Bank of America Increases Broadcom (NASDAQ:AVGO) Price Target to $460.00

Broadcom (NASDAQ:AVGO) had its price objective increased by Bank of America from $400.00 to $460.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. Bank of America‘s target price points to a potential upside of 20.55% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Wells Fargo & Company upped their target price on Broadcom from $255.00 to $345.00 and gave the stock an “equal weight” rating in a research report on Friday, September 5th. Macquarie initiated coverage on shares of Broadcom in a report on Monday, September 15th. They set an “outperform” rating and a $420.00 price objective on the stock. Benchmark raised their price objective on shares of Broadcom from $315.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, September 5th. Sanford C. Bernstein boosted their target price on shares of Broadcom from $295.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, September 5th. Finally, UBS Group restated a “buy” rating and issued a $472.00 target price (up previously from $415.00) on shares of Broadcom in a report on Monday. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $383.00.

Broadcom Price Performance

AVGO stock opened at $381.57 on Monday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.50 and a quick ratio of 1.37. The company’s 50-day moving average is $353.95 and its 200-day moving average is $309.46. The stock has a market capitalization of $1.80 trillion, a PE ratio of 97.34, a price-to-earnings-growth ratio of 1.32 and a beta of 1.19. Broadcom has a 1 year low of $138.10 and a 1 year high of $403.00.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.03. The business had revenue of $15.95 billion for the quarter, compared to the consensus estimate of $15.82 billion. Broadcom had a return on equity of 36.60% and a net margin of 31.59%.The firm’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.24 EPS. Equities research analysts expect that Broadcom will post 5.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 148,154 shares of the stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $336.67, for a total transaction of $49,879,007.18. Following the completion of the sale, the chief executive officer directly owned 825,998 shares of the company’s stock, valued at approximately $278,088,746.66. This trade represents a 15.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 16,558 shares of the business’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total value of $5,755,726.38. Following the completion of the transaction, the insider directly owned 329,302 shares in the company, valued at approximately $114,468,668.22. This represents a 4.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders purchased 3,550 shares of company stock valued at $1,227,869 and sold 665,271 shares valued at $225,483,192. Insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

A number of large investors have recently added to or reduced their stakes in AVGO. Vanguard Group Inc. grew its holdings in Broadcom by 1.3% during the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after purchasing an additional 6,222,802 shares during the period. State Street Corp lifted its position in shares of Broadcom by 0.5% during the 2nd quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock valued at $51,071,601,000 after buying an additional 873,963 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Broadcom by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock worth $29,827,649,000 after acquiring an additional 2,226,585 shares during the period. Norges Bank bought a new position in shares of Broadcom during the 2nd quarter worth $18,579,549,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in Broadcom by 37.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock worth $10,968,270,000 after acquiring an additional 17,985,046 shares during the last quarter. Hedge funds and other 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.