Broadcom (NASDAQ:AVGO) Stock Price Down 1.6% – Here’s Why

Broadcom Inc. (NASDAQ:AVGO) fell 1.6% on Thursday . The company traded as low as $394.19 and last traded at $406.37. 37,396,252 shares changed hands during trading, an increase of 47% from the average session volume of 25,421,736 shares. The stock had previously closed at $412.97.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Evercore ISI increased their price target on shares of Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a research report on Wednesday, October 15th. TD Cowen upped their price objective on shares of Broadcom from $355.00 to $370.00 and gave the company a “buy” rating in a research note on Friday, September 5th. Barclays set a $450.00 price target on shares of Broadcom and gave the stock an “overweight” rating in a research note on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft set a $400.00 price objective on Broadcom and gave the company a “buy” rating in a research note on Tuesday, October 14th. Finally, Raymond James Financial set a $420.00 price objective on Broadcom and gave the stock an “outperform” rating in a report on Thursday, November 20th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $392.46.

Broadcom Price Performance

The stock has a market cap of $1.92 trillion, a PE ratio of 103.67, a PEG ratio of 1.38 and a beta of 1.19. The business’s 50-day simple moving average is $361.37 and its 200-day simple moving average is $315.84. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 100,000 shares of the business’s stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the transaction, the chief executive officer directly owned 725,638 shares of the company’s stock, valued at approximately $246,412,152.04. The trade was a 12.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 368,797 shares of the company’s stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $337.91, for a total transaction of $124,620,194.27. Following the completion of the transaction, the director owned 37,722,534 shares of the company’s stock, valued at $12,746,821,463.94. This trade represents a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 837,433 shares of company stock worth $303,900,352 over the last 90 days. 2.00% of the stock is owned by insiders.

Institutional Trading of Broadcom

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in Broadcom during the second quarter valued at $18,579,549,000. Price T Rowe Associates Inc. MD increased its stake in shares of Broadcom by 37.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock valued at $10,968,270,000 after purchasing an additional 17,985,046 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Broadcom by 1.3% during the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after purchasing an additional 6,222,802 shares during the last quarter. Edgewood Management LLC bought a new stake in shares of Broadcom in the 2nd quarter worth approximately $1,571,438,000. Finally, Arrowstreet Capital Limited Partnership increased its position in Broadcom by 499.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer’s stock valued at $1,858,789,000 after buying an additional 4,694,313 shares in the last quarter. 76.43% of the stock is currently 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.