Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reissued by stock analysts at Craig Hallum in a research note issued to investors on Thursday, December 7th, The Fly reports. They presently have a $330.00 target price on the semiconductor manufacturer’s stock, up from their prior target price of $290.00. Craig Hallum’s price target would suggest a potential upside of 23.59% from the stock’s previous close.
Several other research firms also recently weighed in on AVGO. Vetr downgraded Broadcom from a “buy” rating to a “hold” rating and set a $290.34 target price on the stock. in a research report on Monday, November 27th. Zacks Investment Research raised Broadcom from a “sell” rating to a “hold” rating and set a $316.00 price target on the stock in a report on Monday, November 27th. Mizuho reissued a “buy” rating and set a $290.00 price target on shares of Broadcom in a report on Monday, November 6th. Drexel Hamilton reissued a “buy” rating and set a $302.00 price target on shares of Broadcom in a report on Monday, November 6th. Finally, B. Riley reissued a “buy” rating and set a $315.00 price target on shares of Broadcom in a report on Monday, November 20th. Four equities research analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $303.29.
Broadcom (NASDAQ:AVGO) traded up $10.11 during mid-day trading on Thursday, hitting $267.01. The stock had a trading volume of 3,313,322 shares, compared to its average volume of 3,110,000. The stock has a market cap of $108,930.00, a P/E ratio of 67.94, a P/E/G ratio of 1.10 and a beta of 1.05. Broadcom has a 52-week low of $173.31 and a 52-week high of $285.68. The company has a current ratio of 6.26, a quick ratio of 5.68 and a debt-to-equity ratio of 0.75.
Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.52 by $0.07. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.84 billion. Broadcom had a return on equity of 28.64% and a net margin of 10.18%. Broadcom’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the business earned $3.47 earnings per share. sell-side analysts expect that Broadcom will post 16.99 earnings per share for the current year.
In other Broadcom news, SVP Bryan Ingram sold 794 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $258.60, for a total transaction of $205,328.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 789 shares of the company’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $264.38, for a total value of $208,595.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 86,674 shares of company stock valued at $22,311,790. 3.60% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Mountain Capital Investment Advisors Inc acquired a new position in shares of Broadcom during the second quarter worth $113,000. AllSquare Wealth Management LLC acquired a new position in shares of Broadcom during the third quarter worth $113,000. Shine Investment Advisory Services Inc. acquired a new position in shares of Broadcom during the second quarter worth $116,000. Tower Research Capital LLC TRC increased its position in shares of Broadcom by 473.0% during the second quarter. Tower Research Capital LLC TRC now owns 573 shares of the semiconductor manufacturer’s stock worth $134,000 after purchasing an additional 473 shares in the last quarter. Finally, Catamount Wealth Management acquired a new position in shares of Broadcom during the second quarter worth $140,000. 88.48% of the stock is currently owned by institutional investors and hedge funds.
Broadcom Company Profile
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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