Broadcom Limited (AVGO) Downgraded by Vetr Inc.
Broadcom Limited (NASDAQ:AVGO) was downgraded by analysts at Vetr from a “buy” rating to a “hold” rating in a report issued on Tuesday. They currently have a $258.25 price target on the semiconductor manufacturer’s stock. Vetr‘s price target points to a potential upside of 2.30% from the stock’s previous close.
AVGO has been the topic of several other research reports. Morgan Stanley reissued an “overweight” rating and issued a $265.00 target price (up previously from $245.00) on shares of Broadcom Limited in a research note on Thursday, May 25th. Pacific Crest reissued an “overweight” rating and issued a $260.00 target price on shares of Broadcom Limited in a research note on Wednesday, May 31st. Zacks Investment Research lowered Broadcom Limited from a “buy” rating to a “hold” rating in a research note on Tuesday, May 2nd. Deutsche Bank AG reissued a “buy” rating and issued a $275.00 target price (up previously from $255.00) on shares of Broadcom Limited in a research note on Thursday, June 1st. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $285.00 target price (up previously from $265.00) on shares of Broadcom Limited in a research note on Saturday, June 3rd. Two research analysts have rated the stock with a hold rating, thirty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $263.22.
Shares of Broadcom Limited (NASDAQ:AVGO) opened at 252.44 on Tuesday. Broadcom Limited has a 12-month low of $158.75 and a 12-month high of $258.49. The firm’s 50-day moving average price is $244.11 and its 200 day moving average price is $226.01. The firm’s market cap is $102.64 billion.
Broadcom Limited (NASDAQ:AVGO) last released its earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 earnings per share for the quarter, beating the consensus estimate of $3.50 by $0.19. Broadcom Limited had a positive return on equity of 24.15% and a negative net margin of 1.54%. The firm had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.11 billion. During the same quarter in the prior year, the firm posted $2.53 earnings per share. The company’s quarterly revenue was up 17.9% on a year-over-year basis. On average, equities analysts expect that Broadcom Limited will post $15.78 earnings per share for the current fiscal year.
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In related news, SVP Bryan Ingram sold 10,000 shares of Broadcom Limited stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $244.59, for a total transaction of $2,445,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kirsten M. Spears sold 1,306 shares of Broadcom Limited stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $254.15, for a total value of $331,919.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 41,306 shares of company stock valued at $10,380,120. 3.60% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in AVGO. FNY Managed Accounts LLC purchased a new stake in Broadcom Limited during the first quarter valued at $100,000. AllSquare Wealth Management LLC boosted its stake in Broadcom Limited by 38.0% in the first quarter. AllSquare Wealth Management LLC now owns 483 shares of the semiconductor manufacturer’s stock valued at $106,000 after buying an additional 133 shares during the last quarter. Crestwood Advisors Group LLC purchased a new stake in Broadcom Limited during the first quarter valued at $111,000. Shine Investment Advisory Services Inc. purchased a new stake in Broadcom Limited during the second quarter valued at $116,000. Finally, Archford Capital Strategies LLC boosted its stake in Broadcom Limited by 45.4% in the first quarter. Archford Capital Strategies LLC now owns 538 shares of the semiconductor manufacturer’s stock valued at $118,000 after buying an additional 168 shares during the last quarter. 90.60% of the stock is owned by institutional investors and hedge funds.
Broadcom Limited Company Profile
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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