According to a legal filing with the Securities & Exchange Commission, the deal went through on Friday. What is a little strange about the deal is that analysts have been getting more optimistic about the company lately. Canaccord Genuity raised their price target on shares of Qualcomm from $86 to $90. Jefferies raised its price target $86 to $95 and Deutsche Bank raised its price target from $78.00 to $86.00. All three are saying that people should buy the stock.
The company issued quarterly earnings data on January 29th and its revenue for the quarter was up 10 per cent on last year. All we can assume is that Jacobs wanted the money in a hurry. (To buy some MediaTek shares? Ed)
It should be pointed out that Jacobs' loyalty cannot be questioned in spite of the sale. He is not just another tech exec, he is the son of Qualcomm co-founder Irwin M. Jacobs. Jeff Jacobs, Paul Jacob's brother, was Qualcomm's CMO for years.