Ardmore Road Asset Management LP Invests $55.13 Million in Broadcom Inc. $AVGO

Ardmore Road Asset Management LP purchased a new stake in Broadcom Inc. (NASDAQ:AVGO) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 200,000 shares of the semiconductor manufacturer’s stock, valued at approximately $55,130,000. Broadcom makes up approximately 4.6% of Ardmore Road Asset Management LP’s investment portfolio, making the stock its 7th biggest holding.

Several other hedge funds also recently added to or reduced their stakes in AVGO. Sawyer & Company Inc raised its stake in Broadcom by 62.1% during the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 36 shares in the last quarter. Longfellow Investment Management Co. LLC purchased a new position in shares of Broadcom during the second quarter worth about $27,000. Legend Financial Advisors Inc. purchased a new position in shares of Broadcom during the second quarter worth about $28,000. LGT Financial Advisors LLC acquired a new stake in shares of Broadcom during the second quarter worth about $31,000. Finally, New England Capital Financial Advisors LLC purchased a new stake in shares of Broadcom in the 2nd quarter valued at about $31,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 148,154 shares of the stock in a transaction dated 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 directly owned 825,998 shares of the company’s stock, valued at approximately $278,088,746.66. This trade represents a 15.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 16,558 shares of Broadcom stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.61, for a total transaction of $5,755,726.38. Following the sale, the insider owned 329,302 shares of the company’s stock, valued at approximately $114,468,668.22. The trade was a 4.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have bought 3,550 shares of company stock worth $1,227,869 and have sold 665,271 shares worth $225,483,192. 2.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of several research analyst reports. Truist Financial lifted their price target on Broadcom from $295.00 to $365.00 and gave the stock a “buy” rating in a research report on Friday, September 5th. Bank of America raised their target price on shares of Broadcom from $400.00 to $460.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Wall Street Zen downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Sunday, November 23rd. Wells Fargo & Company raised 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. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $435.00 target price (up from $400.00) on shares of Broadcom in a report on Friday. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $391.04.

Broadcom Stock Up 2.4%

Broadcom stock opened at $390.24 on Friday. The stock’s 50 day moving average price is $356.79 and its 200 day moving average price is $311.56. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $403.00. The company has a market cap of $1.84 trillion, a PE ratio of 99.55, a price-to-earnings-growth 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 released 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. The company had revenue of $15.95 billion during the quarter, compared to the consensus estimate of $15.82 billion. Broadcom had a return on equity of 36.60% and a net margin of 31.59%.Broadcom’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.24 earnings per share. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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.