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

Broadcom (NASDAQ:AVGO) had its price objective lifted by Rosenblatt Securities from $400.00 to $440.00 in a research report released on Tuesday,Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Several other equities research analysts have also recently commented on AVGO. Wall Street Zen cut shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Sunday, November 23rd. Mizuho set a $435.00 price target on Broadcom and gave the company an “outperform” rating in a research note on Tuesday, October 21st. Morgan Stanley restated an “overweight” rating and issued a $443.00 price target (up from $409.00) on shares of Broadcom in a report on Monday, December 1st. Oppenheimer reiterated an “outperform” rating and set a $435.00 price objective (up from $400.00) on shares of Broadcom in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft set a $400.00 price objective on Broadcom and gave the stock a “buy” rating in a report on Tuesday, October 14th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Broadcom has a consensus rating of “Buy” and a consensus price target of $392.46.

Broadcom Stock Performance

Shares of AVGO opened at $406.29 on Tuesday. The firm has a market cap of $1.92 trillion, a P/E ratio of 103.65, a PEG ratio of 1.36 and a beta of 1.19. Broadcom has a twelve month low of $138.10 and a twelve month high of $407.29. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50. The firm’s 50 day moving average price is $359.78 and its two-hundred day moving average price is $315.15.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 100,000 shares of the business’s stock in a transaction that occurred 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. The trade was a 12.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 16,558 shares of the company’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total value of $5,755,726.38. Following the sale, the insider owned 329,302 shares in the company, valued at approximately $114,468,668.22. This represents a 4.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 837,433 shares of company stock valued at $303,900,352. 2.00% of the stock is owned by insiders.

Institutional Trading of Broadcom

A number of large investors have recently added to or reduced their stakes in the company. Sawyer & Company Inc raised its stake in Broadcom by 62.1% in the second 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. JCIC Asset Management Inc. bought a new position in shares of Broadcom during the 3rd quarter worth approximately $31,000. Longfellow Investment Management Co. LLC acquired a new position in shares of Broadcom during the 2nd quarter worth approximately $27,000. Legend Financial Advisors Inc. bought a new stake in Broadcom in the 2nd quarter valued at $28,000. Finally, Teachers Insurance & Annuity Association of America bought a new stake in Broadcom in the 2nd quarter valued at $28,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Company 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.