Broadcom (NASDAQ:AVGO) Price Target Raised to $250.00

Broadcom (NASDAQ:AVGO) had its price objective lifted by investment analysts at JPMorgan Chase & Co. from $210.00 to $250.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor manufacturer’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 12.46% from the company’s previous close.

AVGO has been the subject of several other research reports. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Robert W. Baird increased their price objective on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday. Citigroup boosted their target price on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday. Benchmark reaffirmed a “buy” rating and issued a $255.00 price target (up previously from $210.00) on shares of Broadcom in a report on Friday. Finally, Piper Sandler boosted their price objective on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $220.33.

Broadcom Stock Up 23.0 %

Shares of AVGO stock traded up $41.64 on Friday, hitting $222.30. The stock had a trading volume of 82,060,184 shares, compared to its average volume of 29,283,652. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock has a market cap of $1.04 trillion, a price-to-earnings ratio of 193.14, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13. Broadcom has a 12-month low of $104.15 and a 12-month high of $222.55. The business has a 50 day moving average of $173.65 and a 200 day moving average of $163.86.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same period last year, the business posted $0.98 earnings per share. The business’s revenue for the quarter was up 51.2% on a year-over-year basis. As a group, analysts expect that Broadcom will post 3.79 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Several institutional investors have recently modified their holdings of the stock. NCP Inc. increased its stake in Broadcom by 615.4% in the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after purchasing an additional 400 shares during the period. Family Investment Center Inc. purchased a new position in Broadcom during the second quarter valued at approximately $316,000. Sarasin & Partners LLP raised its position in shares of Broadcom by 3.6% in the 2nd quarter. Sarasin & Partners LLP now owns 177,453 shares of the semiconductor manufacturer’s stock worth $284,906,000 after acquiring an additional 6,140 shares in the last quarter. Chapin Davis Inc. lifted its position in shares of Broadcom by 14.2% during the second quarter. Chapin Davis Inc. now owns 4,773 shares of the semiconductor manufacturer’s stock valued at $7,664,000 after buying an additional 595 shares during the last quarter. Finally, Johnson & White Wealth Management LLC boosted its stake in Broadcom by 12.4% in the second quarter. Johnson & White Wealth Management LLC now owns 1,776 shares of the semiconductor manufacturer’s stock valued at $2,852,000 after acquiring an additional 196 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

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.