5 Best 5G Stocks To Buy Now

3. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 71

QUALCOMM Incorporated (NASDAQ:QCOM) is a California-based company that engages in the commercialization of foundational technologies for the wireless industry worldwide. The company develops integrated circuits and system software based on 3G/4G/5G technologies for use in wireless voice and data communications, application processing, multimedia, and global positioning system products. QUALCOMM Incorporated (NASDAQ:QCOM) is one of the best 5G stocks to monitor. 

On November 3, Baird analyst Tristan Gerra maintained an Outperform rating on QUALCOMM Incorporated (NASDAQ:QCOM) but lowered the price target on the shares to $150 from $250. The analyst said the fundamentals remain intact despite large inventory adjustments in smartphones, which will affect both the December and March quarters.

According to Insider Monkey’s data, 71 hedge funds were bullish on QUALCOMM Incorporated (NASDAQ:QCOM) at the end of June 2022, compared to 73 funds in the last quarter. Alkeon Capital Management is the leading stakeholder of the company, with 4.2 million shares worth $541.15 million. 

In its Q4 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and QUALCOMM Incorporated (NASDAQ:QCOM) was one of them. Here is what the fund said:

“Market strength continued in the fourth quarter, with only the communication services sector down in the Russell 1000 Value Index. Portfolio returns benefited from the strong performance of semiconductor maker QUALCOMM Incorporated (NASDAQ:QCOM), which has executed exceptionally well in pursuing the transition to 5G, growing both content and share due to its leadership position in cellular technology. The chipmaker recently outlined a number of peripheral growth opportunities outside of mobile markets, including automotive (where it hopes to leverage its strong presence in the automotive infotainment space into advanced driver assistance systems), Internet of Things (including opportunities in the PC market, VR/AR market, and factory automation) and radio frequency (where mmWave adoption globally, including China, would drive substantial upside).”