Broadcom (AVGO) Rating Reiterated by Credit Suisse Group
Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reaffirmed by stock analysts at Credit Suisse Group in a research note issued to investors on Wednesday. They currently have a $300.00 price target on the semiconductor manufacturer’s stock. Credit Suisse Group’s target price points to a potential upside of 32.02% from the company’s previous close.
Several other equities analysts have also recently weighed in on the stock. Zacks Investment Research upgraded shares of Broadcom from a “sell” rating to a “hold” rating in a research report on Wednesday. BidaskClub cut shares of Broadcom from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Deutsche Bank lowered their price objective on shares of Broadcom from $310.00 to $300.00 and set a “buy” rating on the stock in a research report on Monday. B. Riley upgraded shares of Broadcom from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $250.00 to $300.00 in a research report on Monday. Finally, Wells Fargo & Co reiterated a “market perform” rating and set a $265.00 price objective on shares of Broadcom in a research report on Wednesday, November 28th. Nine research analysts have rated the stock with a hold rating and thirty have issued a buy rating to the company’s stock. Broadcom has a consensus rating of “Buy” and a consensus target price of $286.16.
Broadcom stock opened at $227.24 on Wednesday. The company has a current ratio of 3.98, a quick ratio of 3.42 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $95.94 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 1.00 and a beta of 1.03. Broadcom has a 1 year low of $197.46 and a 1 year high of $275.70.
In related news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction on Monday, September 17th. The shares were sold at an average price of $238.62, for a total value of $4,772,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kirsten M. Spears sold 1,194 shares of Broadcom stock in a transaction on Friday, September 28th. The shares were sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 61,194 shares of company stock valued at $14,266,145. 3.30% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. Massey Quick Simon & CO. LLC acquired a new position in Broadcom during the 2nd quarter worth $104,000. MUFG Americas Holdings Corp acquired a new position in Broadcom during the 2nd quarter worth $109,000. Zions Bancorporation acquired a new position in Broadcom during the 2nd quarter worth $109,000. First Personal Financial Services acquired a new position in Broadcom during the 2nd quarter worth $126,000. Finally, Avestar Capital LLC acquired a new position in Broadcom during the 2nd quarter worth $126,000. 85.22% of the stock is owned by hedge funds and other institutional investors.
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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