Rep. Jared Moskowitz Buys Broadcom Inc. (NASDAQ:AVGO) Stock

Representative Jared Moskowitz (D-Florida) recently bought shares of Broadcom Inc. (NASDAQ:AVGO). In a filing disclosed on December 09th, the Representative disclosed that they had bought between $1,001 and $15,000 in Broadcom stock on November 8th. The trade occurred in the Representative’s “MORGAN STANLEY ACTIVE ASSETS (5)” account.

Representative Jared Moskowitz also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Atmos Energy (NYSE:ATO) on 11/8/2024.
• Purchased $1,001 – $15,000 in shares of Elevance Health (NYSE:ELV) on 11/8/2024.
• Purchased $1,001 – $15,000 in shares of Amazon.com (NASDAQ:AMZN) on 11/8/2024.
• Purchased $1,001 – $15,000 in shares of QUALCOMM (NASDAQ:QCOM) on 11/8/2024.
• Purchased $1,001 – $15,000 in shares of PepsiCo (NASDAQ:PEP) on 11/8/2024.
• Purchased $1,001 – $15,000 in shares of Tractor Supply (NASDAQ:TSCO) on 11/8/2024.
• Purchased $1,001 – $15,000 in shares of McDonald’s (NYSE:MCD) on 11/8/2024.
• Purchased $1,001 – $15,000 in shares of Alphabet (NASDAQ:GOOG) on 11/8/2024.
• Sold $50,001 – $100,000 in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) on 11/8/2024.
• Sold $15,001 – $50,000 in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) on 11/8/2024.

Broadcom Stock Down 4.0 %

NASDAQ:AVGO opened at $171.81 on Wednesday. The firm has a 50-day simple moving average of $173.14 and a two-hundred day simple moving average of $163.05. The firm has a market cap of $802.45 billion, a P/E ratio of 149.40, a P/E/G ratio of 2.11 and a beta of 1.13. Broadcom Inc. has a fifty-two week low of $95.61 and a fifty-two week high of $186.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp lifted its position in shares of Broadcom by 948.5% in the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock worth $31,814,902,000 after buying an additional 166,844,263 shares in the last quarter. Geode Capital Management LLC grew its holdings in Broadcom by 976.6% during the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock valued at $17,055,760,000 after buying an additional 89,975,941 shares in the last quarter. FMR LLC increased its stake in Broadcom by 1,121.3% in the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock worth $15,594,088,000 after acquiring an additional 82,998,328 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after acquiring an additional 32,178,542 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Broadcom by 975.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after acquiring an additional 30,674,902 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now directly owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. The trade was a 11.26 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. The Goldman Sachs Group upped their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. William Blair initiated coverage on shares of Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating for the company. Citigroup increased their price target on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Benchmark reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Three investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $198.09.

About Representative Moskowitz

Jared Evan Moskowitz (Democratic Party) is a member of the U.S. House, representing Florida’s 23rd Congressional District. He assumed office on January 3, 2023. His current term ends on January 3, 2025. Moskowitz (Democratic Party) is running for re-election to the U.S. House to represent Florida’s 23rd Congressional District. He declared candidacy for the Democratic primary scheduled on August 20, 2024. Moskowitz resigned his state House seat on January 11, 2019, to head the state’s Division of Emergency Management. Jared Evan Moskowitz was born in Coral Springs, Florida. Moskowitz graduated from Marjory Stoneman Douglas High School. He earned a bachelor’s degree in political science and government from George Washington University in 2003 and a law degree from Nova Southeastern University in 2007. Moskowitz’s career experience includes working as the director of the Florida Division of Emergency Management and general counsel with AshBritt Inc.

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.