Broadcom (NASDAQ:AVGO) Price Target Raised to $245.00

Broadcom (NASDAQ:AVGO) had its price objective lifted by Truist Financial from $205.00 to $245.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Truist Financial’s price target would suggest a potential upside of 11.56% from the company’s current price.

AVGO has been the topic of a number of other reports. Citigroup upped their target price on shares of Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday. UBS Group boosted their target price on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Morgan Stanley increased their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. William Blair began coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Finally, JPMorgan Chase & Co. boosted their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $215.96.

Broadcom Stock Up 21.6 %

Shares of AVGO stock traded up $38.96 on Friday, hitting $219.62. The company’s stock had a trading volume of 35,125,671 shares, compared to its average volume of 29,061,914. The firm’s fifty day moving average price is $173.65 and its 200-day moving average price is $163.86. Broadcom has a fifty-two week low of $104.15 and a fifty-two week high of $221.21. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock has a market capitalization of $1.03 trillion, a price-to-earnings ratio of 190.81, a P/E/G ratio of 2.15 and a beta of 1.13.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period last year, the business earned $0.98 earnings per share. Research analysts anticipate that Broadcom will post 3.79 EPS for the current year.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gayla J. Delly sold 750 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. The trade was a 2.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Institutional investors and hedge funds have recently modified their holdings of the business. NCP Inc. boosted its stake in Broadcom by 615.4% in the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after buying an additional 400 shares in the last quarter. Family Investment Center Inc. purchased a new stake in Broadcom during the second quarter valued at about $316,000. Sarasin & Partners LLP grew its stake in shares of Broadcom by 3.6% during the second quarter. Sarasin & Partners LLP now owns 177,453 shares of the semiconductor manufacturer’s stock valued at $284,906,000 after buying an additional 6,140 shares during the last quarter. Chapin Davis Inc. grew its position in Broadcom by 14.2% during the 2nd quarter. Chapin Davis Inc. now owns 4,773 shares of the semiconductor manufacturer’s stock worth $7,664,000 after acquiring an additional 595 shares during the last quarter. Finally, Johnson & White Wealth Management LLC lifted its position in Broadcom by 12.4% in the second quarter. Johnson & White Wealth Management LLC now owns 1,776 shares of the semiconductor manufacturer’s stock valued at $2,852,000 after purchasing an additional 196 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.