Broadcom (AVGO) Earns Buy Rating from B. Riley
Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reiterated by analysts at B. Riley in a research report issued on Monday. They currently have a $330.00 price target on the semiconductor manufacturer’s stock, up from their prior price target of $315.00. B. Riley’s price objective indicates a potential upside of 23.32% from the stock’s previous close.
A number of other equities research analysts also recently issued reports on AVGO. Vetr downgraded Broadcom from a “buy” rating to a “hold” rating and set a $258.25 price target for the company. in a research report on Tuesday, August 8th. Royal Bank Of Canada reissued a “buy” rating and set a $270.00 price target on shares of Broadcom in a research report on Friday, August 11th. BidaskClub cut Broadcom from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. Cowen restated a “buy” rating and set a $260.00 price objective on shares of Broadcom in a research note on Friday, August 11th. Finally, Zacks Investment Research cut Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, August 17th. Five research analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has given a strong buy rating to the company. Broadcom presently has a consensus rating of “Buy” and an average target price of $297.24.
Shares of Broadcom (NASDAQ:AVGO) traded up $3.70 during trading hours on Monday, hitting $267.59. The stock had a trading volume of 1,970,109 shares, compared to its average volume of 2,777,329. The stock has a market capitalization of $106,747.80, a P/E ratio of 19.78, a P/E/G ratio of 1.26 and a beta of 1.05. The company has a debt-to-equity ratio of 0.60, a quick ratio of 3.84 and a current ratio of 4.48. Broadcom has a twelve month low of $163.67 and a twelve month high of $285.68.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 EPS for the quarter, beating the Zacks’ consensus estimate of $4.52 by $0.07. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.84 billion. Broadcom had a return on equity of 26.82% and a net margin of 3.12%. The business’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.47 earnings per share. research analysts forecast that Broadcom will post 13.93 earnings per share for the current year.
In related news, SVP Charlie B. Kawwas sold 1,788 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $247.28, for a total value of $442,136.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Bryan Ingram sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $244.01, for a total transaction of $7,320,300.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 104,383 shares of company stock valued at $25,949,184. Company insiders own 3.60% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. GSA Capital Partners LLP grew its holdings in Broadcom by 5.7% during the 3rd quarter. GSA Capital Partners LLP now owns 17,928 shares of the semiconductor manufacturer’s stock worth $4,348,000 after acquiring an additional 961 shares during the period. Gofen & Glossberg LLC IL boosted its position in shares of Broadcom by 1.5% during the third quarter. Gofen & Glossberg LLC IL now owns 72,608 shares of the semiconductor manufacturer’s stock worth $17,610,000 after purchasing an additional 1,104 shares in the last quarter. Belpointe Asset Management LLC bought a new position in shares of Broadcom during the third quarter worth $660,000. Cetera Advisor Networks LLC boosted its position in shares of Broadcom by 14.4% during the third quarter. Cetera Advisor Networks LLC now owns 1,541 shares of the semiconductor manufacturer’s stock worth $373,000 after purchasing an additional 194 shares in the last quarter. Finally, Cetera Advisors LLC bought a new position in shares of Broadcom during the third quarter worth $382,000. 88.99% of the stock is owned by institutional investors and hedge funds.
Broadcom Company Profile
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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