Benchmark Reaffirms “Buy” Rating for Broadcom (NASDAQ:AVGO)

Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reissued by equities researchers at Benchmark in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $255.00 target price on the semiconductor manufacturer’s stock. Benchmark’s price target indicates a potential upside of 30.80% from the company’s current price.

AVGO has been the subject of several other research reports. Susquehanna boosted their price objective on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research report on Friday, December 13th. Jefferies Financial Group lifted their price target on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Rosenblatt Securities reissued a “buy” rating and issued a $240.00 price objective on shares of Broadcom in a research report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, TD Cowen increased their target price on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Price Performance

Shares of AVGO opened at $194.96 on Friday. The company has a market cap of $913.85 billion, a P/E ratio of 159.02, a PEG ratio of 2.29 and a beta of 1.01. Broadcom has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm’s 50 day moving average price is $222.28 and its 200 day moving average price is $192.93.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s revenue was up 51.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.98 earnings per share. On average, research analysts forecast that Broadcom will post 5.38 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the transaction, the director now directly owns 46,400 shares in the company, valued at $10,655,296. This trade represents a 7.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the transaction, the director now owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 191,278 shares of company stock valued at $44,964,800. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Group Ltd. grew its holdings in Broadcom by 900.0% during the third quarter. Wealth Group Ltd. now owns 1,760 shares of the semiconductor manufacturer’s stock worth $304,000 after acquiring an additional 1,584 shares during the period. Swedbank AB grew its stake in shares of Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after purchasing an additional 16,453,718 shares during the period. Howard Capital Management Group LLC increased its holdings in shares of Broadcom by 2,219.8% in the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after purchasing an additional 2,908 shares in the last quarter. Pettinga Financial Advisors LLC lifted its stake in shares of Broadcom by 896.9% in the third quarter. Pettinga Financial Advisors LLC now owns 2,911 shares of the semiconductor manufacturer’s stock valued at $502,000 after purchasing an additional 2,619 shares during the period. Finally, Leeward Financial Partners LLC lifted its stake in shares of Broadcom by 1,009.8% in the third quarter. Leeward Financial Partners LLC now owns 17,035 shares of the semiconductor manufacturer’s stock valued at $2,939,000 after purchasing an additional 15,500 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Company Profile

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.