Broadcom Inc (AVGO) Receives $308.83 Consensus Price Target from Brokerages

Broadcom Inc (NASDAQ:AVGO) has received an average recommendation of “Buy” from the forty ratings firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and twenty-nine have given a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $308.83.

Several equities research analysts have issued reports on AVGO shares. DA Davidson increased their target price on Broadcom to $325.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. MKM Partners increased their target price on Broadcom to $310.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Zacks Investment Research downgraded Broadcom from a “hold” rating to a “sell” rating in a research report on Tuesday, March 19th. JPMorgan Chase & Co. increased their target price on Broadcom from $325.00 to $365.00 in a research report on Monday, March 18th. Finally, Loop Capital increased their target price on Broadcom to $315.00 and gave the stock a “buy” rating in a research report on Monday, March 18th.

In related news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $315.07, for a total value of $6,301,400.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kirsten M. Spears sold 4,000 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $306.31, for a total value of $1,225,240.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,824 shares of company stock worth $26,390,919. Insiders own 3.30% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund boosted its position in Broadcom by 26,295.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 11,950,143 shares of the semiconductor manufacturer’s stock valued at $47,000 after buying an additional 11,904,869 shares during the period. Norges Bank purchased a new stake in Broadcom during the fourth quarter valued at about $1,055,582,000. Morgan Stanley boosted its position in Broadcom by 121.7% during the third quarter. Morgan Stanley now owns 4,296,700 shares of the semiconductor manufacturer’s stock valued at $1,060,125,000 after buying an additional 2,358,329 shares during the period. Vanguard Group Inc boosted its position in Broadcom by 6.6% during the third quarter. Vanguard Group Inc now owns 33,632,811 shares of the semiconductor manufacturer’s stock valued at $8,298,223,000 after buying an additional 2,094,847 shares during the period. Finally, Thornburg Investment Management Inc. boosted its position in Broadcom by 85.2% during the fourth quarter. Thornburg Investment Management Inc. now owns 825,050 shares of the semiconductor manufacturer’s stock valued at $209,794,000 after buying an additional 379,637 shares during the period. 86.99% of the stock is currently owned by institutional investors and hedge funds.

Broadcom stock traded up $0.67 during trading on Thursday, hitting $304.06. The stock had a trading volume of 2,068,337 shares, compared to its average volume of 2,731,581. Broadcom has a 1 year low of $197.46 and a 1 year high of $323.20. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 1.47. The company has a market cap of $118.56 billion, a price-to-earnings ratio of 16.15, a PEG ratio of 1.47 and a beta of 0.68.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, March 14th. The semiconductor manufacturer reported $5.55 EPS for the quarter, beating the consensus estimate of $4.32 by $1.23. The business had revenue of $5.79 billion for the quarter, compared to the consensus estimate of $5.83 billion. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. Broadcom’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.12 earnings per share. As a group, equities research analysts forecast that Broadcom will post 17.65 earnings per share for the current fiscal year.

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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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