Broadcom (NASDAQ:AVGO – Get Free Report) had its target price decreased by investment analysts at Morgan Stanley from $265.00 to $246.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price target points to a potential upside of 20.29% from the stock’s current price.
AVGO has been the topic of several other research reports. TD Cowen boosted their target price on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Susquehanna upped their price target on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a report on Friday, December 13th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $240.00 price target on shares of Broadcom in a report on Wednesday, December 11th. Evercore ISI upped their price target on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Barclays upped their price target on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $225.04.
Read Our Latest Stock Report on AVGO
Broadcom Stock Performance
Broadcom (NASDAQ:AVGO – Get Free Report) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business’s revenue was up 51.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 earnings per share. Equities research analysts anticipate that Broadcom will post 5.38 EPS for the current year.
Insiders Place Their Bets
In other Broadcom news, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the sale, the director now directly owns 30,450 shares in the company, valued at $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 20,168 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total value of $4,815,916.72. Following the transaction, the insider now directly owns 321,660 shares of the company’s stock, valued at approximately $76,809,191.40. This represents a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 191,278 shares of company stock valued at $44,964,800 over the last 90 days. 2.00% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Broadcom
Several hedge funds have recently modified their holdings of the company. NCP Inc. raised its stake in shares of Broadcom by 615.4% during the second 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 last quarter. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Broadcom by 257.1% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 12,167 shares of the semiconductor manufacturer’s stock valued at $19,535,000 after acquiring an additional 8,760 shares during the last quarter. Pathway Financial Advisers LLC raised its stake in shares of Broadcom by 2.0% during the second quarter. Pathway Financial Advisers LLC now owns 4,666 shares of the semiconductor manufacturer’s stock valued at $7,280,000 after acquiring an additional 91 shares during the last quarter. IMS Capital Management raised its stake in shares of Broadcom by 999.2% during the second quarter. IMS Capital Management now owns 6,650 shares of the semiconductor manufacturer’s stock valued at $10,677,000 after acquiring an additional 6,045 shares during the last quarter. Finally, Ted Buchan & Co bought a new position in shares of Broadcom during the second quarter valued at about $1,700,000. Institutional investors own 76.43% of the company’s stock.
Broadcom Company Profile
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.
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