Citigroup Issues Positive Forecast for Broadcom (NASDAQ:AVGO) Stock Price

Broadcom (NASDAQ:AVGO) had its target price boosted by Citigroup from $210.00 to $276.00 in a report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the semiconductor manufacturer’s stock.

A number of other equities analysts also recently commented on AVGO. Mizuho upped their price objective on shares of Broadcom from $250.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 28th. Barclays cut their price objective on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Morgan Stanley upped their price objective on shares of Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price objective for the company. Finally, KeyCorp upped their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $246.00.

Broadcom Stock Up 3.3%

AVGO stock opened at $256.85 on Tuesday. The company has a fifty day moving average price of $198.47 and a 200 day moving average price of $204.62. Broadcom has a 12 month low of $128.50 and a 12 month high of $257.88. The company has a market cap of $1.21 trillion, a price-to-earnings ratio of 209.50, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom announced that its board has initiated a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 in the last ninety days. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

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

About Broadcom

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.