Broadcom (NASDAQ:AVGO) Raised to “Strong-Buy” at Seaport Res Ptn

Broadcom (NASDAQ:AVGO) was upgraded by analysts at Seaport Res Ptn to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

Several other equities research analysts also recently weighed in on AVGO. Mizuho decreased their price objective on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, March 7th. Truist Financial lifted their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Citigroup decreased their target price on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Finally, Benchmark reaffirmed a “buy” rating and set a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Stock Up 2.5 %

Broadcom stock opened at $197.33 on Wednesday. The company has a market capitalization of $927.84 billion, a P/E ratio of 160.96, a PEG ratio of 2.29 and a beta of 1.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom has a fifty-two week low of $122.33 and a fifty-two week high of $251.88. The stock has a 50-day simple moving average of $182.19 and a 200-day simple moving average of $196.28.

Broadcom announced that its board has approved a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at Broadcom

In related news, Director Justine Page sold 800 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. This represents a 3.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Broadcom

Several hedge funds have recently modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter worth $25,000. Canton Hathaway LLC purchased a new position in shares of Broadcom in the 4th quarter worth about $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at about $26,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the 1st quarter worth about $26,000. Finally, Sunbeam Capital Management LLC acquired a new stake in Broadcom during the 4th quarter worth approximately $28,000. 76.43% of the stock is owned by institutional investors and hedge funds.

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.