Broadcom (NASDAQ:AVGO) Shares Up 1.3% on Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO) traded up 1.3% during trading on Tuesday after Rosenblatt Securities raised their price target on the stock from $400.00 to $440.00. Rosenblatt Securities currently has a buy rating on the stock. Broadcom traded as high as $406.93 and last traded at $406.29. 23,233,010 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 25,353,348 shares. The stock had previously closed at $401.10.

A number of other equities analysts also recently issued reports on the stock. Piper Sandler increased their price target on shares of Broadcom from $315.00 to $375.00 and gave the stock an “overweight” rating in a research note on Friday, September 5th. TD Cowen upped their target price on Broadcom from $355.00 to $370.00 and gave the stock a “buy” rating in a report on Friday, September 5th. UBS Group restated a “buy” rating and issued a $472.00 target price (up previously from $415.00) on shares of Broadcom in a research note on Monday, December 1st. Bank of America upped their price target on Broadcom from $400.00 to $460.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. Finally, Susquehanna reissued a “positive” rating and set a $450.00 price objective (up previously from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $392.46.

Insider Buying and Selling

In other Broadcom news, CFO Kirsten M. Spears sold 7,498 shares of Broadcom stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $347.66, for a total value of $2,606,754.68. Following the completion of the transaction, the chief financial officer directly owned 313,330 shares of the company’s stock, valued at approximately $108,932,307.80. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 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. Insiders have sold a total of 837,433 shares of company stock worth $303,900,352 over the last quarter. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Broadcom

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Broadcom by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after buying an additional 6,222,802 shares during the last quarter. State Street Corp grew its stake in shares of Broadcom by 0.5% in the second quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock worth $51,071,601,000 after acquiring an additional 873,963 shares during the period. Geode Capital Management LLC raised its holdings in shares of Broadcom by 2.1% during the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock valued at $29,827,649,000 after purchasing an additional 2,226,585 shares during the last quarter. Norges Bank bought a new position in Broadcom during the second quarter valued at approximately $18,579,549,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Broadcom by 37.8% in the first 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 during the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

The firm has a market cap of $1.95 trillion, a P/E ratio of 105.35, a P/E/G ratio of 1.38 and a beta of 1.19. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50. The business’s 50-day simple moving average is $361.37 and its 200 day simple moving average is $315.84.

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.