Broadcom (NASDAQ:AVGO) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Broadcom (NASDAQ:AVGO) had its price objective hoisted by equities research analysts at Morgan Stanley from $443.00 to $462.00 in a research report issued on Friday, MarketBeat.com reports. The firm presently has an “overweight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price target suggests a potential upside of 28.36% from the company’s previous close.

Several other equities research analysts also recently weighed in on AVGO. Raymond James Financial set a $420.00 price target on shares of Broadcom and gave the company an “outperform” rating in a research note on Thursday, November 20th. JPMorgan Chase & Co. boosted their target price on Broadcom from $325.00 to $400.00 and gave the company an “overweight” rating in a research report on Friday, September 5th. TD Cowen upped their price target on Broadcom from $405.00 to $450.00 and gave the stock a “buy” rating in a research note on Friday. Oppenheimer raised their price objective on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Wells Fargo & Company boosted their price objective on Broadcom from $255.00 to $345.00 and gave the company an “equal weight” rating in a report on Friday, September 5th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Broadcom currently has an average rating of “Buy” and an average price target of $435.85.

Broadcom Trading Down 11.4%

Shares of AVGO stock opened at $359.93 on Friday. Broadcom has a fifty-two week low of $138.10 and a fifty-two week high of $414.61. 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 stock has a 50 day simple moving average of $363.17 and a two-hundred day simple moving average of $317.95. The company has a market cap of $1.70 trillion, a P/E ratio of 75.62, a PEG ratio of 1.22 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping the consensus estimate of $1.87 by $0.08. The company had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 38.82%. The company’s quarterly revenue was up 28.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.42 EPS. Research analysts forecast that Broadcom will post 5.38 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Henry Samueli sold 368,797 shares of Broadcom stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $337.91, for a total transaction of $124,620,194.27. Following the transaction, the director owned 37,722,534 shares of the company’s stock, valued at $12,746,821,463.94. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 100,000 shares of the company’s stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total value of $33,958,000.00. Following the sale, the chief executive officer owned 725,638 shares of the company’s stock, valued at $246,412,152.04. This trade represents a 12.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 837,433 shares of company stock valued at $303,900,352. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Broadcom

Several institutional investors and hedge funds have recently made changes to their positions in the company. Mainstay Capital Management LLC ADV bought a new stake in Broadcom in the 3rd quarter worth about $363,000. Painted Porch Advisors LLC boosted its stake in shares of Broadcom by 28.9% in the 3rd quarter. Painted Porch Advisors LLC now owns 1,299 shares of the semiconductor manufacturer’s stock worth $429,000 after buying an additional 291 shares during the last quarter. Saranac Partners Ltd bought a new position in shares of Broadcom in the third quarter valued at approximately $10,277,000. Strategic Investment Solutions Inc. IL grew its holdings in shares of Broadcom by 4,368.0% in the third quarter. Strategic Investment Solutions Inc. IL now owns 1,117 shares of the semiconductor manufacturer’s stock valued at $369,000 after acquiring an additional 1,092 shares in the last quarter. Finally, Swiss Life Asset Management Ltd increased its position in shares of Broadcom by 2.6% during the third quarter. Swiss Life Asset Management Ltd now owns 1,427,112 shares of the semiconductor manufacturer’s stock valued at $470,819,000 after acquiring an additional 36,387 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

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.