Truist Financial Forecasts Strong Price Appreciation for Broadcom (NASDAQ:AVGO) Stock

Broadcom (NASDAQ:AVGO) had its price target boosted by analysts at Truist Financial from $205.00 to $245.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. Truist Financial’s target price would suggest a potential upside of 8.99% from the stock’s current price.

AVGO has been the topic of several other research reports. TD Cowen boosted their price target on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday. Evercore ISI boosted their price target on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft boosted their price target on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Friday. William Blair assumed coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Finally, UBS Group boosted their target price on 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $220.33.

Broadcom Stock Up 24.4 %

AVGO opened at $224.80 on Friday. The business’s 50-day simple moving average is $174.61 and its 200-day simple 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 has a one year low of $104.15 and a one year high of $228.70. The stock has a market capitalization 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.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates 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 quarter in the previous year, the firm earned $0.98 earnings per share. The business’s revenue was up 51.2% compared to the same quarter last year. Analysts anticipate that Broadcom will post 3.79 EPS for the current year.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the sale, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Broadcom

Hedge funds have recently made changes to their positions in the business. AXA S.A. boosted its holdings in shares of Broadcom by 2.7% during the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock worth $467,334,000 after purchasing an additional 7,608 shares during the last quarter. Strait & Sound Wealth Management LLC boosted its holdings in shares of Broadcom by 829.8% during the third quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock worth $1,371,000 after purchasing an additional 7,095 shares during the last quarter. Catalyst Financial Partners LLC boosted its holdings in shares of Broadcom by 943.3% during the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock worth $3,473,000 after purchasing an additional 18,206 shares during the last quarter. Whittier Trust Co. raised its position in shares of Broadcom by 947.2% in the 3rd quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock worth $119,000,000 after buying an additional 623,983 shares during the period. Finally, Summit Place Financial Advisors LLC raised its position in shares of Broadcom by 912.6% in the 3rd quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock worth $1,691,000 after buying an additional 8,834 shares during the period. Institutional investors and hedge funds 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.