In the latest trading session, Qualcomm (QCOM) closed at $142.47, marking a +0.74% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.35%.Prior to today's trading, shares of the chipmaker had gained 5.06% over the past month. This has lagged the Computer and Technology sector's gain of 5.62% and outpaced the S&P 500's gain of 3.64% in that time.Investors will be hoping for strength from QCOM as it approaches its next earnings release, which is expected to be July 28, 2021. On that day, QCOM is projected to report earnings of $1.67 per share, which would represent year-over-year growth of 94.19%. Our most recent consensus estimate is calling for quarterly revenue of $7.64 billion, up 56.21% from the year-ago period.Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $7.80 per share and revenue of $32.23 billion. These totals would mark changes of +86.16% and +36.98%, respectively, from last year.Investors should also note any recent changes to analyst estimates for QCOM. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.19% higher. QCOM currently has a Zacks Rank of #3 (Hold).Looking at its valuation, QCOM is holding a Forward P/E ratio of 18.13. Its industry sports an average Forward P/E of 18.13, so we one might conclude that QCOM is trading at a no noticeable deviation comparatively.Also, we should mention that QCOM has a PEG ratio of 0.84. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. QCOM's industry had an average PEG ratio of 2.83 as of yesterday's close.The Wireless Equipment industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 237, putting it in the bottom 7% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report QUALCOMM Incorporated (QCOM): Free Stock Analysis Report To read this article on Zacks.com click here.