Analysts Set Broadcom Inc (NASDAQ:AVGO) Price Target at $339.55

Shares of Broadcom Inc (NASDAQ:AVGO) have been given a consensus rating of “Buy” by the thirty-seven ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-eight have assigned a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $339.55.

AVGO has been the subject of several research reports. KeyCorp lifted their price objective on Broadcom from $290.00 to $360.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Royal Bank of Canada boosted their price target on Broadcom from $300.00 to $340.00 and gave the stock an “outperform” rating in a report on Friday, June 5th. Piper Sandler increased their price objective on Broadcom from $300.00 to $360.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Barclays lifted their price objective on Broadcom from $320.00 to $345.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Finally, SunTrust Banks upped their target price on shares of Broadcom from $300.00 to $360.00 and gave the company a “buy” rating in a report on Friday, June 5th.

Shares of NASDAQ:AVGO traded up $4.65 during midday trading on Friday, hitting $316.75. 2,472,008 shares of the stock were exchanged, compared to its average volume of 1,611,354. Broadcom has a twelve month low of $155.67 and a twelve month high of $331.58. The company has a current ratio of 2.15, a quick ratio of 2.01 and a debt-to-equity ratio of 1.88. The company has a 50 day moving average price of $310.87 and a 200-day moving average price of $284.78. The stock has a market cap of $127.39 billion, a P/E ratio of 56.66, a PEG ratio of 1.49 and a beta of 0.90.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, June 4th. The semiconductor manufacturer reported $5.14 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $5.14. The firm had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.69 billion. Broadcom had a net margin of 10.97% and a return on equity of 32.00%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period last year, the firm posted $5.21 EPS. On average, equities research analysts expect that Broadcom will post 17.47 earnings per share for the current year.

In other news, Director Harry L. You sold 98 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $315.46, for a total value of $30,915.08. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Charlie B. Kawwas sold 27,192 shares of Broadcom stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $313.66, for a total transaction of $8,529,042.72. The disclosure for this sale can be found here. Insiders sold a total of 480,747 shares of company stock worth $150,544,165 over the last ninety days. Corporate insiders own 3.30% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. HMS Capital Management LLC boosted its position in shares of Broadcom by 130.7% in the second quarter. HMS Capital Management LLC now owns 3,756 shares of the semiconductor manufacturer’s stock worth $1,186,000 after buying an additional 2,128 shares during the period. National Asset Management Inc. grew its position in Broadcom by 4.9% in the second quarter. National Asset Management Inc. now owns 12,821 shares of the semiconductor manufacturer’s stock valued at $4,047,000 after acquiring an additional 600 shares in the last quarter. Comerica Bank raised its stake in shares of Broadcom by 7.5% during the second quarter. Comerica Bank now owns 82,486 shares of the semiconductor manufacturer’s stock valued at $25,884,000 after purchasing an additional 5,723 shares during the period. Wilbanks Smith & Thomas Asset Management LLC raised its stake in shares of Broadcom by 5.0% during the second quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 3,025 shares of the semiconductor manufacturer’s stock valued at $955,000 after purchasing an additional 145 shares during the period. Finally, Carolina Wealth Advisors LLC lifted its position in shares of Broadcom by 1.5% during the second quarter. Carolina Wealth Advisors LLC now owns 15,650 shares of the semiconductor manufacturer’s stock worth $4,939,000 after purchasing an additional 232 shares in the last quarter. 81.19% of the stock is currently owned by institutional investors.

Broadcom Company Profile

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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