Morgan Stanley Lowers Broadcom (NASDAQ:AVGO) Price Target to $246.00

Broadcom (NASDAQ:AVGO) had its target price dropped by Morgan Stanley from $265.00 to $246.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price target indicates a potential upside of 19.21% from the company’s previous close.

AVGO has been the topic of a number of other reports. TD Cowen increased their target price on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. UBS Group lifted their target price on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a report on Tuesday, December 3rd. Robert W. Baird lifted their target price on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Evercore ISI increased their price target on shares of Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.04.

Broadcom Stock Performance

Broadcom stock opened at $206.35 on Tuesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom has a 1 year low of $117.43 and a 1 year high of $251.88. The business has a 50 day moving average of $210.37 and a 200-day moving average of $181.05. The company has a market capitalization of $967.24 billion, a P/E ratio of 168.31, a P/E/G ratio of 2.52 and a beta of 1.03.

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

Insider Activity

In other Broadcom news, Director Check Kian Low sold 48,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $235.35, for a total value of $11,296,800.00. Following the transaction, the director now directly owns 113,050 shares of the company’s stock, valued at $26,606,317.50. This trade represents a 29.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the transaction, the director now owns 30,450 shares of the company’s stock, valued at $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock valued at $44,964,800 in the last ninety days. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. MGB Wealth Management LLC boosted its stake in shares of Broadcom by 1.4% during the fourth quarter. MGB Wealth Management LLC now owns 37,796 shares of the semiconductor manufacturer’s stock worth $8,808,000 after buying an additional 511 shares during the period. One Plus One Wealth Management LLC lifted its holdings in shares of Broadcom by 2.1% in the 4th quarter. One Plus One Wealth Management LLC now owns 4,222 shares of the semiconductor manufacturer’s stock valued at $979,000 after buying an additional 85 shares during the period. Morris Financial Concepts Inc. boosted its stake in shares of Broadcom by 6.8% in the fourth quarter. Morris Financial Concepts Inc. now owns 1,305 shares of the semiconductor manufacturer’s stock valued at $303,000 after buying an additional 83 shares in the last quarter. Tranquility Partners LLC boosted its position in shares of Broadcom by 10.0% during the 4th quarter. Tranquility Partners LLC now owns 6,536 shares of the semiconductor manufacturer’s stock worth $1,515,000 after purchasing an additional 594 shares in the last quarter. Finally, Phraction Management LLC purchased a new stake in Broadcom during the fourth quarter worth about $232,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

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.