Broadcom (NASDAQ:AVGO) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Broadcom (NASDAQ:AVGO) had its price target lifted by equities researchers at Robert W. Baird from $195.00 to $210.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the semiconductor manufacturer’s stock. Robert W. Baird’s price objective would suggest a potential downside of 6.58% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Truist Financial increased their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. The Goldman Sachs Group increased their target price on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Citigroup increased their target price on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Morgan Stanley increased their target price on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $220.33.

Broadcom Trading Up 24.4 %

Broadcom stock opened at $224.80 on Friday. The firm has a 50 day moving average of $174.61 and a 200 day moving average of $164.45. The firm has a market capitalization of $1.05 trillion, a price-to-earnings ratio of 182.76, a P/E/G ratio of 2.15 and a beta of 1.13. Broadcom has a 12-month low of $104.15 and a 12-month high of $228.70. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same period last year, the firm posted $0.98 EPS. The company’s revenue was up 51.2% on a year-over-year basis. As a group, research analysts predict that Broadcom will post 3.79 earnings per share for the current year.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now owns 737,330 shares in the company, valued at approximately $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gayla J. Delly sold 750 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now owns 34,750 shares in the company, valued at approximately $6,064,917.50. This represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Broadcom

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Castleview Partners LLC grew its stake in shares of Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 134 shares during the last quarter. Pin Oak Investment Advisors Inc. grew its stake in shares of Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 135 shares during the last quarter. JDM Financial Group LLC grew its stake in shares of Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 172 shares during the last quarter. Tsfg LLC grew its stake in shares of Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after acquiring an additional 204 shares during the last quarter. Finally, Cedar Wealth Management LLC grew its stake in shares of Broadcom by 900.0% during the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock worth $41,000 after acquiring an additional 216 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

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.