Broadcom (NASDAQ:AVGO) Stock Price Expected to Rise, Benchmark Analyst Says

Broadcom (NASDAQ:AVGO) had its price target boosted by investment analysts at Benchmark from $385.00 to $485.00 in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Benchmark’s target price would indicate a potential upside of 34.75% from the company’s previous close.

Several other analysts have also weighed in on AVGO. Argus increased their price target on Broadcom from $285.00 to $375.00 and gave the company a “buy” rating in a report on Monday, September 8th. Barclays reiterated an “overweight” rating and set a $500.00 price objective (up previously from $450.00) on shares of Broadcom in a research report on Friday. Mizuho set a $435.00 price target on shares of Broadcom and gave the stock an “outperform” rating in a research note on Tuesday, October 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Broadcom in a report on Monday, December 8th. Finally, Rosenblatt Securities raised their price objective on shares of Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Tuesday, December 9th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $435.85.

Broadcom Stock Performance

Broadcom stock opened at $359.93 on Friday. The company’s 50-day moving average price is $363.17 and its 200-day moving average price is $317.95. 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 $1.70 trillion, a PE ratio of 75.62, a price-to-earnings-growth ratio of 1.22 and a beta of 1.19. Broadcom has a twelve month low of $138.10 and a twelve month high of $414.61.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping the consensus estimate of $1.87 by $0.08. Broadcom had a return on equity of 38.82% and a net margin of 36.20%.The company had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. During the same quarter last year, the business posted $1.42 earnings per share. The firm’s revenue was up 28.2% on a year-over-year basis. On average, equities research analysts forecast that Broadcom will post 5.38 EPS for the current fiscal year.

Insider Activity

In other news, insider Charlie B. Kawwas sold 3,893 shares of Broadcom 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 transaction, the insider directly owned 25,295 shares in the company, valued at approximately $8,798,106.90. This trade represents a 13.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 100,000 shares of the business’s stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total value of $33,958,000.00. Following the completion of the transaction, the chief executive officer directly owned 725,638 shares of the company’s stock, valued at approximately $246,412,152.04. The trade was a 12.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 837,433 shares of company stock valued at $303,900,352. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVGO. Sawyer & Company Inc raised its stake in shares of 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 acquired a new position in shares of Broadcom during the second quarter worth $27,000. Legend Financial Advisors Inc. purchased a new stake in shares of Broadcom during the 2nd quarter valued at $28,000. Teachers Insurance & Annuity Association of America acquired a new stake in shares of Broadcom in the 2nd quarter worth $28,000. Finally, LGT Financial Advisors LLC purchased a new position in Broadcom during the 2nd quarter worth $31,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

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.