Broadcom’s (AVGO) Buy Rating Reaffirmed at Craig Hallum

Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating restated by analysts at Craig Hallum in a research report issued on Friday, The Fly reports. They currently have a $315.00 target price on the semiconductor manufacturer’s stock, down from their previous target price of $325.00. Craig Hallum’s target price indicates a potential upside of 20.15% from the company’s current price.

A number of other brokerages have also issued reports on AVGO. DA Davidson lifted their price target on shares of Broadcom to $325.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. MKM Partners lifted their price target on shares of Broadcom to $310.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Zacks Investment Research lowered shares of Broadcom from a “hold” rating to a “sell” rating in a research note on Tuesday, March 19th. BidaskClub lowered shares of Broadcom from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $325.00 to $365.00 in a research note on Monday, March 18th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $300.97.

Shares of NASDAQ:AVGO traded down $19.44 during midday trading on Friday, reaching $262.17. The company had a trading volume of 90,391 shares, compared to its average volume of 3,175,010. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 1.47. The firm has a market cap of $110.73 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 1.26 and a beta of 0.87. Broadcom has a one year low of $197.46 and a one year high of $323.20.

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

In other Broadcom news, CFO Thomas H. Krause sold 14,494 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $295.45, for a total value of $4,282,252.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $315.07, for a total transaction of $6,301,400.00. The disclosure for this sale can be found here. Insiders sold 67,824 shares of company stock valued at $20,565,519 in the last ninety days. Corporate insiders own 3.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc lifted its position in Broadcom by 6.6% in 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 acquiring an additional 2,094,847 shares in the last quarter. Buckingham Capital Management Inc. lifted its position in Broadcom by 12.1% in the 4th quarter. Buckingham Capital Management Inc. now owns 13,692 shares of the semiconductor manufacturer’s stock valued at $3,482,000 after acquiring an additional 1,473 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in Broadcom by 15.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 953 shares of the semiconductor manufacturer’s stock valued at $242,000 after acquiring an additional 129 shares in the last quarter. Victory Capital Management Inc. lifted its position in Broadcom by 134.8% in the 4th quarter. Victory Capital Management Inc. now owns 111,099 shares of the semiconductor manufacturer’s stock valued at $28,250,000 after acquiring an additional 63,777 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in Broadcom by 26,295.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,950,143 shares of the semiconductor manufacturer’s stock valued at $47,000 after acquiring an additional 11,904,869 shares in the last quarter. 84.42% of the stock is owned by institutional investors.

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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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