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

Broadcom (NASDAQ:AVGO) had its price target upped by stock analysts at Oppenheimer from $435.00 to $450.00 in a note issued to investors on Friday, MarketBeat reports. The firm currently has an “outperform” rating on the semiconductor manufacturer’s stock. Oppenheimer’s price objective would indicate a potential upside of 25.02% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. TD Cowen lifted their target price on Broadcom from $405.00 to $450.00 and gave the stock a “buy” rating in a research note on Friday. Morgan Stanley reaffirmed an “overweight” rating and issued a $443.00 price objective (up previously from $409.00) on shares of Broadcom in a research report on Monday, December 1st. Barclays reissued an “overweight” rating and set a $500.00 target price (up from $450.00) on shares of Broadcom in a research report on Friday. Argus raised their price target on shares of Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a research note on Monday, September 8th. Finally, Raymond James Financial set a $420.00 price objective on Broadcom and gave the company an “outperform” rating in a research note on Thursday, November 20th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $435.85.

Broadcom Price Performance

Broadcom stock opened at $359.93 on Friday. Broadcom has a 52 week low of $138.10 and a 52 week high of $414.61. The company’s 50 day moving average price is $363.17 and its two-hundred day moving average price is $317.95. The stock has a market cap of $1.70 trillion, a P/E ratio of 75.62, a P/E/G ratio of 1.22 and a beta of 1.19. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $17.46 billion. During the same period last year, the business posted $1.42 earnings per share. Broadcom’s revenue was up 28.2% on a year-over-year basis. On average, equities analysts predict that Broadcom will post 5.38 earnings per share for the current year.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 16,558 shares of the company’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total transaction of $5,755,726.38. Following the sale, the insider directly owned 329,302 shares in the company, valued at $114,468,668.22. This represents a 4.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $331.14, for a total transaction of $264,912.00. Following the completion of the transaction, the director owned 21,382 shares of the company’s stock, valued at $7,080,435.48. This trade represents a 3.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 837,433 shares of company stock worth $303,900,352 in the last 90 days. 2.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AVGO. Arthur M. Cohen & Associates LLC increased its stake in Broadcom by 0.6% in the 3rd quarter. Arthur M. Cohen & Associates LLC now owns 4,781 shares of the semiconductor manufacturer’s stock worth $1,577,000 after acquiring an additional 30 shares during the last quarter. Jackson Hole Capital Partners LLC grew its holdings in shares of Broadcom by 1.4% during the third quarter. Jackson Hole Capital Partners LLC now owns 2,170 shares of the semiconductor manufacturer’s stock worth $716,000 after purchasing an additional 30 shares in the last quarter. Private Wealth Partners LLC increased its position in shares of Broadcom by 0.7% in the third quarter. Private Wealth Partners LLC now owns 4,273 shares of the semiconductor manufacturer’s stock worth $1,410,000 after purchasing an additional 30 shares during the last quarter. Planning Alternatives Ltd. ADV raised its stake in Broadcom by 1.4% in the third quarter. Planning Alternatives Ltd. ADV now owns 2,168 shares of the semiconductor manufacturer’s stock valued at $715,000 after purchasing an additional 30 shares in the last quarter. Finally, Bell Investment Advisors Inc raised its stake 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 purchasing an additional 30 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

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.