Broadcom (NASDAQ:AVGO) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Broadcom (NASDAQ:AVGOGet Free Report) had its target price hoisted by equities research analysts at Wells Fargo & Company from $230.00 to $255.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the semiconductor manufacturer’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 3.26% from the stock’s previous close.

Several other analysts have also weighed in on AVGO. Citigroup reissued a “buy” rating and set a $276.00 price objective (up previously from $210.00) on shares of Broadcom in a report on Tuesday, June 3rd. Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a report on Thursday. KeyCorp lifted their price objective on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Oppenheimer boosted their price target on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. Finally, UBS Group boosted their price target on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $270.25.

Check Out Our Latest Report on Broadcom

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $246.95 on Friday. Broadcom has a 1-year low of $128.50 and a 1-year high of $265.43. The firm has a market capitalization of $1.16 trillion, a PE ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11. The business’s 50 day moving average is $203.73 and its 200-day moving average is $206.52. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGOGet Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the firm earned $10.96 EPS. Broadcom’s revenue for the quarter was up 20.2% compared to the same quarter last year. Sell-side analysts predict that Broadcom will post 5.38 earnings per share for the current year.

Broadcom declared that its board has approved a share repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now owns 26,182 shares of the company’s stock, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Several large investors have recently made changes to their positions in AVGO. Norges Bank acquired a new position in shares of Broadcom during the fourth quarter valued at $16,893,010,000. Nuveen LLC acquired a new position in shares of Broadcom during the first quarter valued at $6,649,117,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Broadcom by 37.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock valued at $10,968,270,000 after acquiring an additional 17,985,046 shares during the period. GAMMA Investing LLC lifted its stake in shares of Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after acquiring an additional 17,181,652 shares during the period. Finally, GQG Partners LLC lifted its stake in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after acquiring an additional 6,809,245 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

About Broadcom

(Get Free Report)

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.

Read More

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.