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.
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.
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
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