ValuEngine Upgrades Broadcom (AVGO) to “Hold”
ValuEngine upgraded shares of Broadcom (NASDAQ:AVGO) from a sell rating to a hold rating in a research note issued to investors on Friday.
Several other equities analysts also recently weighed in on the stock. Mizuho restated a buy rating and set a $280.00 target price on shares of Broadcom in a report on Friday, September 7th. Bank of America upgraded shares of Broadcom from a neutral rating to a buy rating in a report on Friday, September 7th. MKM Partners dropped their target price on shares of Broadcom to $255.00 in a report on Friday, September 7th. BidaskClub upgraded shares of Broadcom from a hold rating to a buy rating in a report on Friday, September 21st. Finally, Barclays initiated coverage on shares of Broadcom in a research note on Tuesday, August 7th. They set an overweight rating and a $265.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating and thirty-one have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $290.02.
NASDAQ:AVGO opened at $237.61 on Friday. The company has a quick ratio of 3.42, a current ratio of 3.98 and a debt-to-equity ratio of 0.64. Broadcom has a twelve month low of $197.46 and a twelve month high of $285.68. The stock has a market cap of $98.24 billion, a price-to-earnings ratio of 13.47, a price-to-earnings-growth ratio of 0.94 and a beta of 0.99.
In related news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $231.03, for a total value of $4,620,600.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Kirsten M. Spears sold 1,194 shares of the firm’s stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. Insiders sold 41,194 shares of company stock worth $9,687,345 over the last three months. Corporate insiders own 3.30% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Massey Quick Simon & CO. LLC acquired a new stake in shares of Broadcom in the second quarter worth approximately $104,000. Zions Bancorporation purchased a new position in Broadcom in the second quarter valued at approximately $109,000. MUFG Americas Holdings Corp purchased a new position in Broadcom in the second quarter valued at approximately $109,000. MUFG Securities EMEA plc purchased a new position in Broadcom in the second quarter valued at approximately $117,000. Finally, First Personal Financial Services purchased a new position in Broadcom in the second quarter valued at approximately $126,000. 85.12% of the stock is currently owned by institutional investors and hedge funds.
Broadcom Inc designs, develops, and supplies a range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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To view ValuEngine’s full report, visit ValuEngine’s official website.
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