Broadcom (NASDAQ:AVGO) had its target price cut by equities research analysts at UBS Group from $300.00 to $275.00 in a report issued on Friday, The Fly reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. UBS Group’s price objective would indicate a potential upside of 20.32% from the company’s previous close.
A number of other equities research analysts also recently weighed in on AVGO. BidaskClub downgraded shares of Broadcom from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. MED initiated coverage on shares of Broadcom in a report on Thursday, November 8th. They issued a “buy” rating and a $310.00 price target on the stock. Craig Hallum restated a “buy” rating and set a $300.00 target price (down previously from $330.00) on shares of Broadcom in a report on Friday, September 7th. MKM Partners lowered their price target on Broadcom to $255.00 in a research report on Friday, September 7th. Finally, JPMorgan Chase & Co. assumed coverage on Broadcom in a research report on Thursday, November 8th. They issued an “overweight” rating and a $325.00 target price for the company. Nine investment analysts have rated the stock with a hold rating and thirty-four have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $288.33.
Broadcom stock opened at $228.56 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.42 and a current ratio of 3.98. Broadcom has a 12-month low of $197.46 and a 12-month high of $274.26. The firm has a market cap of $93.95 billion, a P/E ratio of 12.14, a P/E/G ratio of 0.98 and a beta of 1.03.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 6th. The semiconductor manufacturer reported $5.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $5.58 by $0.27. The company had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.40 billion. Broadcom had a net margin of 58.80% and a return on equity of 28.32%. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.59 earnings per share. On average, equities research analysts expect that Broadcom will post 18.45 EPS for the current fiscal year.
In other news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $228.94, for a total transaction of $4,578,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kirsten M. Spears sold 1,194 shares of the stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $246.52, for a total value of $294,344.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 61,194 shares of company stock valued at $14,266,145. Company insiders own 3.30% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Marcus Capital LLC purchased a new position in Broadcom in the 2nd quarter valued at approximately $364,000. Wesbanco Bank Inc. purchased a new position in Broadcom in the 2nd quarter valued at approximately $19,879,000. Cambridge Investment Research Advisors Inc. increased its stake in Broadcom by 134.4% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 19,591 shares of the semiconductor manufacturer’s stock valued at $4,834,000 after purchasing an additional 11,234 shares in the last quarter. KBC Group NV purchased a new position in Broadcom in the 2nd quarter valued at approximately $10,500,000. Finally, Oakwood Capital Management LLC CA purchased a new position in Broadcom in the 2nd quarter valued at approximately $3,347,000. 85.22% of the stock is owned by institutional investors and hedge funds.
Broadcom Company Profile
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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