Broadcom (NASDAQ:AVGO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Broadcom is a premier designer, developer and global supplier of a broad range of semiconductor devices. The company is benefiting from strong demand of its wireless solutions and expanding product portfolio, which makes it well-positioned to address the needs of rapidly growing technologies like IoT and 5G. Strong ties with leading OEMs across multiple target markets will help the company to gain key insights into the requirements of customers. Nonetheless, shares of Broadcom have underperformed the industry in the past one year. The company faces intensifying competition and integration risks due to frequent acquisitions. The company’s leveraged balance sheet and customer concentration continue to be headwinds. “

Other analysts have also recently issued research reports about the stock. MKM Partners dropped their price objective on shares of Broadcom to $255.00 in a research note on Friday, September 7th. Mizuho reiterated a “buy” rating and issued a $280.00 price objective on shares of Broadcom in a research note on Friday, September 7th. Sanford C. Bernstein set a $310.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research note on Friday, September 7th. Canaccord Genuity reiterated a “buy” rating and issued a $335.00 price objective (up previously from $300.00) on shares of Broadcom in a research note on Friday, September 7th. Finally, Craig Hallum reiterated a “buy” rating and issued a $300.00 price objective (down previously from $330.00) on shares of Broadcom in a research note on Friday, September 7th. Nine investment analysts have rated the stock with a hold rating and thirty have given a buy rating to the stock. Broadcom has an average rating of “Buy” and a consensus target price of $286.16.

NASDAQ AVGO opened at $227.24 on Wednesday. The company has a quick ratio of 3.42, a current ratio of 3.98 and a debt-to-equity ratio of 0.64. The stock has a market cap of $95.94 billion, a PE ratio of 15.89, a P/E/G ratio of 1.00 and a beta of 1.03. Broadcom has a 52-week low of $197.46 and a 52-week high of $275.70.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 6th. The semiconductor manufacturer reported $5.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.58 by $0.27. The company had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.40 billion. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. Broadcom’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the company posted $4.59 EPS. As a group, equities research analysts expect that Broadcom will post 18.09 earnings per share for the current year.

In related news, insider Kirsten M. Spears sold 1,194 shares of Broadcom stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $246.52, for a total transaction of $294,344.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $228.94, for a total transaction of $4,578,800.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 61,194 shares of company stock worth $14,266,145. Insiders own 3.30% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Broadcom by 6.6% during the 3rd quarter. Vanguard Group Inc. now owns 33,632,811 shares of the semiconductor manufacturer’s stock valued at $8,298,223,000 after purchasing an additional 2,094,847 shares during the last quarter. Capital International Investors grew its holdings in shares of Broadcom by 504.1% during the 3rd quarter. Capital International Investors now owns 27,509,769 shares of the semiconductor manufacturer’s stock valued at $6,787,485,000 after purchasing an additional 22,955,578 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Broadcom by 0.8% during the 3rd quarter. BlackRock Inc. now owns 25,930,258 shares of the semiconductor manufacturer’s stock valued at $6,397,772,000 after purchasing an additional 209,280 shares during the last quarter. Capital Research Global Investors grew its holdings in shares of Broadcom by 16.3% during the 3rd quarter. Capital Research Global Investors now owns 25,694,725 shares of the semiconductor manufacturer’s stock valued at $6,339,659,000 after purchasing an additional 3,608,395 shares during the last quarter. Finally, FMR LLC bought a new stake in shares of Broadcom during the 2nd quarter valued at approximately $2,768,560,000. 85.22% of the stock is currently owned by institutional investors.

About Broadcom

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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