Broadcom (NASDAQ:AVGO) was upgraded by research analysts at Charter Equity from a “market perform” rating to a “buy” rating in a research note issued to investors on Friday, Marketbeat Ratings reports.
Several other equities analysts have also issued reports on AVGO. BidaskClub cut shares of Broadcom from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, December 4th. Zacks Investment Research raised shares of Broadcom from a “sell” rating to a “hold” rating in a research report on Wednesday, December 5th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $260.00 price objective on shares of Broadcom in a research report on Wednesday, November 28th. BMO Capital Markets reaffirmed a “hold” rating and issued a $230.00 price objective on shares of Broadcom in a research report on Friday, September 7th. Finally, B. Riley raised shares of Broadcom from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $250.00 to $300.00 in a research report on Monday, December 3rd. Nine analysts have rated the stock with a hold rating and thirty-four have assigned a buy rating to the company’s stock. Broadcom presently has a consensus rating of “Buy” and a consensus target price of $288.33.
AVGO opened at $228.56 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.90 and a quick ratio of 3.41. Broadcom has a 52 week low of $197.46 and a 52 week high of $274.26. The firm has a market cap of $94.50 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 0.98 and a beta of 1.02.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 6th. The semiconductor manufacturer reported $5.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.58 by $0.27. Broadcom had a net margin of 58.80% and a return on equity of 29.03%. The company had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same quarter in the previous year, the business earned $4.59 EPS. The firm’s revenue was up 12.4% on a year-over-year basis. Equities analysts expect that Broadcom will post 18.45 EPS for the current year.
In related news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $238.62, for a total value of $4,772,400.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kirsten M. Spears sold 1,194 shares of the company’s stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,194 shares of company stock worth $14,266,145. 3.30% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the business. Alps Advisors Inc. bought a new stake in shares of Broadcom during the 2nd quarter worth approximately $643,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Broadcom during the 2nd quarter worth approximately $3,568,000. Integrated Investment Consultants LLC bought a new stake in shares of Broadcom during the 2nd quarter worth approximately $203,000. Assetmark Inc. bought a new stake in shares of Broadcom during the 2nd quarter worth approximately $241,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Broadcom during the 2nd quarter worth approximately $4,422,000. Hedge funds and other institutional investors own 85.22% of the company’s stock.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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