In this article, we discuss 5 strong buy stocks to invest in now according to Reddit. If you want to see more stocks in this selection, click 10 Strong Buy Stocks to Invest in Now According to Reddit.
5. QUALCOMM Incorporated (NASDAQ:QCOM)
Number of Hedge Fund Holders: 73
QUALCOMM Incorporated (NASDAQ:QCOM) is a California-based technology firm that develops and commercializes integrated circuits and system software for the wireless industry worldwide. While the Q2 2022 earnings and revenue exceeded Wall Street consensus, the company said adjusted earnings for Q3 2022 would fall between $3 and $3.30 per share, and revenue is expected to clock in between $11 billion and $11.8 billion. Whereas, analysts predicted earnings per share of $3.25 and $11.86 billion in revenue. On July 29, DZ Bank analyst Ingo Wermann downgraded QUALCOMM Incorporated (NASDAQ:QCOM) to Hold from Buy with a $150 price target.
Redditors see QUALCOMM Incorporated (NASDAQ:QCOM)’s P/E ratio of only 13 as a positive indicator, in addition to a steady dividend stream. QUALCOMM Incorporated (NASDAQ:QCOM) is an integral supplier of modems to Apple Inc. (NASDAQ:AAPL) and Samsung, which positions it as one of the best tech stocks according to Redditors. Moreover, the Reddit community believes that the impact of the 5G upgrade is not yet understood widely enough to have properly valued the top companies such as QUALCOMM Incorporated (NASDAQ:QCOM).
According to Insider Monkey’s data, 73 hedge funds were bullish on QUALCOMM Incorporated (NASDAQ:QCOM) at the end of March 2022, compared to 75 funds in the last quarter. Alkeon Capital Management is the leading stakeholder of the company, with 4.10 million shares worth $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).”