Broadcom (NASDAQ:AVGO) Lifted to “Strong-Buy” at BidaskClub

BidaskClub upgraded shares of Broadcom (NASDAQ:AVGO) from a buy rating to a strong-buy rating in a report issued on Thursday morning, BidAskClub reports.

AVGO has been the subject of a number of other research reports. Bank of America set a $345.00 target price on Broadcom and gave the stock a buy rating in a report on Friday, September 13th. Daiwa Capital Markets cut Broadcom from a buy rating to a neutral rating in a report on Thursday, August 15th. KeyCorp boosted their target price on Broadcom from $330.00 to $340.00 and gave the stock an overweight rating in a report on Friday, September 13th. Royal Bank of Canada assumed coverage on Broadcom in a report on Tuesday, July 23rd. They set an outperform rating and a $320.00 target price for the company. Finally, Oppenheimer set a $315.00 target price on Broadcom and gave the stock a buy rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $313.69.

Shares of NASDAQ:AVGO traded up $1.67 during midday trading on Thursday, hitting $313.41. 1,782,900 shares of the stock were exchanged, compared to its average volume of 2,653,873. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 1.58. The stock has a market cap of $124.57 billion, a P/E ratio of 16.64, a PEG ratio of 1.36 and a beta of 0.90. The company has a 50 day moving average price of $285.95 and a 200-day moving average price of $285.07. Broadcom has a twelve month low of $217.61 and a twelve month high of $323.20.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.10 by ($0.11). Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter in the previous year, the firm posted $4.98 EPS. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, equities research analysts expect that Broadcom will post 16.97 earnings per share for the current year.

In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $289.43, for a total value of $5,788,600.00. Also, insider Mark David Brazeal sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $289.43, for a total value of $578,860.00. In the last 90 days, insiders sold 62,000 shares of company stock valued at $17,550,860. 3.30% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the business. CRA Financial Services LLC raised its position in shares of Broadcom by 2.0% in the 2nd quarter. CRA Financial Services LLC now owns 1,696 shares of the semiconductor manufacturer’s stock valued at $488,000 after purchasing an additional 33 shares in the last quarter. Liberty Wealth Management LLC raised its position in shares of Broadcom by 62.5% during the 2nd quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock valued at $26,000 after acquiring an additional 35 shares in the last quarter. Tarbox Family Office Inc. raised its position in shares of Broadcom by 20.2% during the 2nd quarter. Tarbox Family Office Inc. now owns 214 shares of the semiconductor manufacturer’s stock valued at $62,000 after acquiring an additional 36 shares in the last quarter. Enterprise Financial Services Corp raised its position in shares of Broadcom by 14.7% during the 2nd quarter. Enterprise Financial Services Corp now owns 289 shares of the semiconductor manufacturer’s stock valued at $83,000 after acquiring an additional 37 shares in the last quarter. Finally, Cresset Asset Management LLC raised its position in shares of Broadcom by 2.0% during the 2nd quarter. Cresset Asset Management LLC now owns 1,922 shares of the semiconductor manufacturer’s stock valued at $558,000 after acquiring an additional 37 shares in the last quarter. 84.98% of the stock is currently owned by institutional investors.

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.

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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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