Broadcom’s (AVGO) Buy Rating Reaffirmed at TD Cowen

Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reiterated by investment analysts at TD Cowen in a report issued on Thursday,Benzinga reports. They presently have a $500.00 price objective on the semiconductor manufacturer’s stock. TD Cowen’s price target would indicate a potential upside of 23.88% from the company’s current price.

Several other research analysts have also recently commented on AVGO. Royal Bank Of Canada decreased their target price on shares of Broadcom from $370.00 to $340.00 and set a “sector perform” rating for the company in a report on Monday, March 2nd. Erste Group Bank lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, April 2nd. Wall Street Zen cut shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Saturday, May 30th. Susquehanna restated a “positive” rating and issued a $490.00 target price (up from $450.00) on shares of Broadcom in a report on Thursday, May 28th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $515.00 price target (up from $430.00) on shares of Broadcom in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $475.63.

Broadcom Stock Down 15.8%

Shares of Broadcom stock opened at $403.61 on Thursday. The stock’s fifty day moving average is $392.87 and its 200-day moving average is $361.19. The firm has a market capitalization of $1.91 trillion, a PE ratio of 79.23, a price-to-earnings-growth ratio of 0.99 and a beta of 1.41. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.80. Broadcom has a 12-month low of $241.11 and a 12-month high of $495.00.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.04. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.Broadcom’s revenue for the quarter was up 47.9% on a year-over-year basis. During the same quarter last year, the company posted $1.58 EPS. Equities analysts anticipate that Broadcom will post 9.91 earnings per share for the current year.

Insider Activity

In other news, insider Mark David Brazeal sold 50,488 shares of Broadcom stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total value of $16,236,940.80. Following the transaction, the insider owned 278,141 shares of the company’s stock, valued at $89,450,145.60. This trade represents a 15.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Justine Page sold 2,018 shares of the business’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $353.00, for a total transaction of $712,354.00. Following the completion of the sale, the director owned 18,164 shares of the company’s stock, valued at $6,411,892. The trade was a 10.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 324,282 shares of company stock valued at $106,425,249. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Broadcom

A number of institutional investors have recently made changes to their positions in the business. Norges Bank bought a new position in Broadcom in the 4th quarter worth approximately $24,252,196,000. Cardano Risk Management B.V. boosted its position in shares of Broadcom by 895.2% in the fourth quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer’s stock valued at $4,391,940,000 after acquiring an additional 11,414,701 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Broadcom by 118.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 18,739,006 shares of the semiconductor manufacturer’s stock valued at $5,799,889,000 after acquiring an additional 10,145,377 shares during the period. State Street Corp grew its stake in shares of Broadcom by 2.7% in the fourth quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer’s stock worth $65,788,194,000 after acquiring an additional 5,040,801 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Broadcom by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock worth $167,064,997,000 after acquiring an additional 3,919,715 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Cantor Fitzgerald reaffirmed its overweight rating on Broadcom and set a $525 price target, implying upside from current levels. Benzinga
• Positive Sentiment: Benchmark raised its price target to $545 from $485 and kept a buy rating, citing strong earnings momentum. Benzinga
• Positive Sentiment: Broadcom reported record AI semiconductor revenue of $10.8 billion, up sharply year over year, reinforcing its role as a key AI infrastructure supplier. PR Newswire
• Neutral Sentiment: Broadcom announced a quarterly dividend of $0.65 per share, which supports the stock’s income appeal but is not a major near-term catalyst. PR Newswire
• Negative Sentiment: Investors sold the stock after Broadcom’s revenue came in below the market’s elevated expectations, pressuring sentiment across semiconductors. Reuters
• Negative Sentiment: Chipmaker shares, including Broadcom, fell in premarket trading as the market reassessed the durability of the AI trade after earnings. CNBC

Broadcom Company Profile

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.