BidaskClub Downgrades Broadcom (AVGO) to Hold

Broadcom (NASDAQ:AVGO) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Saturday.

A number of other research firms have also weighed in on AVGO. Vetr lowered shares of Broadcom from a “buy” rating to a “hold” rating and set a $290.34 price objective on the stock. in a research note on Monday, November 27th. Zacks Investment Research upgraded shares of Broadcom from a “sell” rating to a “hold” rating and set a $316.00 price objective on the stock in a research note on Monday, November 27th. Mizuho reiterated a “buy” rating and issued a $290.00 price objective on shares of Broadcom in a research note on Monday, November 6th. Drexel Hamilton restated a “buy” rating and set a $302.00 price target on shares of Broadcom in a research report on Monday, November 6th. Finally, B. Riley restated a “buy” rating and set a $315.00 price target on shares of Broadcom in a research report on Monday, November 20th. Five equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Broadcom presently has a consensus rating of “Buy” and an average target price of $288.85.

Broadcom (AVGO) traded down $6.38 during trading hours on Friday, hitting $271.56. 4,673,940 shares of the stock were exchanged, compared to its average volume of 3,301,518. The firm has a market capitalization of $113,393.80, a price-to-earnings ratio of 21.01, a P/E/G ratio of 1.34 and a beta of 1.05. Broadcom has a 1 year low of $160.62 and a 1 year high of $285.68. The company has a debt-to-equity ratio of 0.60, a current ratio of 4.48 and a quick ratio of 3.84.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.03 by $0.07. The firm had revenue of $4.47 billion for the quarter, compared to analyst estimates of $4.46 billion. Broadcom had a net margin of 3.12% and a return on equity of 26.82%. The business’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.89 earnings per share. equities research analysts forecast that Broadcom will post 13.93 EPS for the current fiscal year.

In other news, CFO Thomas H. Krause sold 2,595 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $267.34, for a total value of $693,747.30. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Charlie B. Kawwas sold 1,788 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $247.28, for a total transaction of $442,136.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 104,383 shares of company stock worth $25,949,184. Insiders own 3.60% of the company’s stock.

A number of hedge funds have recently modified their holdings of AVGO. Winfield Associates Inc. raised its stake in Broadcom by 120.4% during the second quarter. Winfield Associates Inc. now owns 3,119 shares of the semiconductor manufacturer’s stock worth $727,000 after purchasing an additional 1,704 shares during the period. Honkamp Krueger Financial Services Inc. raised its stake in Broadcom by 17.2% during the second quarter. Honkamp Krueger Financial Services Inc. now owns 1,729 shares of the semiconductor manufacturer’s stock worth $403,000 after purchasing an additional 254 shares during the period. Pillar Pacific Capital Management LLC raised its stake in Broadcom by 5.0% during the second quarter. Pillar Pacific Capital Management LLC now owns 25,557 shares of the semiconductor manufacturer’s stock worth $5,956,000 after purchasing an additional 1,221 shares during the period. Rothschild Asset Management Inc. purchased a new position in Broadcom during the second quarter worth about $15,957,000. Finally, Lourd Capital LLC raised its stake in Broadcom by 10.5% during the second quarter. Lourd Capital LLC now owns 1,514 shares of the semiconductor manufacturer’s stock worth $353,000 after purchasing an additional 144 shares during the period. 88.98% of the stock is currently owned by institutional investors.

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About Broadcom

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.

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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