Broadcom (NASDAQ:AVGO) was upgraded by equities researchers at Summit Redstone to a “buy” rating in a research report issued to clients and investors on Friday, TipRanks reports.
AVGO has been the topic of a number of other research reports. DA Davidson lifted their target price on shares of Broadcom to $325.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Jefferies Financial Group lifted their target price on shares of Broadcom from $314.00 to $341.00 and gave the company a “buy” rating in a research note on Friday, March 15th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $325.00 to $365.00 in a research note on Monday, March 18th. KeyCorp boosted their price target on shares of Broadcom from $335.00 to $350.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. Finally, Morgan Stanley decreased their price target on shares of Broadcom from $266.00 to $262.00 and set an “equal weight” rating on the stock in a research note on Monday. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-nine have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $300.97.
Shares of AVGO traded down $18.18 during trading hours on Friday, reaching $263.43. 3,847,953 shares of the stock traded hands, compared to its average volume of 3,175,010. 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 52-week low of $197.46 and a 52-week high of $323.20. The stock has a market cap of $110.73 billion, a price-to-earnings ratio of 13.99, a price-to-earnings-growth ratio of 1.26 and a beta of 0.87.
Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, beating analysts’ consensus estimates of $5.18 by $0.03. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. The company had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the company earned $4.88 EPS. Broadcom’s revenue for the quarter was up 10.0% on a year-over-year basis. On average, equities research analysts predict 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 company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $295.05, for a total value of $2,950,500.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Charlie B. Kawwas sold 9,330 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $295.93, for a total transaction of $2,761,026.90. The disclosure for this sale can be found here. Insiders have sold a total of 67,824 shares of company stock worth $20,565,519 over the last quarter. 3.30% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the business. Belpointe Asset Management LLC grew its stake in Broadcom by 2.0% in the 1st quarter. Belpointe Asset Management LLC now owns 3,318 shares of the semiconductor manufacturer’s stock worth $997,000 after acquiring an additional 64 shares in the last quarter. KCL Capital L.P. purchased a new stake in shares of Broadcom in the 1st quarter worth approximately $3,759,000. Financial Advisors Network Inc. purchased a new stake in shares of Broadcom in the 1st quarter worth approximately $303,000. Meridian Wealth Management LLC lifted its position in shares of Broadcom by 10.4% in the 1st quarter. Meridian Wealth Management LLC now owns 1,913 shares of the semiconductor manufacturer’s stock worth $575,000 after purchasing an additional 180 shares during the period. Finally, Princeton Global Asset Management LLC lifted its position in shares of Broadcom by 1.5% in the 1st quarter. Princeton Global Asset Management LLC now owns 12,859 shares of the semiconductor manufacturer’s stock worth $3,866,000 after purchasing an additional 194 shares during the period. Institutional investors and hedge funds own 84.42% 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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