Broadcom Inc. $AVGO Shares Sold by Seaview Investment Managers LLC

Seaview Investment Managers LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 71.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,417 shares of the semiconductor manufacturer’s stock after selling 59,091 shares during the period. Broadcom comprises about 1.4% of Seaview Investment Managers LLC’s investment portfolio, making the stock its 29th biggest holding. Seaview Investment Managers LLC’s holdings in Broadcom were worth $6,455,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Assetmark Inc. raised its stake in Broadcom by 2.4% during the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after acquiring an additional 39,466 shares during the period. Capital Counsel LLC NY acquired a new position in shares of Broadcom during the second quarter valued at $221,000. Waterloo Capital L.P. lifted its stake in shares of Broadcom by 7.0% in the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after acquiring an additional 3,180 shares during the period. Geneos Wealth Management Inc. boosted its stake in Broadcom by 27.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock valued at $10,737,000 after purchasing an additional 13,978 shares in the last quarter. Finally, RiverFront Investment Group LLC grew its holdings in Broadcom by 107.6% during the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after acquiring an additional 8,566 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 16,558 shares of Broadcom stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.61, for a total transaction of $5,755,726.38. Following the transaction, the insider owned 329,302 shares of the company’s stock, valued at $114,468,668.22. This trade represents a 4.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 100,000 shares of Broadcom stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the transaction, the chief executive officer directly owned 725,638 shares in the company, valued at approximately $246,412,152.04. This represents a 12.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders acquired 3,550 shares of company stock worth $1,227,869 and sold 665,271 shares worth $225,483,192. Insiders own 2.00% of the company’s stock.

Broadcom Trading Up 2.4%

Shares of AVGO opened at $390.24 on Friday. The firm has a market capitalization of $1.84 trillion, a PE ratio of 99.55, a price-to-earnings-growth ratio of 1.30 and a beta of 1.19. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $403.00. The stock’s fifty day simple moving average is $356.79 and its 200-day simple moving average is $311.56.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.03. The business had revenue of $15.95 billion during the quarter, compared to the consensus estimate of $15.82 billion. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. Broadcom’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.24 earnings per share. As a group, research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Benchmark upped their price target on Broadcom from $315.00 to $385.00 and gave the company a “buy” rating in a report on Friday, September 5th. Macquarie initiated coverage on shares of Broadcom in a research report on Monday, September 15th. They issued an “outperform” rating and a $420.00 target price for the company. Wall Street Zen lowered Broadcom from a “buy” rating to a “hold” rating in a report on Sunday, November 23rd. Piper Sandler upped their price objective on shares of Broadcom from $315.00 to $375.00 and gave the stock an “overweight” rating in a report on Friday, September 5th. Finally, The Goldman Sachs Group set a $435.00 price target on Broadcom and gave the company a “buy” rating in a report on Tuesday, November 25th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Broadcom has a consensus rating of “Buy” and an average target price of $391.04.

About Broadcom

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.