Broadcom Inc. $AVGO is BNP Paribas’ 8th Largest Position

BNP Paribas cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 14.5% during the second quarter, HoldingsChannel.com reports. The firm owned 293,440 shares of the semiconductor manufacturer’s stock after selling 49,587 shares during the period. Broadcom makes up about 2.6% of BNP Paribas’ portfolio, making the stock its 8th largest holding. BNP Paribas’ holdings in Broadcom were worth $80,626,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Assetmark Inc. boosted its stake in Broadcom by 2.4% during the 2nd quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock valued at $469,566,000 after purchasing an additional 39,466 shares during the period. Capital Counsel LLC NY acquired a new position in shares of Broadcom during the second quarter worth approximately $221,000. Waterloo Capital L.P. boosted its position in shares of Broadcom by 7.0% in the second quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock valued at $13,331,000 after acquiring an additional 3,180 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Broadcom by 27.9% in the first quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock valued at $10,737,000 after acquiring an additional 13,978 shares during the period. Finally, RiverFront Investment Group LLC grew its stake in shares of Broadcom by 107.6% in the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after acquiring an additional 8,566 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 16,558 shares of the stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $347.61, for a total transaction of $5,755,726.38. Following the completion of the sale, the insider owned 329,302 shares in the company, valued at $114,468,668.22. This trade represents a 4.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 3,893 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 25,295 shares in the company, valued at approximately $8,798,106.90. This trade represents a 13.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 837,433 shares of company stock valued at $303,900,352. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Broadcom stock opened at $412.97 on Thursday. The business has a 50 day simple moving average of $361.37 and a 200 day simple moving average of $315.84. 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 has a market capitalization of $1.95 trillion, a PE ratio of 105.35, a price-to-earnings-growth ratio of 1.38 and a beta of 1.19. Broadcom Inc. has a one year low of $138.10 and a one year high of $414.61.

Analysts Set New Price Targets

Several equities analysts recently commented on AVGO shares. JPMorgan Chase & Co. upped their target price on shares of Broadcom from $325.00 to $400.00 and gave the company an “overweight” rating in a research note on Friday, September 5th. Piper Sandler upped their price objective on shares of Broadcom from $315.00 to $375.00 and gave the company an “overweight” rating in a research report on Friday, September 5th. Argus lifted their target price on Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Susquehanna restated a “positive” rating and set a $450.00 price target (up from $400.00) on shares of Broadcom in a research note on Thursday, December 4th. Finally, Raymond James Financial set a $420.00 price objective on Broadcom and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Three investment 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $392.46.

About Broadcom

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.