Broadcom (NASDAQ:AVGO) Stock Price Expected to Rise, Bank of America Analyst Says

Broadcom (NASDAQ:AVGO) had its price objective hoisted by Bank of America from $460.00 to $500.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Bank of America‘s target price would suggest a potential upside of 38.92% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Evercore ISI raised their price target on Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Oppenheimer reissued an “outperform” rating and set a $435.00 target price (up previously from $400.00) on shares of Broadcom in a research report on Friday, December 5th. KeyCorp restated an “overweight” rating and issued a $500.00 price target (up previously from $460.00) on shares of Broadcom in a report on Friday. The Goldman Sachs Group set a $435.00 price objective on shares of Broadcom and gave the company a “buy” rating in a report on Tuesday, November 25th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Broadcom from $325.00 to $400.00 and gave the stock an “overweight” rating in a research note on Friday, September 5th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $435.85.

Broadcom Stock Down 11.4%

Shares of NASDAQ AVGO opened at $359.93 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50. The firm has a market capitalization of $1.70 trillion, a price-to-earnings ratio of 75.62, a PEG ratio of 1.22 and a beta of 1.19. The stock has a 50 day moving average price of $363.17 and a 200 day moving average price of $317.95. Broadcom has a 52-week low of $138.10 and a 52-week high of $414.61.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping the consensus estimate of $1.87 by $0.08. The company had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a return on equity of 38.82% and a net margin of 36.20%.Broadcom’s quarterly revenue was up 28.2% on a year-over-year basis. During the same period last year, the business posted $1.42 EPS. Sell-side analysts expect that Broadcom will post 5.38 earnings per share for the current year.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 320,316 shares of the business’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $400.53, for a total transaction of $128,296,167.48. Following the sale, the director owned 37,326,540 shares in the company, valued at approximately $14,950,399,066.20. The trade was a 0.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $331.14, for a total transaction of $264,912.00. Following the completion of the transaction, the director directly owned 21,382 shares of the company’s stock, valued at $7,080,435.48. The trade was a 3.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 837,433 shares of company stock worth $303,900,352. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Assetmark Inc. raised its holdings in Broadcom by 2.4% in the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after purchasing an additional 39,466 shares during the period. Capital Counsel LLC NY bought a new stake in shares of Broadcom in the 2nd quarter valued at $221,000. Waterloo Capital L.P. lifted its holdings in Broadcom by 7.0% during the second quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after acquiring an additional 3,180 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in Broadcom by 27.9% during the first quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock worth $10,737,000 after acquiring an additional 13,978 shares in the last quarter. Finally, RiverFront Investment Group LLC grew its stake in Broadcom by 107.6% in the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock valued at $4,555,000 after acquiring an additional 8,566 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Company Profile

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.