Broadcom (NASDAQ:AVGO) Given New $340.00 Price Target at Royal Bank Of Canada

Broadcom (NASDAQ:AVGO) had its target price lowered by equities researchers at Royal Bank Of Canada from $370.00 to $340.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “sector perform” rating on the semiconductor manufacturer’s stock. Royal Bank Of Canada’s target price points to a potential upside of 7.45% from the stock’s previous close.

A number of other equities research analysts also recently commented on AVGO. Morgan Stanley lifted their price objective on Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a research report on Friday, December 12th. Oppenheimer lifted their price target on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Wells Fargo & Company raised shares of Broadcom from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $410.00 to $430.00 in a research note on Thursday, January 15th. DA Davidson raised shares of Broadcom to a “hold” rating in a research report on Friday, February 13th. Finally, Barclays restated an “overweight” rating and issued a $500.00 target price (up from $450.00) on shares of Broadcom in a report on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $432.13.

Broadcom Trading Down 1.0%

Shares of NASDAQ:AVGO traded down $3.12 during trading on Monday, reaching $316.43. The stock had a trading volume of 7,314,600 shares, compared to its average volume of 24,825,309. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The stock has a market cap of $1.50 trillion, a P/E ratio of 66.56, a PEG ratio of 1.02 and a beta of 1.22. The business has a fifty day moving average price of $336.34 and a 200-day moving average price of $342.75. Broadcom has a fifty-two week low of $138.10 and a fifty-two week high of $414.61.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping the consensus estimate of $1.87 by $0.08. The firm had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. Broadcom’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.42 EPS. As a group, analysts anticipate that Broadcom will post 5.38 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Harry L. You bought 1,000 shares of the stock in a transaction dated Thursday, December 18th. The stock was acquired at an average price of $325.13 per share, for a total transaction of $325,130.00. Following the completion of the purchase, the director owned 36,602 shares in the company, valued at $11,900,408.26. This represents a 2.81% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 1,928 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $327.80, for a total value of $631,998.40. Following the sale, the insider owned 23,582 shares in the company, valued at approximately $7,730,179.60. The trade was a 7.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 779,101 shares of company stock worth $283,804,325 in the last quarter. Insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Large investors have recently bought and sold shares of the company. ROSS JOHNSON & Associates LLC boosted its position in Broadcom by 1,320.0% in the 4th quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 66 shares during the last quarter. SWAN Capital LLC lifted its stake in shares of Broadcom by 261.9% in the fourth quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 55 shares in the last quarter. Miller Global Investments LLC purchased a new position in Broadcom in the fourth quarter valued at about $31,000. JCIC Asset Management Inc. acquired a new stake in Broadcom during the 3rd quarter valued at approximately $31,000. Finally, Nvest Wealth Strategies Inc. purchased a new stake in Broadcom during the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.