Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reaffirmed by stock analysts at Canaccord Genuity in a research note issued to investors on Friday, The Fly reports. They presently have a $335.00 target price on the semiconductor manufacturer’s stock, up from their prior target price of $300.00. Canaccord Genuity’s price target would indicate a potential upside of 45.44% from the company’s previous close.
Several other equities analysts have also recently weighed in on the company. Cowen raised their price objective on Broadcom from $245.00 to $255.00 and gave the company an “outperform” rating in a research note on Friday. B. Riley raised their target price on Broadcom from $245.00 to $250.00 and gave the company a “neutral” rating in a research report on Friday. Craig Hallum reaffirmed a “buy” rating and set a $300.00 target price (down from $330.00) on shares of Broadcom in a research report on Friday. Bank of America raised Broadcom from a “neutral” rating to a “buy” rating in a research report on Friday. Finally, BidaskClub raised Broadcom from a “sell” rating to a “hold” rating in a research report on Wednesday, August 29th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-seven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $289.11.
NASDAQ:AVGO traded up $14.36 during trading hours on Friday, hitting $230.33. 210,622 shares of the company traded hands, compared to its average volume of 3,031,851. The company has a current ratio of 5.87, a quick ratio of 5.29 and a debt-to-equity ratio of 0.55. Broadcom has a one year low of $197.46 and a one year high of $285.68. The stock has a market cap of $95.58 billion, a PE ratio of 16.03, a price-to-earnings-growth ratio of 0.96 and a beta of 0.94.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, beating the consensus estimate of $4.82 by $0.16. Broadcom had a return on equity of 28.81% and a net margin of 56.32%. The business had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same period last year, the business earned $4.10 EPS. The business’s revenue was up 13.4% on a year-over-year basis. sell-side analysts forecast that Broadcom will post 17.52 earnings per share for the current fiscal year.
In related news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $202.08, for a total value of $4,041,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Bryan Ingram sold 10,604 shares of Broadcom stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $270.02, for a total value of $2,863,292.08. The disclosure for this sale can be found here. In the last three months, insiders sold 130,604 shares of company stock valued at $31,572,092. 3.30% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in Broadcom in the 2nd quarter worth about $6,240,939,000. FMR LLC bought a new position in Broadcom in the 2nd quarter worth about $2,768,560,000. Jennison Associates LLC bought a new position in Broadcom in the 2nd quarter worth about $1,392,514,000. Bank of New York Mellon Corp bought a new position in Broadcom in the 2nd quarter worth about $1,127,357,000. Finally, Janus Henderson Group PLC bought a new position in Broadcom in the 2nd quarter worth about $608,463,000. 84.21% of the stock is owned by institutional investors.
Broadcom Company Profile
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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