Broadcom (NASDAQ:AVGO) Now Covered by Analysts at William Blair

Investment analysts at William Blair initiated coverage on shares of Broadcom (NASDAQ:AVGO) in a report issued on Wednesday, Briefing.com reports. The firm set an “outperform” rating on the semiconductor manufacturer’s stock.

A number of other research firms have also commented on AVGO. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Truist Financial increased their price target on shares of Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Evercore ISI increased their price target on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Citigroup reissued a “buy” rating and issued a $156.00 price target on shares of Broadcom in a research report on Tuesday, June 11th. Finally, Wells Fargo & Company increased their price objective on Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a report on Thursday, June 13th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Stock Performance

Shares of AVGO opened at $162.47 on Wednesday. The firm has a 50-day moving average price of $157.17 and a 200 day moving average price of $146.21. The firm has a market capitalization of $756.28 billion, a PE ratio of 6.99, a P/E/G ratio of 2.55 and a beta of 1.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom has a 52-week low of $79.51 and a 52-week high of $185.16.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the prior year, the company earned $0.95 EPS. Broadcom’s revenue was up 47.3% on a year-over-year basis. On average, sell-side analysts anticipate that Broadcom will post 3.77 earnings per share for the current fiscal year.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several institutional investors have recently modified their holdings of AVGO. Swedbank AB acquired a new position in shares of Broadcom during the 1st quarter worth about $2,835,737,000. Vanguard Group Inc. boosted its position in Broadcom by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after acquiring an additional 1,303,462 shares during the last quarter. Jennison Associates LLC boosted its position in Broadcom by 43.9% during the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after acquiring an additional 1,263,957 shares during the last quarter. Capital International Investors boosted its position in Broadcom by 4.5% during the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after acquiring an additional 1,006,223 shares during the last quarter. Finally, GQG Partners LLC boosted its position in Broadcom by 48.9% during the 1st quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock worth $3,966,730,000 after acquiring an additional 983,328 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.