Broadcom’s (AVGO) Buy Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Broadcom (NASDAQ:AVGO) in a report issued on Tuesday morning, Benzinga reports. Rosenblatt Securities currently has a $900.00 target price on the semiconductor manufacturer’s stock.

Other research analysts also recently issued research reports about the stock. Piper Sandler increased their price target on shares of Broadcom from $715.00 to $830.00 in a report on Friday, June 2nd. Oppenheimer boosted their price target on shares of Broadcom from $800.00 to $900.00 in a report on Friday, June 2nd. Truist Financial raised their price objective on Broadcom from $890.00 to $942.00 and gave the company a buy rating in a research report on Friday, July 14th. Wolfe Research started coverage on shares of Broadcom in a research note on Wednesday, July 19th. They set a market perform rating for the company. Finally, Evercore ISI raised their price target on shares of Broadcom from $725.00 to $850.00 in a report on Tuesday, May 30th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $820.89.

Broadcom Price Performance

NASDAQ AVGO opened at $889.93 on Tuesday. Broadcom has a 1-year low of $415.07 and a 1-year high of $923.18. The stock has a market capitalization of $367.26 billion, a price-to-earnings ratio of 27.87, a PEG ratio of 1.65 and a beta of 1.10. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.38 and a quick ratio of 2.13. The business’s fifty day moving average price is $870.46 and its 200-day moving average price is $738.16.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 1st. The semiconductor manufacturer reported $10.32 earnings per share for the quarter, beating the consensus estimate of $10.12 by $0.20. Broadcom had a net margin of 39.06% and a return on equity of 74.58%. The business had revenue of $8.73 billion for the quarter, compared to the consensus estimate of $8.70 billion. During the same quarter in the previous year, the firm earned $8.39 earnings per share. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, equities analysts predict that Broadcom will post 38.25 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Kirsten M. Spears sold 6,000 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $797.82, for a total transaction of $4,786,920.00. Following the completion of the sale, the chief financial officer now owns 35,085 shares in the company, valued at approximately $27,991,514.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Broadcom news, insider Charlie B. Kawwas sold 1,645 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $801.33, for a total transaction of $1,318,187.85. Following the completion of the sale, the insider now directly owns 75,290 shares of the company’s stock, valued at approximately $60,332,135.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 6,000 shares of the company’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $797.82, for a total value of $4,786,920.00. Following the completion of the sale, the chief financial officer now directly owns 35,085 shares of the company’s stock, valued at $27,991,514.70. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Kozak & Associates Inc. grew its position in Broadcom by 4.3% in the second quarter. Kozak & Associates Inc. now owns 292 shares of the semiconductor manufacturer’s stock valued at $256,000 after acquiring an additional 12 shares in the last quarter. Howard Financial Services LTD. grew its position in shares of Broadcom by 1.2% during the second quarter. Howard Financial Services LTD. now owns 1,044 shares of the semiconductor manufacturer’s stock worth $905,000 after buying an additional 12 shares in the last quarter. Vanguard Capital Wealth Advisors grew its stake in Broadcom by 0.4% in the second quarter. Vanguard Capital Wealth Advisors now owns 2,758 shares of the semiconductor manufacturer’s stock worth $2,393,000 after purchasing an additional 12 shares in the last quarter. Castle Wealth Management LLC increased its holdings in Broadcom by 1.7% in the second quarter. Castle Wealth Management LLC now owns 738 shares of the semiconductor manufacturer’s stock valued at $640,000 after buying an additional 12 shares during the last quarter. Finally, Gradient Capital Advisors LLC lifted its stake in Broadcom by 1.2% during the second quarter. Gradient Capital Advisors LLC now owns 975 shares of the semiconductor manufacturer’s stock worth $846,000 after purchasing an additional 12 shares during the last quarter. Institutional investors and hedge funds own 78.81% 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.