Broadcom (NASDAQ:AVGO) Given New $1,500.00 Price Target at Barclays

Broadcom (NASDAQ:AVGO) had its target price upped by stock analysts at Barclays from $1,405.00 to $1,500.00 in a note issued to investors on Wednesday, Marketbeat.com reports. The firm presently has an “overweight” rating on the semiconductor manufacturer’s stock. Barclays‘s target price suggests a potential upside of 19.14% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Cantor Fitzgerald lifted their price objective on shares of Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a report on Monday, March 4th. Oppenheimer reiterated an “outperform” rating and issued a $1,500.00 price objective (up from $1,100.00) on shares of Broadcom in a report on Friday, March 1st. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $1,700.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,285.41.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $1,258.99 on Wednesday. The company has a market capitalization of $583.44 billion, a price-to-earnings ratio of 46.66, a P/E/G ratio of 2.71 and a beta of 1.25. The firm’s 50 day simple moving average is $1,306.69 and its 200 day simple moving average is $1,116.18. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. Broadcom has a fifty-two week low of $601.29 and a fifty-two week high of $1,438.17.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. The business had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. Broadcom’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period last year, the company posted $9.83 EPS. As a group, sell-side analysts forecast that Broadcom will post 35.88 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the sale, the insider now owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the sale, the insider now owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the sale, the insider now directly owns 16,575 shares in the company, valued at approximately $22,276,800. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,920 shares of company stock valued at $40,306,667. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

A number of institutional investors have recently made changes to their positions in AVGO. Stuart Chaussee & Associates Inc. purchased a new position in Broadcom in the 4th quarter worth $25,000. Legend Financial Advisors Inc. increased its holdings in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 8 shares during the period. PSI Advisors LLC increased its holdings in shares of Broadcom by 66.7% in the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after buying an additional 10 shares during the period. Macroview Investment Management LLC bought a new stake in shares of Broadcom in the 3rd quarter valued at about $29,000. Finally, BKM Wealth Management LLC purchased a new stake in Broadcom during the 4th quarter valued at about $29,000. 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.