Broadcom (NASDAQ:AVGO) PT Raised to $345.00

Broadcom (NASDAQ:AVGO) had its price target lifted by research analysts at Susquehanna Bancshares from $315.00 to $345.00 in a report issued on Friday, The Fly reports. The brokerage currently has a “positive” rating on the semiconductor manufacturer’s stock. Susquehanna Bancshares’ target price indicates a potential upside of 18.83% from the stock’s previous close.

A number of other brokerages have also recently weighed in on AVGO. Loop Capital cut shares of Broadcom from a “buy” rating to a “hold” rating in a report on Friday. ValuEngine cut shares of Broadcom from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Charter Equity cut shares of Broadcom from a “buy” rating to a “market perform” rating and set a $254.00 price objective on the stock. in a report on Friday, June 14th. BMO Capital Markets cut their price objective on shares of Broadcom from $270.00 to $260.00 and set a “market perform” rating on the stock in a report on Friday, June 14th. Finally, Craig Hallum restated a “buy” rating and issued a $315.00 price objective (down previously from $325.00) on shares of Broadcom in a report on Friday, June 14th. Eleven research analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $309.47.

AVGO traded down $10.26 during midday trading on Friday, reaching $290.32. The company’s stock had a trading volume of 3,631,949 shares, compared to its average volume of 2,761,642. The firm has a market capitalization of $117.21 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 1.44 and a beta of 0.88. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 1.53. Broadcom has a 1 year low of $208.23 and a 1 year high of $323.20. The stock’s 50-day moving average is $282.92 and its 200-day moving average is $286.84.



Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $4.10 by ($0.11). The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.52 billion. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. Broadcom’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter last year, the company posted $4.98 EPS. As a group, equities research analysts forecast that Broadcom will post 17.23 earnings per share for the current fiscal year.

In related news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $264.00, for a total value of $5,280,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Bryan Ingram sold 13,466 shares of the firm’s stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $278.78, for a total transaction of $3,754,051.48. The disclosure for this sale can be found here. Insiders sold 85,388 shares of company stock worth $23,607,682 in the last 90 days. 3.30% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the stock. Endurance Wealth Management Inc. raised its position in Broadcom by 8.4% in the second quarter. Endurance Wealth Management Inc. now owns 7,575 shares of the semiconductor manufacturer’s stock worth $2,181,000 after acquiring an additional 585 shares during the period. Parsons Capital Management Inc. RI raised its position in Broadcom by 13.2% in the second quarter. Parsons Capital Management Inc. RI now owns 1,646 shares of the semiconductor manufacturer’s stock worth $474,000 after acquiring an additional 192 shares during the period. 9258 Wealth Management LLC raised its position in Broadcom by 5.8% in the second quarter. 9258 Wealth Management LLC now owns 1,558 shares of the semiconductor manufacturer’s stock worth $449,000 after acquiring an additional 85 shares during the period. Cookson Peirce & Co. Inc. raised its position in Broadcom by 63.0% in the second quarter. Cookson Peirce & Co. Inc. now owns 60,830 shares of the semiconductor manufacturer’s stock worth $17,511,000 after acquiring an additional 23,514 shares during the period. Finally, Advisors Capital Management LLC raised its position in Broadcom by 47.9% in the second quarter. Advisors Capital Management LLC now owns 186,166 shares of the semiconductor manufacturer’s stock worth $53,590,000 after acquiring an additional 60,275 shares during the period. Institutional investors own 84.63% of the company’s stock.

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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