Bank of America Reiterates Buy Rating for Broadcom (NASDAQ:AVGO)

Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reissued by analysts at Bank of America in a research report issued on Monday, Benzinga reports. They currently have a $2,150.00 price objective on the semiconductor manufacturer’s stock, up from their prior price objective of $2,000.00. Bank of America‘s price objective would indicate a potential upside of 36.01% from the stock’s current price.

A number of other equities analysts have also commented on AVGO. Melius Research began coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $1,850.00 price objective on the stock. TD Cowen boosted their price objective on shares of Broadcom from $1,500.00 to $1,750.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Benchmark reiterated a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Susquehanna boosted their price objective on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a report on Wednesday, February 28th. Finally, Melius began coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $1,850.00 price objective on the stock. Three analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,673.04.

Broadcom Stock Down 0.7 %

Shares of AVGO opened at $1,580.79 on Monday. The firm has a market cap of $735.84 billion, a PE ratio of 67.99, a price-to-earnings-growth ratio of 2.90 and a beta of 1.17. The company’s fifty day moving average is $1,412.94 and its two-hundred day moving average is $1,294.23. Broadcom has a fifty-two week low of $795.09 and a fifty-two week high of $1,851.62. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02.

Broadcom shares are going to split on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly created shares will be payable to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share for the quarter, beating the consensus estimate of $10.78 by $0.18. The business had revenue of $12.49 billion for the quarter, compared to analyst estimates of $12.06 billion. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business’s quarterly revenue was up 43.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $9.51 EPS. Analysts forecast that Broadcom will post 36.87 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the completion of the sale, the insider now owns 46,974 shares in the company, valued at approximately $61,957,296.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, 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 transaction, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the completion of the transaction, the insider now owns 46,974 shares in the company, valued at $61,957,296.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,864 shares of company stock worth $17,251,391. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Legend Financial Advisors Inc. lifted its holdings in Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares during the last quarter. Stuart Chaussee & Associates Inc. bought a new position in Broadcom during the 4th quarter valued at about $25,000. Richardson Capital Management LLC bought a new position in shares of Broadcom in the first quarter worth about $29,000. Delta Asset Management LLC TN raised its stake in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 17 shares during the last quarter. Finally, PSI Advisors LLC raised its stake in shares of Broadcom by 66.7% in the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after acquiring an additional 10 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.