Piper Sandler Increases Broadcom (NASDAQ:AVGO) Price Target to $250.00

Broadcom (NASDAQ:AVGO) had its price objective raised by Piper Sandler from $200.00 to $250.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor manufacturer’s stock. Piper Sandler’s target price points to a potential upside of 11.21% from the company’s current price.

Several other equities analysts have also weighed in on the company. Truist Financial raised their target price on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. UBS Group lifted their target price on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Benchmark reissued a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Morgan Stanley lifted their price objective on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, The Goldman Sachs Group lifted their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $220.33.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $224.80 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom has a 1 year low of $104.15 and a 1 year high of $228.70. The business has a fifty day simple moving average of $174.61 and a 200 day simple moving average of $164.45. The firm has a market cap of $1.05 trillion, a price-to-earnings ratio of 182.76, a P/E/G ratio of 2.15 and a beta of 1.13.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data 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 return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same period last year, the company earned $0.98 earnings per share. Broadcom’s quarterly revenue was up 51.2% compared to the same quarter last year. As a group, sell-side analysts predict that Broadcom will post 3.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 3.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several institutional investors and hedge funds have recently made changes to their positions in AVGO. State Street Corp boosted its stake in Broadcom by 948.5% in the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock worth $31,814,902,000 after purchasing an additional 166,844,263 shares during the period. Geode Capital Management LLC boosted its stake in Broadcom by 976.6% in the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after purchasing an additional 89,975,941 shares during the period. FMR LLC boosted 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 purchasing an additional 82,998,328 shares during the period. Jennison Associates LLC boosted its stake in Broadcom by 842.4% in the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after purchasing an additional 32,178,542 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Broadcom by 975.4% in 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 worth $5,833,894,000 after purchasing an additional 30,674,902 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

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.