Broadcom (NASDAQ:AVGO) Trading 1.6% Higher on Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO)’s share price traded up 1.6% during mid-day trading on Wednesday 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 $414.61 and last traded at $412.97. 28,954,116 shares were traded during trading, an increase of 14% from the average session volume of 25,375,313 shares. The stock had previously closed at $406.29.

A number of other analysts have also issued reports on AVGO. Susquehanna restated a “positive” rating and set a $450.00 target price (up previously from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Raymond James Financial set a $420.00 price target on Broadcom and gave the stock an “outperform” rating in a research note on Thursday, November 20th. UBS Group restated a “buy” rating and set a $472.00 price objective (up previously from $415.00) on shares of Broadcom in a report on Monday, December 1st. Bank of America raised their price target on Broadcom from $400.00 to $460.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. Finally, Piper Sandler lifted their price target on Broadcom from $315.00 to $375.00 and gave the company an “overweight” rating in a report on Friday, September 5th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $392.46.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 3,893 shares of the stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.82, for a total transaction of $1,354,063.26. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kirsten M. Spears sold 7,498 shares of Broadcom stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.66, for a total transaction of $2,606,754.68. Following the transaction, the chief financial officer directly owned 313,330 shares in the company, valued at approximately $108,932,307.80. This trade represents a 2.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 837,433 shares of company stock worth $303,900,352. 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 AVGO. Arthur M. Cohen & Associates LLC boosted its position in shares of Broadcom by 0.6% in the third quarter. Arthur M. Cohen & Associates LLC now owns 4,781 shares of the semiconductor manufacturer’s stock worth $1,577,000 after buying an additional 30 shares during the period. Jackson Hole Capital Partners LLC lifted its position in Broadcom by 1.4% during the 3rd quarter. Jackson Hole Capital Partners LLC now owns 2,170 shares of the semiconductor manufacturer’s stock worth $716,000 after acquiring an additional 30 shares in the last quarter. Private Wealth Partners LLC boosted its holdings in Broadcom by 0.7% in the 3rd quarter. Private Wealth Partners LLC now owns 4,273 shares of the semiconductor manufacturer’s stock worth $1,410,000 after acquiring an additional 30 shares during the period. Planning Alternatives Ltd. ADV boosted its holdings in Broadcom by 1.4% in the 3rd quarter. Planning Alternatives Ltd. ADV now owns 2,168 shares of the semiconductor manufacturer’s stock worth $715,000 after acquiring an additional 30 shares during the period. Finally, Bell Investment Advisors Inc grew its position in Broadcom by 1.9% in the third quarter. Bell Investment Advisors Inc now owns 1,638 shares of the semiconductor manufacturer’s stock valued at $540,000 after acquiring an additional 30 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

The business’s 50 day moving average price is $361.37 and its 200-day moving average price is $315.84. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86. The company has a market cap of $1.95 trillion, a PE ratio of 105.35, a price-to-earnings-growth ratio of 1.38 and a beta of 1.19.

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.