Broadcom (NASDAQ:AVGO) Lifted to Buy at Summit Insights

Broadcom (NASDAQ:AVGO) was upgraded by equities researchers at Summit Insights from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage presently has a $253.03 price target on the semiconductor manufacturer’s stock. Summit Insights’ price objective would indicate a potential downside of 4.85% from the stock’s previous close.

A number of other analysts also recently issued reports on the company. Mizuho lowered their target price on Broadcom from $335.00 to $330.00 and set a “buy” rating on the stock in a research report on Friday. BidaskClub raised Broadcom from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 11th. Morgan Stanley lowered their target price on Broadcom from $266.00 to $262.00 and set an “equal weight” rating on the stock in a research report on Monday, June 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $350.00 target price on shares of Broadcom in a research report on Monday, June 10th. Finally, UBS Group lifted their target price on Broadcom from $300.00 to $325.00 and gave the company a “buy” rating in a research report on Tuesday, May 14th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $297.58.

AVGO opened at $265.93 on Friday. Broadcom has a 1 year low of $197.46 and a 1 year high of $323.20. The stock has a market capitalization of $111.47 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 1.27 and a beta of 0.87. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.14 and a current ratio of 1.27.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.18 by $0.03. The business had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.70 billion. Broadcom had a return on equity of 31.66% and a net margin of 15.92%. Broadcom’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.88 earnings per share. On average, analysts expect that Broadcom will post 17.55 EPS for the current fiscal year.

In other news, CFO Thomas H. Krause sold 14,494 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $295.45, for a total transaction of $4,282,252.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kirsten M. Spears sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $306.31, for a total value of $1,225,240.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,824 shares of company stock valued at $20,565,519. Corporate insiders own 3.30% of the company’s stock.

Several large investors have recently modified their holdings of the company. AlphaOne Investment Services LLC bought a new stake in shares of Broadcom in the fourth quarter valued at approximately $25,000. First Financial Corp IN bought a new stake in shares of Broadcom in the first quarter valued at approximately $30,000. Daiwa SB Investments Ltd. bought a new stake in shares of Broadcom in the first quarter valued at approximately $30,000. CX Institutional boosted its stake in shares of Broadcom by 555.6% in the first quarter. CX Institutional now owns 118 shares of the semiconductor manufacturer’s stock valued at $35,000 after buying an additional 100 shares during the period. Finally, Destination Wealth Management bought a new stake in shares of Broadcom in the first quarter valued at approximately $41,000. Institutional investors own 84.42% of the company’s stock.

About Broadcom

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

Further Reading: Average Daily Trade Volume – ADTV

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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