5 Best Gaming Stocks To Buy Now

3. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 73

QUALCOMM Incorporated (NASDAQ:QCOM) is a California-based semiconductor and wireless technology company that operates through three segments – Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI). Qualcomm Snapdragon Elite Gaming offers HDR quality graphics for smartphone and desktop-level gaming. 

On June 21, Mizuho analyst Vijay Rakesh reiterated a Buy rating on QUALCOMM Incorporated (NASDAQ:QCOM) and lowered the price target on the stock to $168 from $185. The analyst sees the handset supply chain constraints, the slow China reopening, softer consumer demand, and surplus inventory as challenges. On June 28, BofA added QUALCOMM Incorporated (NASDAQ:QCOM) to its “US 1 List”, which is a collection of the firm’s top investment ideas from the universe of Buy-rated, U.S. listed stocks. 

QUALCOMM Incorporated (NASDAQ:QCOM) was part of 73 hedge fund portfolios at the end of the first quarter of 2022, with collective stakes worth $3.5 billion. Alkeon Capital Management held the leading position in the company, comprising 4.10 million shares valued at $626.7 million. 

Here is what ClearBridge Investments Large Cap Value Strategy has to say about QUALCOMM Incorporated (NASDAQ:QCOM) in its Q4 2021 investor letter:

“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, 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).”