Broadcom (NASDAQ:AVGO) Price Target Cut to $307.00
Broadcom (NASDAQ:AVGO) had its price target lowered by investment analysts at SunTrust Banks to $307.00 in a note issued to investors on Friday, The Fly reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. SunTrust Banks’ price target points to a potential upside of 15.44% from the stock’s current price.
A number of other research firms have also commented on AVGO. DA Davidson boosted their price objective on Broadcom to $325.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. MKM Partners boosted their price objective on Broadcom to $310.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Zacks Investment Research lowered Broadcom from a “hold” rating to a “sell” rating in a research note on Tuesday, March 19th. BidaskClub lowered Broadcom from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 30th. Finally, JPMorgan Chase & Co. boosted their price objective on Broadcom from $325.00 to $365.00 in a research note on Monday, March 18th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-eight have issued a buy rating to the stock. Broadcom currently has a consensus rating of “Buy” and an average target price of $297.58.
Broadcom stock opened at $265.93 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 1.47. The firm has a market capitalization of $111.47 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 1.27 and a beta of 0.87. Broadcom has a 52 week low of $197.46 and a 52 week high of $323.20.
In related news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $315.07, for a total value of $6,301,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kirsten M. Spears sold 4,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $306.31, for a total value of $1,225,240.00. The disclosure for this sale can be found here. Insiders sold 67,824 shares of company stock valued at $20,565,519 in the last quarter. 3.30% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. AlphaOne Investment Services LLC bought a new stake in shares of Broadcom in the fourth quarter worth about $25,000. First Financial Corp IN bought a new stake in shares of Broadcom in the first quarter worth about $30,000. Daiwa SB Investments Ltd. bought a new stake in shares of Broadcom in the first quarter worth about $30,000. CX Institutional increased its holdings in shares of Broadcom by 555.6% in the first quarter. CX Institutional now owns 118 shares of the semiconductor manufacturer’s stock worth $35,000 after acquiring an additional 100 shares in the last quarter. Finally, Destination Wealth Management bought a new stake in shares of Broadcom in the first quarter worth about $41,000. Institutional investors own 84.42% of the company’s stock.
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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