Broadcom (NASDAQ:AVGO) PT Raised to $345.00

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

A number of other equities analysts have also recently commented on AVGO. KeyCorp lifted their price target on shares of Broadcom from $330.00 to $340.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. dropped their price target on shares of Broadcom from $365.00 to $350.00 and set an “overweight” rating for the company in a research note on Friday, June 14th. Morgan Stanley lifted their price objective on shares of Broadcom from $250.00 to $265.00 and gave the company an “equal weight” rating in a report on Friday. Jefferies Financial Group reiterated a “buy” rating and set a $350.00 price objective (up previously from $324.00) on shares of Broadcom in a report on Friday. Finally, Craig Hallum reiterated a “buy” rating and set a $315.00 price objective (down previously from $325.00) on shares of Broadcom in a report on Friday, June 14th. Eleven equities research analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company’s stock. Broadcom currently has an average rating of “Buy” and a consensus target price of $309.47.

Shares of AVGO stock traded down $10.26 during trading hours on Friday, reaching $290.32. 3,631,949 shares of the stock were exchanged, compared to its average volume of 2,761,642. Broadcom has a 12-month low of $208.23 and a 12-month high of $323.20. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 1.53. The company’s 50-day moving average price is $282.92 and its 200-day moving average price is $286.84. The firm has a market capitalization of $117.21 billion, a price-to-earnings ratio of 15.42, a price-to-earnings-growth ratio of 1.44 and a beta of 0.88.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing analysts’ consensus estimates of $4.10 by ($0.11). Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.52 billion. During the same period in the prior year, the firm posted $4.98 earnings per share. Broadcom’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, sell-side analysts expect that Broadcom will post 17.23 EPS for the current year.

In related news, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $270.46, for a total transaction of $5,409,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Bryan Ingram sold 13,466 shares of the business’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. In the last 90 days, insiders sold 85,388 shares of company stock valued at $23,607,682. Company insiders own 3.30% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Endurance Wealth Management Inc. raised its stake in shares of Broadcom by 8.4% during the 2nd 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 in the last quarter. Parsons Capital Management Inc. RI raised its stake in shares of Broadcom by 13.2% during the 2nd 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 in the last quarter. 9258 Wealth Management LLC raised its stake in shares of Broadcom by 5.8% during the 2nd 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 in the last quarter. Cookson Peirce & Co. Inc. raised its stake in shares of Broadcom by 63.0% during the 2nd 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 in the last quarter. Finally, Advisors Capital Management LLC raised its stake in shares of Broadcom by 47.9% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 84.63% of the company’s stock.

About Broadcom

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.

Featured Article: How to Invest in Stocks with Increasing Dividends

The Fly

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.