Broadcom (NASDAQ:AVGO) had its price objective upped by equities research analysts at Canaccord Genuity from $100.00 to $325.00 in a report issued on Wednesday, The Fly reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Canaccord Genuity’s price objective would suggest a potential upside of 30.15% from the stock’s previous close.
A number of other analysts have also recently commented on the company. BidaskClub cut Broadcom from a “sell” rating to a “strong sell” rating in a research report on Thursday, January 25th. Vetr upgraded Broadcom from a “hold” rating to a “buy” rating and set a $269.37 price objective for the company in a research note on Thursday, January 25th. Credit Suisse Group restated a “buy” rating on shares of Broadcom in a research note on Tuesday, January 23rd. Oppenheimer restated a “buy” rating on shares of Broadcom in a research note on Friday, December 15th. Finally, Mizuho restated a “buy” rating and issued a $310.00 price objective on shares of Broadcom in a research note on Thursday, December 14th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $302.89.
Broadcom (NASDAQ:AVGO) traded up $8.74 during midday trading on Wednesday, reaching $249.72. The company’s stock had a trading volume of 4,277,324 shares, compared to its average volume of 3,394,645. Broadcom has a twelve month low of $198.86 and a twelve month high of $285.68. The company has a quick ratio of 5.68, a current ratio of 6.26 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $102,010.00, a P/E ratio of 63.62, a price-to-earnings-growth ratio of 1.05 and a beta of 1.04.
In other news, insider Hock E. Tan sold 20,789 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $259.85, for a total transaction of $5,402,021.65. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Bryan Ingram sold 794 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $258.60, for a total transaction of $205,328.40. The disclosure for this sale can be found here. Insiders sold a total of 86,674 shares of company stock worth $22,659,390 over the last three months. 3.60% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the company. Mountain Capital Investment Advisors Inc acquired a new stake in Broadcom in the second quarter worth about $113,000. AllSquare Wealth Management LLC acquired a new position in shares of Broadcom in the 3rd quarter valued at about $113,000. Tower Research Capital LLC TRC increased its holdings in shares of Broadcom by 473.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 573 shares of the semiconductor manufacturer’s stock valued at $134,000 after purchasing an additional 473 shares during the period. Carroll Financial Associates Inc. increased its holdings in shares of Broadcom by 59.0% in the 3rd quarter. Carroll Financial Associates Inc. now owns 593 shares of the semiconductor manufacturer’s stock valued at $144,000 after purchasing an additional 220 shares during the period. Finally, Balentine LLC increased its holdings in shares of Broadcom by 21.9% in the 2nd quarter. Balentine LLC now owns 635 shares of the semiconductor manufacturer’s stock valued at $148,000 after purchasing an additional 114 shares during the period. 88.51% of the stock is currently owned by institutional investors and hedge funds.
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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.
