Broadcom (NASDAQ:AVGO) Trading Down 2% – Here’s Why

Broadcom Inc. (NASDAQ:AVGO)’s stock price dropped 2% during trading on Tuesday . The company traded as low as $174.33 and last traded at $175.38. Approximately 4,643,352 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 28,849,055 shares. The stock had previously closed at $178.94.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of recent analyst reports. Truist Financial boosted their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Mizuho upped their target price on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Benchmark reiterated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. The Goldman Sachs Group upped their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Three analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $198.09.

Broadcom Price Performance

The company’s 50-day moving average price is $173.14 and its 200-day moving average price is $163.05. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company has a market cap of $799.00 billion, a P/E ratio of 148.16, a P/E/G ratio of 2.11 and a beta of 1.13.

Insider Transactions at Broadcom

In related news, Director Gayla J. Delly sold 750 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This trade represents a 2.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

A number of hedge funds have recently modified their holdings of the stock. Richardson Financial Services Inc. lifted its stake in shares of Broadcom by 2.4% during the 3rd quarter. Richardson Financial Services Inc. now owns 2,507 shares of the semiconductor manufacturer’s stock worth $415,000 after buying an additional 59 shares during the last quarter. Petredis Investment Advisors LLC increased its holdings in Broadcom by 1.1% in the 2nd quarter. Petredis Investment Advisors LLC now owns 5,758 shares of the semiconductor manufacturer’s stock valued at $9,245,000 after buying an additional 62 shares during the period. Tennessee Valley Asset Management Partners increased its holdings in Broadcom by 5.2% in the 2nd quarter. Tennessee Valley Asset Management Partners now owns 1,288 shares of the semiconductor manufacturer’s stock valued at $2,068,000 after buying an additional 64 shares during the period. Winthrop Advisory Group LLC increased its holdings in Broadcom by 25.7% in the 2nd quarter. Winthrop Advisory Group LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $518,000 after buying an additional 66 shares during the period. Finally, Delta Investment Management LLC increased its holdings in Broadcom by 14.9% in the 2nd quarter. Delta Investment Management LLC now owns 510 shares of the semiconductor manufacturer’s stock valued at $818,000 after buying an additional 66 shares during the period. Institutional investors and hedge funds 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.