Company Update (NASDAQ:QCOM): Qualcomm, Inc. President Departs


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QUALCOMM, Inc. (NASDAQ:QCOM) announced that Derek Aberle has decided to leave the company after a successful 17-year career during which he served as President of Qualcomm Incorporated and helped drive the Company’s overall global strategy and vision as a member of Qualcomm’s Executive Committee. His departure will be effective as of December 31, 2017.

“On behalf of the Executive Team, I want to thank Derek for the vision, creativity, dedication, and judgment he brought to the company and wish him all the best in the future,” said Steve Mollenkopf, CEO of Qualcomm Incorporated. “Under his talented leadership, the QTL division has significantly grown in both revenues and profits, established its 4G licensing program and enabled significant competition across the industry. I believe the company is well positioned to build on Derek’s record of success and continue to deliver solid results in the future.”

“Over the past 30 years Qualcomm has invented the core technologies that have enabled the mobile revolution and made all modern smartphones possible, I am very proud to have been a part of that tradition of innovation, and of all that we’ve been able to accomplish during my tenure,” said Aberle.

As part of its transition plan, Qualcomm announced that executive vice president and QTL president Alex Rogers, who has run QTL since March 2016, and is a member of Qualcomm’s Executive Committee, will report directly to Qualcomm CEO Steve Mollenkopf.

Rogers joined Qualcomm in 2001 and has since held various leadership positions at the company. During his tenure leading QTL, Rogers has helped conclude key licensing agreements in China, been involved in numerous IP and regulatory matters and launched new teams within QTL focused on technology, product strategy, compliance and relationship management.

Shares of Qualcomm closed today at $52.49, up $0.26 or 0.50%. QCOM has a 1-year high of $71.62 and a 1-year low of $51.05. The stock’s 50-day moving average is $53.79 and its 200-day moving average is $55.52.

On the ratings front, Qualcomm has been the subject of a number of recent research reports. In a report issued on August 21, BMO analyst Tim Long reiterated a Hold rating on QCOM, with a price target of $55, which represents a slight upside potential from current levels. Separately, on August 1, Northland Securities’ Tom Sepenzis reiterated a Hold rating on the stock and has a price target of $62.50.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Tim Long and Tom Sepenzis have a yearly average return of 16.8% and 8.9% respectively. Long has a success rate of 65% and is ranked #134 out of 4609 analysts, while Sepenzis has a success rate of 50% and is ranked #638.

Overall, 11 research analysts have assigned a Hold rating and 5 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $62.50 which is 19.1% above where the stock opened today.

QUALCOMM engages in the development, design and provision of digital telecommunications products and services. It operates through the following segments: Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI).

 

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