Broadcom (AVGO) Given “Buy” Rating at Rosenblatt Securities
“We rate AVGO Buy and reiterate our $340 price target into the January quarter print on March 15th which we expect to be in-line. CFIUS involvement and the political climate in Washington do not bode well for the Qualcomm (QCOM: Neutral) deal but Broadcom wins regardless. Recall management last quarter raised long-term non-GAAP gross margin, operating margin, and FCF targets to 65%, 47.5%, and 40%, up from 60%, 45% and 35% respectively. Broadcom Ltd. (AVGO) Price Chart– 1 Yr Chart Source: Trading View Company Summary: Broadcom Limited designs, develops, and supplies semiconductors and integrated circuits. The Company offers products such as broadband carrier access, cables, switches, network processors, and wireless connectors. Broadcom markets its products around the world.”,” the firm’s analyst wrote.
Other analysts have also issued reports about the stock. Vetr raised shares of Broadcom from a hold rating to a buy rating and set a $269.37 price target for the company in a research report on Thursday, January 25th. B. Riley reissued a buy rating and issued a $315.00 price target on shares of Broadcom in a research report on Monday, November 20th. Susquehanna Bancshares increased their price target on shares of Broadcom from $300.00 to $325.00 and gave the stock a positive rating in a research report on Wednesday, December 6th. Zacks Investment Research lowered shares of Broadcom from a buy rating to a hold rating in a research report on Wednesday, February 7th. Finally, Mizuho increased their price target on shares of Broadcom from $290.00 to $310.00 and gave the stock a buy rating in a research report on Thursday, December 7th. Two investment analysts have rated the stock with a hold rating, thirty-three have assigned a buy rating and one has given a strong buy rating to the company. Broadcom currently has an average rating of Buy and a consensus target price of $306.75.
In related news, CFO Thomas H. Krause sold 656 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $264.38, for a total transaction of $173,433.28. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $259.68, for a total transaction of $5,193,600.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,481 shares of company stock worth $21,805,795. Insiders own 3.32% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Nationwide Fund Advisors grew its holdings in Broadcom by 17.3% during the third quarter. Nationwide Fund Advisors now owns 321,880 shares of the semiconductor manufacturer’s stock valued at $78,069,000 after purchasing an additional 47,391 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Broadcom by 21.6% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 75,017 shares of the semiconductor manufacturer’s stock valued at $18,199,000 after purchasing an additional 13,327 shares during the last quarter. Gamco Investors INC. ET AL acquired a new position in Broadcom during the third quarter valued at approximately $564,000. Gabelli Funds LLC acquired a new position in Broadcom during the third quarter valued at approximately $6,452,000. Finally, Alps Advisors Inc. grew its holdings in Broadcom by 120.1% during the third quarter. Alps Advisors Inc. now owns 2,084 shares of the semiconductor manufacturer’s stock valued at $505,000 after purchasing an additional 1,137 shares during the last quarter. 89.52% of the stock is currently owned by hedge funds and other institutional investors.
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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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