Broadcom Ltd (AVGO) PT Raised to $265.00
Broadcom Ltd (NASDAQ:AVGO) had its price objective increased by equities researchers at Morgan Stanley from $245.00 to $265.00 in a report released on Thursday. The brokerage presently has an “overweight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price target points to a potential upside of 10.60% from the company’s previous close.
Other research analysts also recently issued reports about the company. Vetr raised Broadcom from a “sell” rating to a “hold” rating and set a $195.55 price objective for the company in a research note on Tuesday, January 31st. Instinet reiterated a “buy” rating and set a $260.00 price target (up from $230.00) on shares of Broadcom in a report on Wednesday, May 17th. Wells Fargo & Co reiterated a “market perform” rating and set a $222.50 price target (up from $165.00) on shares of Broadcom in a report on Friday, March 3rd. Mizuho raised their target price on Broadcom from $210.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, March 2nd. Finally, Rosenblatt Securities restated a “buy” rating and set a $250.00 target price on shares of Broadcom in a report on Thursday, March 2nd. Three equities research analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Broadcom currently has an average rating of “Buy” and an average price target of $232.05.
Broadcom (NASDAQ:AVGO) traded up 0.23% during trading on Thursday, hitting $240.15. 408,421 shares of the company were exchanged. Broadcom has a 1-year low of $142.27 and a 1-year high of $241.29. The stock’s market capitalization is $96.39 billion. The firm’s 50 day moving average price is $224.74 and its 200-day moving average price is $202.10.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Wednesday, March 1st. The semiconductor manufacturer reported $3.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.02 by $0.61. Broadcom had a positive return on equity of 22.77% and a negative net margin of 13.13%. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the prior year, the firm posted $2.41 EPS. The business’s quarterly revenue was up 132.8% compared to the same quarter last year. Equities analysts predict that Broadcom will post $14.89 EPS for the current year.
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In related news, SVP Bryan Ingram sold 13,207 shares of the business’s stock in a transaction on Wednesday, March 8th. The shares were sold at an average price of $220.00, for a total value of $2,905,540.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 65,000 shares of the business’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $216.79, for a total transaction of $14,091,350.00. The disclosure for this sale can be found here. Insiders sold 283,946 shares of company stock worth $63,066,891 in the last 90 days. 6.20% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the company. iAB Financial Bank raised its position in Broadcom by 45.1% in the first quarter. iAB Financial Bank now owns 1,690 shares of the semiconductor manufacturer’s stock valued at $370,000 after buying an additional 525 shares during the last quarter. BTIM Corp. purchased a new position in Broadcom during the first quarter valued at approximately $219,000. V Wealth Management LLC purchased a new position in Broadcom during the first quarter valued at approximately $206,000. Wesbanco Bank Inc. raised its position in Broadcom by 1.6% in the first quarter. Wesbanco Bank Inc. now owns 118,971 shares of the semiconductor manufacturer’s stock valued at $26,050,000 after buying an additional 1,853 shares during the last quarter. Finally, Tompkins Financial Corp raised its position in Broadcom by 10.1% in the first quarter. Tompkins Financial Corp now owns 2,885 shares of the semiconductor manufacturer’s stock valued at $446,000 after buying an additional 265 shares during the last quarter. Institutional investors own 91.85% of the company’s stock.
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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