StockNews.com Initiates Coverage on Broadcom (NASDAQ:AVGO)

Stock analysts at StockNews.com began coverage on shares of Broadcom (NASDAQ:AVGO – Get Rating) in a research note issued to investors on Thursday. The firm set a “buy” rating on the semiconductor manufacturer’s stock.

Several other research analysts have also recently weighed in on the company. Raymond James restated a “market perform” rating on shares of Broadcom in a report on Thursday, March 2nd. Bank of America boosted their target price on Broadcom from $680.00 to $725.00 in a report on Friday, March 3rd. Deutsche Bank Aktiengesellschaft boosted their target price on Broadcom from $590.00 to $675.00 and gave the stock a “buy” rating in a report on Friday, March 3rd. Susquehanna Bancshares lowered their target price on Broadcom from $680.00 to $650.00 and set a “positive” rating on the stock in a report on Monday, December 5th. Finally, Oppenheimer restated an “outperform” rating and set a $720.00 target price on shares of Broadcom in a report on Monday, December 5th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $674.17.

Broadcom Trading Down 0.9 %

AVGO stock opened at $630.97 on Thursday. The company has a current ratio of 2.52, a quick ratio of 2.26 and a debt-to-equity ratio of 1.64. Broadcom has a 12-month low of $415.07 and a 12-month high of $645.31. The stock has a market cap of $263.06 billion, a price-to-earnings ratio of 21.24, a PEG ratio of 1.26 and a beta of 1.10. The business’s 50-day moving average is $597.58 and its 200 day moving average is $535.85.

Broadcom (NASDAQ:AVGO – Get Rating) last posted its quarterly earnings data on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.38 by $0.95. Broadcom had a return on equity of 73.52% and a net margin of 37.19%. The company had revenue of $8.92 billion for the quarter, compared to analysts’ expectations of $8.90 billion. During the same period in the previous year, the firm posted $7.68 EPS. Broadcom’s revenue was up 15.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Broadcom will post 38.06 EPS for the current fiscal year.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 3,175 shares of the business’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $625.01, for a total value of $1,984,406.75. Following the sale, the director now owns 9,734 shares of the company’s stock, valued at $6,083,847.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.20% of the stock is owned by corporate insiders.

Institutional Trading of Broadcom

A number of large investors have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. increased its position in shares of Broadcom by 2.8% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 28,556 shares of the semiconductor manufacturer’s stock worth $15,967,000 after acquiring an additional 766 shares during the period. Claro Advisors LLC boosted its stake in shares of Broadcom by 8.4% during the fourth quarter. Claro Advisors LLC now owns 1,941 shares of the semiconductor manufacturer’s stock worth $1,085,000 after buying an additional 150 shares during the period. Great Lakes Retirement Inc. acquired a new stake in shares of Broadcom during the fourth quarter worth about $1,150,000. Rockefeller Capital Management L.P. boosted its stake in shares of Broadcom by 0.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 216,556 shares of the semiconductor manufacturer’s stock worth $121,081,000 after buying an additional 1,860 shares during the period. Finally, North Star Asset Management Inc. acquired a new stake in shares of Broadcom during the fourth quarter worth about $413,000. Hedge funds and other institutional investors own 81.28% of the company’s stock.

Broadcom Company Profile

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Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.