Broadcom (NASDAQ:AVGO) Shares Up 1.3% After Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO) shares traded up 1.3% during trading on Tuesday after Rosenblatt Securities raised their price target on the stock from $400.00 to $440.00. Rosenblatt Securities currently has a buy rating on the stock. Broadcom traded as high as $406.93 and last traded at $406.29. 23,233,010 shares were traded during mid-day trading, a decline of 8% from the average session volume of 25,353,348 shares. The stock had previously closed at $401.10.

Several other equities analysts have also recently weighed in on AVGO. TD Cowen increased their price target on Broadcom from $355.00 to $370.00 and gave the company a “buy” rating in a research note on Friday, September 5th. Barclays set a $450.00 price target on shares of Broadcom and gave the stock an “overweight” rating in a research report on Tuesday, October 14th. Sanford C. Bernstein boosted their target price on shares of Broadcom from $295.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, September 5th. Macquarie started coverage on shares of Broadcom in a report on Monday, September 15th. They issued an “outperform” rating and a $420.00 price target for the company. Finally, Oppenheimer restated an “outperform” rating and set a $435.00 target price (up previously from $400.00) on shares of Broadcom in a research 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 assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $392.46.

Insider Transactions at Broadcom

In other Broadcom news, Director Henry Samueli sold 320,316 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $400.53, for a total value of $128,296,167.48. Following the sale, the director directly owned 37,326,540 shares of the company’s stock, valued at approximately $14,950,399,066.20. This trade represents a 0.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 100,000 shares of the company’s stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the transaction, the chief executive officer owned 725,638 shares of the company’s stock, valued at $246,412,152.04. This represents a 12.11% 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 sold 837,433 shares of company stock valued at $303,900,352. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

Several institutional investors and hedge funds have recently modified their holdings of AVGO. Sawyer & Company Inc lifted its holdings in shares of Broadcom by 62.1% in the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 36 shares during the period. Longfellow Investment Management Co. LLC purchased a new stake in shares of Broadcom during the 2nd quarter worth $27,000. Legend Financial Advisors Inc. purchased a new stake in shares of Broadcom during the 2nd quarter worth $28,000. Teachers Insurance & Annuity Association of America acquired a new position in shares of Broadcom during the 2nd quarter worth $28,000. Finally, LGT Financial Advisors LLC purchased a new position in shares of Broadcom in the 2nd quarter valued at about $31,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 1.3%

The firm has a market cap of $1.92 trillion, a price-to-earnings ratio of 103.65, a P/E/G ratio of 1.36 and a beta of 1.19. The firm has a 50 day moving average price of $359.78 and a 200-day moving average price of $315.15. The company has a current ratio of 1.50, a quick ratio of 1.37 and a debt-to-equity ratio of 0.86.

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.