TD Cowen Forecasts Strong Price Appreciation for Broadcom (NASDAQ:AVGO) Stock

Broadcom (NASDAQ:AVGO) had its target price lifted by stock analysts at TD Cowen from $405.00 to $450.00 in a note issued to investors on Friday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. TD Cowen’s price target would indicate a potential upside of 25.02% from the company’s current price.

Several other equities research analysts have also commented on AVGO. Susquehanna reissued a “positive” rating and set a $450.00 price target (up previously from $400.00) on shares of Broadcom in a research note on Thursday, December 4th. Piper Sandler boosted their target price on Broadcom from $315.00 to $375.00 and gave the stock an “overweight” rating in a research report on Friday, September 5th. Wall Street Zen cut Broadcom from a “buy” rating to a “hold” rating in a research report on Sunday, November 23rd. Macquarie started coverage on shares of Broadcom in a research report on Monday, September 15th. They issued an “outperform” rating and a $420.00 price objective on the stock. Finally, Truist Financial raised their target price on shares of Broadcom from $295.00 to $365.00 and gave the company a “buy” rating in a report on Friday, September 5th. Three 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $435.85.

Broadcom Price Performance

Broadcom stock opened at $359.93 on Friday. The company has a market cap of $1.70 trillion, a P/E ratio of 75.62, a price-to-earnings-growth ratio of 1.22 and a beta of 1.19. Broadcom has a one year low of $138.10 and a one year high of $414.61. The business has a fifty day moving average of $363.17 and a two-hundred day moving average of $317.95. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50.

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

Insider Activity at Broadcom

In other news, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $331.14, for a total value of $264,912.00. Following the transaction, the director directly owned 21,382 shares in the company, valued at $7,080,435.48. This trade represents a 3.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 100,000 shares of the business’s stock in a transaction dated 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 sale, 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 SEC filing for this sale provides additional information. Insiders sold a total of 837,433 shares of company stock valued at $303,900,352 over the last three months. Insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Institutional investors have recently added to or reduced their stakes in the business. Sawyer & Company Inc raised its stake in shares of Broadcom by 62.1% during the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 36 shares during the period. Longfellow Investment Management Co. LLC purchased a new stake in Broadcom during the 2nd quarter worth $27,000. Legend Financial Advisors Inc. acquired a new position in Broadcom in the 2nd quarter worth $28,000. Teachers Insurance & Annuity Association of America acquired a new position in Broadcom in the 2nd quarter worth $28,000. Finally, LGT Financial Advisors LLC purchased a new position in Broadcom in the 2nd quarter valued at about $31,000. 76.43% of the stock is owned by hedge funds and other 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.