Broadcom’s (AVGO) “Buy” Rating Reiterated at Craig Hallum

Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reiterated by investment analysts at Craig Hallum in a research report issued on Thursday. They currently have a $330.00 price target on the semiconductor manufacturer’s stock, up from their prior price target of $290.00. Craig Hallum’s price objective suggests a potential upside of 25.05% from the company’s previous close.

A number of other equities analysts have also recently commented on the company. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $325.00 target price (up from $300.00) on shares of Broadcom in a report on Thursday. Loop Capital raised their target price on Broadcom to $330.00 and gave the stock a “buy” rating in a report on Thursday. Cowen reaffirmed an “outperform” rating and issued a $320.00 target price (up from $270.00) on shares of Broadcom in a report on Thursday. Mizuho raised their target price on Broadcom from $290.00 to $310.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Susquehanna Bancshares raised their target price on Broadcom from $300.00 to $325.00 and gave the stock a “positive” rating in a report on Wednesday. Five research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $298.73.

Broadcom (AVGO) traded up $2.24 during mid-day trading on Thursday, hitting $263.89. The stock had a trading volume of 4,875,100 shares, compared to its average volume of 2,777,329. The stock has a market cap of $106,747.80, a P/E ratio of 19.78, a P/E/G ratio of 1.26 and a beta of 1.05. Broadcom has a 52-week low of $163.67 and a 52-week high of $285.68. The company has a current ratio of 4.48, a quick ratio of 3.84 and a debt-to-equity ratio of 0.60.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.52 by $0.07. The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.84 billion. Broadcom had a return on equity of 26.82% and a net margin of 3.12%. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period last year, the business posted $3.47 EPS. sell-side analysts expect that Broadcom will post 13.93 earnings per share for the current year.

In other Broadcom news, SVP Charlie B. Kawwas sold 1,788 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $247.28, for a total transaction of $442,136.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Bryan Ingram sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $240.62, for a total value of $2,406,200.00. The disclosure for this sale can be found here. Insiders have sold 104,383 shares of company stock valued at $25,949,184 in the last 90 days. Company insiders own 3.60% of the company’s stock.

Several institutional investors have recently bought and sold shares of AVGO. Janus Henderson Group PLC raised its stake in shares of Broadcom by 80.3% during the third quarter. Janus Henderson Group PLC now owns 3,397,443 shares of the semiconductor manufacturer’s stock valued at $823,980,000 after acquiring an additional 1,512,956 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Broadcom by 18.2% in the second quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock worth $2,028,442,000 after buying an additional 1,338,695 shares in the last quarter. Jennison Associates LLC raised its stake in Broadcom by 26.7% in the second quarter. Jennison Associates LLC now owns 5,345,868 shares of the semiconductor manufacturer’s stock worth $1,245,855,000 after buying an additional 1,128,052 shares in the last quarter. BlackRock Inc. raised its stake in Broadcom by 3.5% in the second quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer’s stock worth $5,577,099,000 after buying an additional 798,982 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Broadcom by 3.0% in the second quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock worth $6,423,271,000 after buying an additional 793,335 shares in the last quarter. 88.99% of the stock is owned by hedge funds and other institutional investors.

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Broadcom Company Profile

Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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