JPMorgan Chase & Co. Boosts Broadcom (NASDAQ:AVGO) Price Target to $475.00

Broadcom (NASDAQ:AVGO) had its price objective raised by analysts at JPMorgan Chase & Co. from $400.00 to $475.00 in a report released on Friday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor manufacturer’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 31.97% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on AVGO. Argus increased their price target on Broadcom from $285.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, September 8th. Piper Sandler reissued an “overweight” rating and issued a $430.00 price objective (up from $375.00) on shares of Broadcom in a research report on Friday. Macquarie started coverage on shares of Broadcom in a research note on Monday, September 15th. They set an “outperform” rating and a $420.00 target price for the company. Deutsche Bank Aktiengesellschaft set a $430.00 price target on shares of Broadcom and gave the company a “buy” rating in a research note on Friday. Finally, Raymond James Financial set a $420.00 price objective on shares of Broadcom and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Broadcom has an average rating of “Buy” and an average price target of $435.85.

Broadcom Trading Down 11.4%

Shares of NASDAQ:AVGO opened at $359.93 on Friday. Broadcom has a 52-week low of $138.10 and a 52-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 company has a market capitalization of $1.70 trillion, a P/E ratio of 75.62, a price-to-earnings-growth ratio of 1.22 and a beta of 1.19. The company has a 50-day simple moving average of $363.17 and a 200 day simple moving average of $317.95.

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

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 3,893 shares of the stock in a transaction that occurred on Wednesday, September 17th. The stock was 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 $8,798,106.90. This represents a 13.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $331.14, for a total value of $264,912.00. Following the transaction, the director owned 21,382 shares in the company, valued at approximately $7,080,435.48. This trade represents a 3.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 837,433 shares of company stock valued at $303,900,352 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Institutional investors and hedge funds have recently bought and sold shares of the company. Sawyer & Company Inc boosted its position in shares of Broadcom by 62.1% during the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 36 shares in the last quarter. Longfellow Investment Management Co. LLC acquired a new position in Broadcom during the second quarter valued at approximately $27,000. Legend Financial Advisors Inc. bought a new stake in Broadcom during the second quarter worth $28,000. Teachers Insurance & Annuity Association of America acquired a new stake in shares of Broadcom in the 2nd quarter valued at $28,000. Finally, LGT Financial Advisors LLC acquired a new stake in shares of Broadcom in the 2nd quarter valued at $31,000. 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.