Broadcom (AVGO) PT Raised to $313.00
Broadcom (NASDAQ:AVGO) had its price objective increased by research analysts at Canaccord Genuity from $300.00 to $313.00 in a research report issued on Wednesday. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Canaccord Genuity’s price target suggests a potential upside of 12.83% from the company’s previous close.
A number of other research analysts also recently issued reports on the company. Deutsche Bank boosted their price objective on Broadcom from $275.00 to $295.00 and gave the company a “buy” rating in a research note on Friday, August 25th. Zacks Investment Research downgraded Broadcom from a “hold” rating to a “sell” rating in a research note on Wednesday, October 25th. Sanford C. Bernstein reissued an “outperform” rating and issued a $285.00 price objective on shares of Broadcom in a research note on Tuesday, October 10th. Vetr downgraded Broadcom from a “buy” rating to a “hold” rating and set a $261.95 price objective on the stock. in a research note on Monday, September 4th. Finally, Barclays boosted their price objective on Broadcom from $290.00 to $300.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. Three equities research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and three have given a strong buy rating to the company’s stock. Broadcom has an average rating of “Buy” and an average price target of $288.85.
Broadcom (AVGO) traded down $7.22 during midday trading on Wednesday, hitting $277.40. The company’s stock had a trading volume of 2,678,500 shares, compared to its average volume of 2,735,867. Broadcom has a 1 year low of $160.62 and a 1 year high of $285.68. The company has a market cap of $113,170.00, a price-to-earnings ratio of 21.34, a PEG ratio of 1.38 and a beta of 1.05. The company has a debt-to-equity ratio of 0.60, a current ratio of 4.48 and a quick ratio of 3.84.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 EPS for the quarter, beating analysts’ consensus estimates of $4.03 by $0.07. Broadcom had a return on equity of 26.82% and a net margin of 3.12%. The firm had revenue of $4.47 billion for the quarter, compared to analyst estimates of $4.46 billion. During the same quarter in the previous year, the company posted $2.89 EPS. The business’s revenue was up 17.5% on a year-over-year basis. analysts forecast that Broadcom will post 13.92 earnings per share for the current year.
In other Broadcom news, CFO Thomas H. Krause sold 2,595 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $267.34, for a total value of $693,747.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Bryan Ingram sold 10,000 shares of the business’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $240.62, for a total transaction of $2,406,200.00. The disclosure for this sale can be found here. Insiders sold a total of 104,383 shares of company stock valued at $25,949,184 in the last ninety days. 3.60% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Broadcom by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock worth $6,423,271,000 after purchasing an additional 793,335 shares during the period. BlackRock Inc. grew its stake in Broadcom by 3.5% in the 2nd quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer’s stock worth $5,577,099,000 after acquiring an additional 798,982 shares in the last quarter. State Street Corp boosted its stake in shares of Broadcom by 1.6% during the second quarter. State Street Corp now owns 16,060,697 shares of the semiconductor manufacturer’s stock valued at $3,742,946,000 after purchasing an additional 255,044 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Broadcom by 18.2% during the second quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock valued at $2,028,442,000 after purchasing an additional 1,338,695 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of Broadcom by 26.7% during the second quarter. Jennison Associates LLC now owns 5,345,868 shares of the semiconductor manufacturer’s stock valued at $1,245,855,000 after purchasing an additional 1,128,052 shares in the last quarter. Institutional investors and hedge funds own 88.98% of the company’s stock.
Broadcom 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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