Oppenheimer Issues Positive Forecast for Broadcom (NASDAQ:AVGO) Stock Price

Broadcom (NASDAQ:AVGO) had its target price raised by research analysts at Oppenheimer from $225.00 to $265.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the semiconductor manufacturer’s stock. Oppenheimer’s price target would suggest a potential upside of 10.65% from the company’s current price.

A number of other equities analysts have also weighed in on the company. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Susquehanna increased their price objective on Broadcom from $250.00 to $280.00 and gave the stock a “positive” rating in a research report on Thursday. Benchmark reissued a “buy” rating and issued a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday. They set a “buy” rating and a $301.00 price target on the stock. Finally, Truist Financial lifted their price objective on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $238.77.

Broadcom Stock Down 1.0%

Shares of AVGO opened at $239.50 on Friday. The firm 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 company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom has a 52 week low of $128.50 and a 52 week high of $251.88. The firm’s 50-day simple moving average is $195.38 and its 200 day simple moving average is $203.43.

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

Insiders Place Their Bets

In related news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Broadcom

Institutional investors and hedge funds have recently made changes to their positions in the business. Tallon Kerry Patrick bought a new position in shares of Broadcom during the 4th quarter worth approximately $357,000. Capital & Planning LLC lifted its position in shares of Broadcom by 15.3% during the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after acquiring an additional 554 shares during the period. LaFleur & Godfrey LLC boosted its stake in Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock worth $18,145,000 after acquiring an additional 12,345 shares in the last quarter. Brighton Jones LLC boosted its stake in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new stake in Broadcom in the fourth quarter worth $71,312,000. Institutional investors own 76.43% of the company’s stock.

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.