Broadcom (NASDAQ:AVGO) Stock Price Expected to Rise, Rosenblatt Securities Analyst Says

Broadcom (NASDAQ:AVGO) had its price target upped by equities researchers at Rosenblatt Securities from $400.00 to $440.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Rosenblatt Securities’ price target would suggest a potential upside of 6.55% from the company’s current price.

Several other research firms have also recently commented on AVGO. Wells Fargo & Company raised their target price on shares of Broadcom from $255.00 to $345.00 and gave the stock an “equal weight” rating in a research report on Friday, September 5th. Truist Financial increased their target price on Broadcom from $295.00 to $365.00 and gave the stock a “buy” rating in a research report on Friday, September 5th. Oppenheimer restated an “outperform” rating and set a $435.00 price target (up from $400.00) on shares of Broadcom in a research report on Friday, December 5th. KeyCorp set a $460.00 price target on Broadcom in a research note on Monday, October 13th. Finally, Benchmark raised their price objective on Broadcom from $315.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, September 5th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $392.46.

Broadcom Stock Up 1.6%

Shares of NASDAQ:AVGO opened at $412.97 on Tuesday. The stock’s 50-day moving average is $361.37 and its 200 day moving average is $315.84. The company has a market cap of $1.95 trillion, a PE 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 current ratio of 1.50 and a quick ratio of 1.37. Broadcom has a 1 year low of $138.10 and a 1 year high of $414.61.

Insider Activity

In related news, Director Henry Samueli sold 368,797 shares of the stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $337.91, for a total transaction of $124,620,194.27. Following the sale, the director directly owned 37,722,534 shares of the company’s stock, valued at approximately $12,746,821,463.94. This represents a 0.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 3,893 shares of the firm’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 sale, the insider owned 25,295 shares of the company’s stock, valued at approximately $8,798,106.90. This represents a 13.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 837,433 shares of company stock valued at $303,900,352. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Broadcom

Institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in shares of Broadcom during the second quarter valued at $18,579,549,000. Price T Rowe Associates Inc. MD raised its position 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 buying an additional 17,985,046 shares during the last quarter. 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. Edgewood Management LLC bought a new position in Broadcom during the 2nd quarter valued at about $1,571,438,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Broadcom by 499.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer’s stock valued at $1,858,789,000 after acquiring an additional 4,694,313 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.