Broadcom (NASDAQ:AVGO) PT Raised to $2,000.00 at Oppenheimer

Broadcom (NASDAQ:AVGO) had its target price boosted by equities research analysts at Oppenheimer from $1,500.00 to $2,000.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the semiconductor manufacturer’s stock. Oppenheimer’s price target points to a potential upside of 15.27% from the stock’s previous close.

Several other brokerages also recently weighed in on AVGO. Evercore ISI began coverage on shares of Broadcom in a research report on Tuesday, April 16th. They set an “outperform” rating and a $1,620.00 price target for the company. TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Piper Sandler lifted their target price on shares of Broadcom from $1,650.00 to $2,000.00 and gave the stock an “overweight” rating in a research report on Thursday. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 target price on shares of Broadcom in a research report on Thursday, March 21st. Finally, Melius began coverage on shares of Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $1,850.00 target price for the company. Three investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $1,667.48.

Broadcom Stock Performance

Shares of AVGO opened at $1,735.04 on Thursday. Broadcom has a one year low of $795.09 and a one year high of $1,747.24. The company has a 50-day simple moving average of $1,360.12 and a two-hundred day simple moving average of $1,250.91. The firm has a market capitalization of $804.05 billion, a PE ratio of 74.63, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24.

Shares of Broadcom are scheduled to split before the market opens on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly created shares will be distributed to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share for the quarter, beating analysts’ consensus estimates of $10.78 by $0.18. Broadcom had a net margin of 24.10% and a return on equity of 43.01%. The business had revenue of $12.49 billion during the quarter, compared to the consensus estimate of $12.06 billion. During the same quarter last year, the firm earned $9.51 earnings per share. The business’s revenue for the quarter was up 43.0% on a year-over-year basis. On average, analysts anticipate that Broadcom will post 36.06 EPS for the current fiscal year.

Insider Activity

In other news, Director Kenneth Hao sold 9,160 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the sale, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Kenneth Hao sold 9,160 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the sale, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Justine Page sold 110 shares of the stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the sale, the director now directly owns 3,125 shares in the company, valued at approximately $4,134,375. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,770 shares of company stock valued at $36,242,096. 2.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AVGO. Stuart Chaussee & Associates Inc. bought a new position in shares of Broadcom in the fourth quarter worth about $25,000. Legend Financial Advisors Inc. grew its holdings in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the last quarter. PSI Advisors LLC grew its holdings in Broadcom by 66.7% during the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after acquiring an additional 10 shares in the last quarter. BKM Wealth Management LLC bought a new position in Broadcom during the 4th quarter worth about $29,000. Finally, Richardson Capital Management LLC bought a new position in Broadcom during the 1st quarter worth about $29,000. 76.43% of the stock is currently 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.