Evercore ISI Boosts Broadcom (NASDAQ:AVGO) Price Target to $250.00

Broadcom (NASDAQ:AVGO) had its target price boosted by research analysts at Evercore ISI from $201.00 to $250.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the semiconductor manufacturer’s stock. Evercore ISI’s price objective would suggest a potential upside of 11.21% from the stock’s previous close.

Several other brokerages have also recently commented on AVGO. TD Cowen upped their target price on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday. Truist Financial upped their target price on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. William Blair assumed coverage on Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. UBS Group increased their price target on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, Cantor Fitzgerald increased their price target on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $220.33.

Broadcom Stock Performance

NASDAQ:AVGO opened at $224.80 on Friday. The stock has a market cap of $1.05 trillion, a P/E ratio of 182.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock’s 50-day moving average is $174.61 and its 200-day moving average is $164.45. Broadcom has a 1-year low of $104.15 and a 1-year high of $228.70.

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

Insider Activity at Broadcom

In other news, insider Charlie B. Kawwas sold 15,950 shares of Broadcom 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 sale, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. The trade was a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the sale, the insider now owns 399,460 shares in the company, valued at $70,744,366. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Broadcom

Several large investors have recently added to or reduced their stakes in AVGO. State Street Corp increased its holdings in Broadcom by 948.5% in the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock worth $31,814,902,000 after acquiring an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC increased its holdings in Broadcom by 976.6% in the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after acquiring an additional 89,975,941 shares during the last quarter. FMR LLC increased its holdings in Broadcom by 1,121.3% in the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock worth $15,594,088,000 after acquiring an additional 82,998,328 shares during the last quarter. Jennison Associates LLC increased its holdings in Broadcom by 842.4% in the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after acquiring an additional 32,178,542 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Broadcom by 975.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after acquiring an additional 30,674,902 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.