Broadcom (NASDAQ:AVGO) Shares Up 5.3% – Time to Buy?

Broadcom Inc. (NASDAQ:AVGO) shot up 5.3% during trading on Monday . The stock traded as high as $180.68 and last traded at $179.53. 27,830,828 shares were traded during trading, an increase of 47% from the average session volume of 18,927,820 shares. The stock had previously closed at $170.47.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a report on Tuesday, December 3rd. TD Cowen raised Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Truist Financial boosted their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. The Goldman Sachs Group increased their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Cantor Fitzgerald boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Three investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $195.96.

Broadcom Stock Performance

The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a market cap of $838.51 billion, a PE ratio of 155.98, a price-to-earnings-growth ratio of 2.11 and a beta of 1.13. The firm’s fifty day moving average is $173.01 and its 200 day moving average is $162.79.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the previous year, the firm posted $0.95 EPS. Broadcom’s revenue was up 47.3% compared to the same quarter last year. As a group, research analysts predict that Broadcom Inc. will post 3.79 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents 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 the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. D.B. Root & Company LLC lifted its stake in Broadcom by 58.0% during the second quarter. D.B. Root & Company LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $398,000 after purchasing an additional 91 shares during the last quarter. NCP Inc. increased its holdings in shares of Broadcom by 615.4% in the 2nd quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after acquiring an additional 400 shares during the period. Ameliora Wealth Management Ltd. raised its holdings in shares of Broadcom by 183.4% in the second quarter. Ameliora Wealth Management Ltd. now owns 2,627 shares of the semiconductor manufacturer’s stock valued at $4,218,000 after buying an additional 1,700 shares during the last quarter. Bank Pictet & Cie Asia Ltd. boosted its stake in shares of Broadcom by 27.3% during the second quarter. Bank Pictet & Cie Asia Ltd. now owns 610 shares of the semiconductor manufacturer’s stock worth $979,000 after buying an additional 131 shares during the period. Finally, Maia Wealth LLC purchased a new position in shares of Broadcom during the second quarter worth about $2,420,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

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.