Susquehanna Boosts Broadcom (NASDAQ:AVGO) Price Target to $280.00

Broadcom (NASDAQ:AVGO) had its price target raised by Susquehanna from $250.00 to $280.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “positive” rating on the semiconductor manufacturer’s stock. Susquehanna’s target price indicates a potential upside of 16.91% from the stock’s current price.

AVGO has been the subject of several other reports. Citigroup cut their price target on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Redburn Atlantic initiated coverage on Broadcom in a research note on Wednesday. They issued a “buy” rating and a $301.00 price target for the company. Barclays lowered their price objective on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Finally, Bank of America cut their target price on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Three investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $238.77.

Broadcom Trading Down 1.0%

Shares of AVGO stock opened at $239.50 on Thursday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a market cap of $1.13 trillion, a P/E ratio of 195.35, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The stock has a 50 day simple moving average of $195.38 and a 200 day simple moving average of $203.23. Broadcom has a 1 year low of $128.50 and a 1 year high of $251.88.

Broadcom declared that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

A number of institutional investors and hedge funds have recently bought and sold shares of AVGO. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom in the first quarter valued at $25,000. Cheviot Value Management LLC bought a new stake in Broadcom during the first quarter valued at $25,000. Canton Hathaway LLC bought a new stake in Broadcom during the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom during the fourth quarter valued at $26,000. Finally, Inlight Wealth Management LLC bought a new stake in Broadcom during the first quarter valued at $26,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.