Oppenheimer Increases Broadcom (NASDAQ:AVGO) Price Target to $305.00

Broadcom (NASDAQ:AVGO) had its target price raised by research analysts at Oppenheimer from $265.00 to $305.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor manufacturer’s stock. Oppenheimer’s price objective points to a potential upside of 8.61% from the stock’s current price.

A number of other research firms also recently commented on AVGO. HSBC raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price objective for the company in a report on Tuesday, June 24th. Morgan Stanley lifted their price objective on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Wall Street Zen raised Broadcom from a “hold” rating to a “buy” rating in a report on Saturday, July 5th. The Goldman Sachs Group started coverage on Broadcom in a research note on Thursday, July 10th. They set a “buy” rating and a $315.00 price objective for the company. Finally, Redburn Atlantic initiated coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a “buy” rating and a $301.00 target price on the stock. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $292.08.

Broadcom Trading Down 0.0%

Shares of Broadcom stock opened at $280.81 on Tuesday. The company has a market cap of $1.32 trillion, a price-to-earnings ratio of 105.17, a PEG ratio of 2.00 and a beta of 1.12. Broadcom has a 1 year low of $128.50 and a 1 year high of $283.36. The company’s fifty day simple moving average is $251.34 and its 200-day simple moving average is $219.63. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the business earned $10.96 earnings per share. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, sell-side analysts expect that Broadcom will post 5.38 EPS for the current year.

Broadcom declared that its board has authorized a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the business’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider directly owned 415,956 shares of the company’s stock, valued at $105,353,335.68. This trade represents a 10.73% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Several large investors have recently made changes to their positions in the stock. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom in the 1st quarter valued at $25,000. Cheviot Value Management LLC bought a new stake in Broadcom in the 1st quarter valued at $25,000. Inlight Wealth Management LLC acquired a new stake in Broadcom during the 1st quarter valued at $26,000. Sawyer & Company Inc lifted its holdings in Broadcom by 62.1% during the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 36 shares during the last quarter. Finally, Sunbeam Capital Management LLC bought a new position in Broadcom during the fourth quarter worth $28,000. Institutional investors own 76.43% of the company’s stock.

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.