Blueshift Asset Management LLC Cuts Stake in Broadcom Inc. $AVGO

Blueshift Asset Management LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 77.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 748 shares of the semiconductor manufacturer’s stock after selling 2,620 shares during the quarter. Blueshift Asset Management LLC’s holdings in Broadcom were worth $206,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Norges Bank purchased a new stake in Broadcom in the second quarter valued at about $18,579,549,000. Nuveen LLC purchased a new position in shares of Broadcom in the 1st quarter valued at approximately $6,649,117,000. Price T Rowe Associates Inc. MD boosted its stake 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 purchasing an additional 17,985,046 shares in the last quarter. Vanguard Group Inc. grew its position in Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares during the last quarter. Finally, Edgewood Management LLC purchased a new stake in Broadcom during the 2nd quarter worth approximately $1,571,438,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 16,558 shares of the company’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total transaction of $5,755,726.38. Following the completion of the transaction, the insider directly owned 329,302 shares of the company’s stock, valued at $114,468,668.22. This represents a 4.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 3,893 shares of Broadcom stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $347.82, for a total transaction of $1,354,063.26. Following the completion of the sale, the insider directly owned 25,295 shares in the company, valued at $8,798,106.90. This represents a 13.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders bought 3,550 shares of company stock valued at $1,227,869 and sold 665,271 shares valued at $225,483,192. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Up 0.1%

AVGO stock opened at $381.03 on Friday. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $403.00. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86. The firm has a market cap of $1.80 trillion, a P/E ratio of 97.20, a PEG ratio of 1.30 and a beta of 1.19. The company’s 50-day simple moving average is $355.68 and its 200-day simple moving average is $310.46.

Broadcom (NASDAQ:AVGO) last released 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 company had revenue of $15.95 billion during the quarter, compared to analysts’ expectations of $15.82 billion. Broadcom had a return on equity of 36.60% and a net margin of 31.59%.Broadcom’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.24 EPS. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several research reports. Wells Fargo & Company lifted their price objective on shares of Broadcom from $255.00 to $345.00 and gave the stock an “equal weight” rating in a research note on Friday, September 5th. Raymond James Financial set a $420.00 target price on Broadcom and gave the stock an “outperform” rating in a research note on Thursday, November 20th. JPMorgan Chase & Co. lifted their price target on Broadcom from $325.00 to $400.00 and gave the stock an “overweight” rating in a research report on Friday, September 5th. Sanford C. Bernstein boosted their price target on Broadcom from $295.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, September 5th. Finally, Bank of America raised their price objective on Broadcom from $400.00 to $460.00 and gave the stock a “buy” rating in a research note on Monday. Three analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $391.04.

Broadcom 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.