Evercore ISI Issues Positive Forecast for Broadcom (NASDAQ:AVGO) Stock Price

Broadcom (NASDAQ:AVGO) had its price objective raised by equities research analysts at Evercore ISI from $201.00 to $250.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the semiconductor manufacturer’s stock. Evercore ISI’s target price suggests a potential upside of 38.38% from the company’s current price.

AVGO has been the subject of several other reports. TD Cowen increased their price objective on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday. Piper Sandler increased their price target on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday. Truist Financial upped their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Susquehanna lifted their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research note on Friday. Finally, The Goldman Sachs Group upped their price target on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $210.63.

Broadcom Trading Down 1.4 %

Shares of Broadcom stock opened at $180.66 on Friday. The firm has a market cap of $843.79 billion, a PE ratio of 156.96, a P/E/G ratio of 2.15 and a beta of 1.13. Broadcom has a 1 year low of $104.15 and a 1 year high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock has a fifty day moving average price of $173.65 and a 200-day moving average price of $163.86.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.98 earnings per share. Equities research analysts anticipate that Broadcom will post 3.79 EPS for the current year.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 18,900 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This represents a 4.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 over the last quarter. 2.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Broadcom

Institutional investors have recently modified their holdings of the stock. Legacy Wealth Management LLC MS grew its position in Broadcom by 1,021.0% during the 3rd quarter. Legacy Wealth Management LLC MS now owns 9,573 shares of the semiconductor manufacturer’s stock valued at $1,651,000 after purchasing an additional 8,719 shares during the last quarter. 1ST Source Bank lifted its stake in shares of Broadcom by 869.0% in the third quarter. 1ST Source Bank now owns 32,489 shares of the semiconductor manufacturer’s stock worth $5,604,000 after buying an additional 29,136 shares in the last quarter. Alternative Investment Advisors LLC. grew its holdings in shares of Broadcom by 376.4% during the third quarter. Alternative Investment Advisors LLC. now owns 9,367 shares of the semiconductor manufacturer’s stock valued at $1,616,000 after buying an additional 7,401 shares during the last quarter. DGS Capital Management LLC increased its position in shares of Broadcom by 1,094.7% during the third quarter. DGS Capital Management LLC now owns 8,363 shares of the semiconductor manufacturer’s stock valued at $1,443,000 after acquiring an additional 7,663 shares in the last quarter. Finally, Copley Financial Group Inc. purchased a new position in Broadcom in the 3rd quarter worth approximately $379,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

About Broadcom

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.