Broadcom (NASDAQ:AVGO) was upgraded by Summit Insights from a “hold” rating to a “buy” rating in a research report issued on Friday, The Fly reports.
Several other equities analysts have also recently commented on the company. Mizuho upped their price target on Broadcom from $295.00 to $305.00 and gave the company a “buy” rating in a report on Friday, March 15th. JPMorgan Chase & Co. upped their price target on Broadcom from $325.00 to $365.00 in a report on Monday, March 18th. KeyCorp upped their price target on Broadcom from $335.00 to $350.00 and gave the company an “overweight” rating in a report on Friday, April 26th. Citigroup began coverage on Broadcom in a report on Friday, March 15th. They issued a “buy” rating for the company. Finally, Jefferies Financial Group increased their target price on Broadcom from $314.00 to $341.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-nine have given a buy rating to the company’s stock. Broadcom presently has an average rating of “Buy” and an average price target of $305.39.
NASDAQ AVGO opened at $281.61 on Friday. Broadcom has a twelve month low of $197.46 and a twelve month high of $323.20. The company has a quick ratio of 1.14, a current ratio of 1.27 and a debt-to-equity ratio of 1.47. The stock has a market cap of $110.73 billion, a P/E ratio of 14.96, a price-to-earnings-growth ratio of 1.26 and a beta of 0.87.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 EPS for the quarter, beating the consensus estimate of $5.18 by $0.03. The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.88 EPS. As a group, analysts expect that Broadcom will post 17.55 EPS for the current year.
In related news, CFO Thomas H. Krause sold 14,494 shares of the stock in a transaction that occurred on 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 through the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on 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. Over the last 90 days, insiders have sold 67,824 shares of company stock worth $20,565,519. 3.30% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AlphaOne Investment Services LLC bought a new stake in Broadcom during the 4th quarter worth approximately $25,000. First Financial Corp IN bought a new stake in Broadcom during the 1st quarter worth approximately $30,000. Daiwa SB Investments Ltd. bought a new stake in Broadcom during the 1st quarter worth approximately $30,000. CX Institutional grew its position in Broadcom by 555.6% during the 1st quarter. CX Institutional now owns 118 shares of the semiconductor manufacturer’s stock worth $35,000 after acquiring an additional 100 shares during the last quarter. Finally, Karp Capital Management Corp bought a new position in Broadcom in the 4th quarter valued at $36,000. 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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