Broadcom Receives Average Rating of “Buy” from Analysts (NASDAQ:BRCM)
Broadcom (NASDAQ:BRCM) has received a consensus rating of “Buy” from the forty-two brokerages that are presently covering the stock, ARN reports. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-two have given a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $41.18.
In other Broadcom news, CEO Scott A. Mcgregor sold 75,000 shares of the stock on the open market in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $37.97, for a total transaction of $2,847,750.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Broadcom (NASDAQ:BRCM) opened at 38.19 on Wednesday. Broadcom has a 52 week low of $23.25 and a 52 week high of $40.74. The stock’s 50-day moving average is $37.91 and its 200-day moving average is $32.68. The company has a market cap of $22.570 billion and a P/E ratio of 34.94.
Broadcom (NASDAQ:BRCM) last announced its earnings results on Tuesday, July 22nd. The company reported $0.65 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.61 by $0.04. The company had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. The company’s quarterly revenue was down 2.3% on a year-over-year basis. On average, analysts predict that Broadcom will post $2.84 earnings per share for the current fiscal year.
A number of analysts have recently weighed in on BRCM shares. Analysts at Bernstein raised their price target on shares of Broadcom from $44.00 to $46.00 in a research note on Wednesday, July 23rd. They now have an “outperform” rating on the stock. Separately, analysts at Susquehanna raised their price target on shares of Broadcom from $40.00 to $45.00 in a research note on Wednesday, July 23rd. They now have a “positive” rating on the stock. Finally, analysts at Topeka Capital Markets raised their price target on shares of Broadcom from $40.00 to $45.00 in a research note on Wednesday, July 23rd. They now have a “buy” rating on the stock.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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