Broadcom (NASDAQ:AVGO) Given New $324.00 Price Target at Jefferies Financial Group

Broadcom (NASDAQ:AVGO) had its price target reduced by equities research analysts at Jefferies Financial Group from $370.00 to $324.00 in a report issued on Friday, The Fly reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 15.05% from the stock’s current price.

AVGO has been the topic of a number of other research reports. DA Davidson increased their price objective on shares of Broadcom to $325.00 and gave the stock a “buy” rating in a report on Friday, March 15th. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $325.00 to $365.00 in a report on Monday, March 18th. KeyCorp increased their price objective on shares of Broadcom from $335.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. Morgan Stanley decreased their price objective on shares of Broadcom from $266.00 to $262.00 and set an “equal weight” rating on the stock in a report on Monday. Finally, Deutsche Bank increased their price objective on shares of Broadcom from $300.00 to $330.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-eight have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $304.52.

AVGO opened at $281.61 on Friday. 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 has a twelve month low of $197.46 and a twelve month high of $323.20. The stock has a market capitalization of $110.73 billion, a PE ratio of 14.96, a PEG ratio of 1.26 and a beta of 0.87.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $5.18 by $0.03. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the prior year, the firm earned $4.88 EPS. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. Analysts expect that Broadcom will post 17.55 earnings per share for the current year.

In other Broadcom news, SVP Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $295.05, for a total transaction of $2,950,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Thomas H. Krause sold 14,494 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $295.45, for a total value of $4,282,252.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,824 shares of company stock valued at $20,565,519. Insiders own 3.30% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc grew its stake in shares of Broadcom by 6.6% during the 3rd quarter. Vanguard Group Inc now owns 33,632,811 shares of the semiconductor manufacturer’s stock valued at $8,298,223,000 after purchasing an additional 2,094,847 shares during the period. Buckingham Capital Management Inc. grew its stake in Broadcom by 12.1% during the 4th quarter. Buckingham Capital Management Inc. now owns 13,692 shares of the semiconductor manufacturer’s stock worth $3,482,000 after purchasing an additional 1,473 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in Broadcom by 15.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 953 shares of the semiconductor manufacturer’s stock worth $242,000 after purchasing an additional 129 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Broadcom by 134.8% during the 4th quarter. Victory Capital Management Inc. now owns 111,099 shares of the semiconductor manufacturer’s stock worth $28,250,000 after acquiring an additional 63,777 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of Broadcom by 26,295.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,950,143 shares of the semiconductor manufacturer’s stock worth $47,000 after acquiring an additional 11,904,869 shares in the last quarter. Institutional investors own 84.42% of the company’s stock.

About Broadcom

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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