Blueshift Asset Management LLC Sells 2,620 Shares of Broadcom Inc. $AVGO

Blueshift Asset Management LLC trimmed its stake in Broadcom Inc. (NASDAQ:AVGO) by 77.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 748 shares of the semiconductor manufacturer’s stock after selling 2,620 shares during the period. Blueshift Asset Management LLC’s holdings in Broadcom were worth $206,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVGO. Norges Bank bought a new stake in Broadcom in the second quarter worth $18,579,549,000. Nuveen LLC purchased a new stake in shares of Broadcom in the first quarter valued at $6,649,117,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Broadcom by 37.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock worth $10,968,270,000 after acquiring an additional 17,985,046 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares during the period. Finally, Edgewood Management LLC bought a new position in Broadcom during the 2nd quarter valued at about $1,571,438,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity

In related news, CEO Hock E. Tan sold 148,154 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $336.67, for a total value of $49,879,007.18. Following the completion of the transaction, the chief executive officer owned 825,998 shares of the company’s stock, valued at $278,088,746.66. The trade was a 15.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 3,893 shares of the company’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total value of $1,354,063.26. Following the sale, the insider owned 25,295 shares of the company’s stock, valued at approximately $8,798,106.90. This represents a 13.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders purchased 3,550 shares of company stock valued at $1,227,869 and sold 665,271 shares valued at $225,483,192. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

AVGO stock opened at $381.03 on Friday. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $403.00. The business has a 50-day moving average price of $355.68 and a 200 day moving average price of $310.46. The company has a market capitalization of $1.80 trillion, a P/E ratio of 97.20, a PEG ratio of 1.30 and a beta of 1.19. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.50 and a quick ratio of 1.37.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.03. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. The business had revenue of $15.95 billion for the quarter, compared to the consensus estimate of $15.82 billion. During the same quarter last year, the firm posted $1.24 EPS. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price objective on shares of Broadcom from $255.00 to $345.00 and gave the stock an “equal weight” rating in a research report on Friday, September 5th. Piper Sandler raised their price target on Broadcom from $315.00 to $375.00 and gave the stock an “overweight” rating in a research note on Friday, September 5th. Susquehanna restated a “positive” rating and set a $450.00 price objective (up previously from $400.00) on shares of Broadcom in a report on Thursday. Argus increased their target price on Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a research note on Monday, September 8th. Finally, Truist Financial boosted their target price on shares of Broadcom from $295.00 to $365.00 and gave the company a “buy” rating in a research note on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $391.04.

Broadcom 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.