Broadcom (NASDAQ:AVGO) had its target price lowered by analysts at Citigroup from $320.00 to $300.00 in a research note issued to investors on Friday, BenzingaRatingsTable reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Citigroup‘s target price would indicate a potential upside of 13.80% from the company’s current price.
Several other brokerages have also recently issued reports on AVGO. DA Davidson increased their price objective on Broadcom to $325.00 and gave the company a “buy” rating in a research note on Friday, March 15th. MKM Partners increased their price objective on Broadcom to $310.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Zacks Investment Research cut Broadcom from a “hold” rating to a “sell” rating in a research note on Tuesday, March 19th. BidaskClub cut Broadcom from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 30th. Finally, JPMorgan Chase & Co. raised their price target on Broadcom from $325.00 to $365.00 in a research note on Monday, March 18th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-nine have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $299.32.
Broadcom stock traded down $17.98 during mid-day trading on Friday, hitting $263.63. The company’s stock had a trading volume of 4,558,575 shares, compared to its average volume of 3,175,010. The firm has a market capitalization of $110.73 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 1.26 and a beta of 0.87. Broadcom has a 1 year low of $197.46 and a 1 year high of $323.20. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.14 and a current ratio of 1.27.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 EPS for the quarter, topping analysts’ consensus estimates of $5.18 by $0.03. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. The company had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the prior year, the firm earned $4.88 earnings per share. The firm’s revenue was up 10.0% compared to the same quarter last year. Analysts forecast that Broadcom will post 17.55 EPS for the current year.
In related news, CFO Thomas H. Krause sold 14,494 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $295.45, for a total transaction of $4,282,252.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $315.07, for a total value of $6,301,400.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,824 shares of company stock worth $20,565,519. Corporate insiders own 3.30% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AlphaOne Investment Services LLC purchased a new stake in Broadcom in the 4th quarter valued at approximately $25,000. First Financial Corp IN purchased a new stake in Broadcom in the 1st quarter valued at approximately $30,000. Daiwa SB Investments Ltd. purchased a new stake in Broadcom in the 1st quarter valued at approximately $30,000. CX Institutional boosted its holdings in Broadcom by 555.6% in the 1st quarter. CX Institutional now owns 118 shares of the semiconductor manufacturer’s stock valued at $35,000 after purchasing an additional 100 shares in the last quarter. Finally, Karp Capital Management Corp purchased a new stake in Broadcom in the 4th quarter valued at approximately $36,000. 84.42% of the stock is currently owned by hedge funds and other institutional investors.
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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