Benchmark Reiterates “Buy” Rating for Broadcom (NASDAQ:AVGO)

Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating restated by equities researchers at Benchmark in a report issued on Friday,Benzinga reports. They currently have a $255.00 price objective on the semiconductor manufacturer’s stock, up from their prior price objective of $210.00. Benchmark’s target price indicates a potential upside of 13.43% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. William Blair initiated coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Hsbc Global Res upgraded shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. TD Cowen upped their price target on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday. Finally, UBS Group upped their price target on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $220.33.

Broadcom Stock Up 24.4 %

Shares of NASDAQ:AVGO opened at $224.80 on Friday. The stock has a market capitalization of $1.05 trillion, a price-to-earnings ratio of 182.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13. Broadcom has a 1-year low of $104.15 and a 1-year high of $228.70. The company’s fifty day moving average is $174.61 and its two-hundred day moving average is $164.45. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last issued 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 company had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s revenue was up 51.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.98 earnings per share. Equities analysts anticipate that Broadcom will post 3.79 EPS for the current year.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This represents a 2.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

A number of hedge funds have recently made changes to their positions in the stock. Lord Abbett & CO. LLC lifted its position in shares of Broadcom by 762.8% in the third quarter. Lord Abbett & CO. LLC now owns 2,181,786 shares of the semiconductor manufacturer’s stock worth $376,358,000 after purchasing an additional 1,928,907 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its position in shares of Broadcom by 624.8% in the third quarter. B. Riley Wealth Advisors Inc. now owns 138,687 shares of the semiconductor manufacturer’s stock worth $23,889,000 after purchasing an additional 119,553 shares in the last quarter. Legacy Wealth Management LLC MS raised its position in Broadcom by 1,021.0% during the third quarter. Legacy Wealth Management LLC MS now owns 9,573 shares of the semiconductor manufacturer’s stock valued at $1,651,000 after acquiring an additional 8,719 shares in the last quarter. 1ST Source Bank raised its position in Broadcom by 869.0% during the third quarter. 1ST Source Bank now owns 32,489 shares of the semiconductor manufacturer’s stock valued at $5,604,000 after acquiring an additional 29,136 shares in the last quarter. Finally, Alternative Investment Advisors LLC. raised its position in Broadcom by 376.4% during the third quarter. Alternative Investment Advisors LLC. now owns 9,367 shares of the semiconductor manufacturer’s stock valued at $1,616,000 after acquiring an additional 7,401 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Company Profile

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.