Broadcom (NASDAQ:AVGO) Stock Picked Up by Analysts at Tigress Financial

Investment analysts at Tigress Financial assumed coverage on shares of Broadcom (NASDAQ:AVGO) in a report released on Thursday, Benzinga reports. The brokerage set a “buy” rating and a $600.00 price target on the semiconductor manufacturer’s stock. Tigress Financial’s price target suggests a potential upside of 77.62% from the company’s current price.

A number of other brokerages also recently commented on AVGO. Raymond James Financial reissued an “outperform” rating and issued a $475.00 price objective (up from $450.00) on shares of Broadcom in a research note on Thursday, September 3rd. KeyCorp restated an “overweight” rating and set a $575.00 target price on shares of Broadcom in a report on Thursday, September 3rd. BMO Capital Markets increased their target price on Broadcom from $455.00 to $575.00 and gave the company an “outperform” rating in a research report on Thursday, September 3rd. Citigroup reiterated a “buy” rating and issued a $515.00 price target (up from $500.00) on shares of Broadcom in a report on Friday, September 4th. Finally, Royal Bank Of Canada initiated coverage on Broadcom in a report on Thursday, September 3rd. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $529.17.

Broadcom Stock Up 1.0%

Shares of Broadcom stock opened at $337.80 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29. Broadcom has a 1 year low of $289.96 and a 1 year high of $495.00. The firm’s 50-day moving average is $359.37 and its two-hundred day moving average is $384.63. The stock has a market cap of $1.61 trillion, a price-to-earnings ratio of 43.14 and a beta of 1.46.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, beating analysts’ consensus estimates of $3.22 by $0.10. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The business had revenue of $29.59 billion for the quarter, compared to the consensus estimate of $29.24 billion. During the same quarter last year, the firm posted $1.69 EPS. The company’s revenue for the quarter was up 85.5% on a year-over-year basis. As a group, research analysts expect that Broadcom will post 10.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Broadcom

Institutional investors and hedge funds have recently bought and sold shares of the company. Networth Advisors LLC increased its position in Broadcom by 546.2% during the 1st quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 71 shares in the last quarter. Core Capital Management & Research inc. acquired a new stake in Broadcom in the second quarter worth about $31,000. Harborfront Financial Group LLC acquired a new stake in Broadcom in the second quarter worth about $38,000. Align Financial LLC boosted its holdings in Broadcom by 67.2% in the third quarter. Align Financial LLC now owns 112 shares of the semiconductor manufacturer’s stock worth $38,000 after acquiring an additional 45 shares in the last quarter. Finally, IMG Wealth Management Inc. purchased a new stake in shares of Broadcom during the second quarter worth about $64,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.