Barclays Raises Broadcom (NASDAQ:AVGO) Price Target to $205.00

Broadcom (NASDAQ:AVGO) had its price objective lifted by equities researchers at Barclays from $200.00 to $205.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor manufacturer’s stock. Barclays‘s price objective indicates a potential downside of 14.67% from the company’s current price.

AVGO has been the topic of several other research reports. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. UBS Group raised their target price on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Cantor Fitzgerald increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Citigroup increased their price target on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Benchmark reiterated a “buy” rating and issued a $255.00 price target (up from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Three equities 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 MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $220.54.

Broadcom Stock Down 3.9 %

Shares of NASDAQ:AVGO opened at $240.23 on Monday. The firm has a market cap of $1.12 trillion, a P/E ratio of 195.31, a P/E/G ratio of 2.15 and a beta of 1.13. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom has a 12 month low of $104.15 and a 12 month high of $251.88. The company’s 50-day moving average price is $177.30 and its two-hundred day moving average price is $165.89.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.98 EPS. As a group, research analysts forecast that Broadcom will post 3.79 EPS for the current fiscal year.

Insider Activity

In other news, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction that occurred 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 directly owns 1,181,910 shares in the company, valued at $204,399,515.40. This trade represents a 11.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the sale, the insider now owns 399,460 shares in the company, valued at $70,744,366. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 261,080 shares of company stock worth $45,372,090 over the last ninety days. Insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. SMART Wealth LLC bought a new position in shares of Broadcom in the third quarter valued at $662,000. Lord Abbett & CO. LLC grew its stake in shares of Broadcom by 762.8% in the third quarter. Lord Abbett & CO. LLC now owns 2,181,786 shares of the semiconductor manufacturer’s stock valued at $376,358,000 after buying an additional 1,928,907 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its stake in shares of Broadcom by 624.8% in the third quarter. B. Riley Wealth Advisors Inc. now owns 138,687 shares of the semiconductor manufacturer’s stock valued at $23,889,000 after buying an additional 119,553 shares in the last quarter. Legacy Wealth Management LLC MS grew its stake in shares of Broadcom by 1,021.0% in the third quarter. Legacy Wealth Management LLC MS now owns 9,573 shares of the semiconductor manufacturer’s stock valued at $1,651,000 after buying an additional 8,719 shares in the last quarter. Finally, 1ST Source Bank grew its stake in shares of Broadcom by 869.0% in the third quarter. 1ST Source Bank now owns 32,489 shares of the semiconductor manufacturer’s stock valued at $5,604,000 after buying an additional 29,136 shares in the last quarter. 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.