Broadcom (NASDAQ:AVGO) Price Target Cut to $659.00

Broadcom (NASDAQ:AVGOGet Rating) had its price objective reduced by research analysts at Truist Financial from $662.00 to $659.00 in a report issued on Monday, The Fly reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Truist Financial’s target price suggests a potential upside of 12.64% from the company’s current price.

Several other equities research analysts also recently weighed in on the stock. Wells Fargo & Company started coverage on shares of Broadcom in a research report on Friday, December 9th. They issued an “equal weight” rating for the company. Cowen boosted their price objective on Broadcom from $540.00 to $555.00 in a report on Friday, December 9th. Susquehanna Bancshares reduced their target price on Broadcom from $680.00 to $650.00 and set a “positive” rating on the stock in a report on Monday, December 5th. Cowen lifted their price target on shares of Broadcom from $540.00 to $555.00 and gave the company a “market perform” rating in a report on Friday, December 9th. Finally, Bank of America lifted their target price on Broadcom from $625.00 to $650.00 in a research note on Friday, December 9th. Two equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $667.21.

Broadcom Trading Up 0.6 %

Shares of AVGO opened at $585.03 on Monday. Broadcom has a one year low of $415.07 and a one year high of $645.31. The stock has a 50-day moving average price of $552.10 and a 200 day moving average price of $515.33. The company has a debt-to-equity ratio of 1.72, a quick ratio of 2.35 and a current ratio of 2.62. The company has a market capitalization of $244.48 billion, a P/E ratio of 22.08, a P/E/G ratio of 1.19 and a beta of 1.08.

Broadcom (NASDAQ:AVGOGet Rating) last released its earnings results on Thursday, December 8th. The semiconductor manufacturer reported $9.75 EPS for the quarter, beating the consensus estimate of $9.50 by $0.25. The company had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.90 billion. Broadcom had a return on equity of 70.00% and a net margin of 34.62%. The business’s revenue was up 20.6% on a year-over-year basis. During the same period in the prior year, the business posted $7.01 EPS. Sell-side analysts forecast that Broadcom will post 37.39 EPS for the current fiscal year.

Insider Transactions at Broadcom

In related news, Director Justine Page sold 170 shares of the firm’s stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $574.86, for a total value of $97,726.20. Following the completion of the transaction, the director now directly owns 2,981 shares of the company’s stock, valued at $1,713,657.66. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD grew its stake in shares of Broadcom by 53.4% during the third quarter. Price T Rowe Associates Inc. MD now owns 3,420,481 shares of the semiconductor manufacturer’s stock valued at $1,528,063,000 after purchasing an additional 1,191,113 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Broadcom by 159.7% in the 3rd quarter. First Trust Advisors LP now owns 1,104,656 shares of the semiconductor manufacturer’s stock valued at $490,478,000 after purchasing an additional 679,250 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Broadcom by 11.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,682,635 shares of the semiconductor manufacturer’s stock worth $2,948,563,000 after buying an additional 488,405 shares during the period. Renaissance Technologies LLC raised its stake in shares of Broadcom by 442.9% during the third quarter. Renaissance Technologies LLC now owns 594,996 shares of the semiconductor manufacturer’s stock worth $264,184,000 after buying an additional 485,410 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its holdings in Broadcom by 91.4% during the 3rd quarter. Los Angeles Capital Management LLC now owns 919,152 shares of the semiconductor manufacturer’s stock worth $408,113,000 after acquiring an additional 438,956 shares during the period. Institutional investors and hedge funds own 81.28% of the company’s stock.

Broadcom Company Profile

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Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.

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