ongoing competitive dynamics between Apple and Qualcomm, with both companies navigating their strategies in the tech industry.
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