Broadcom (NASDAQ:AVGO) Price Target Raised to $658.00

Broadcom (NASDAQ:AVGOGet Rating) had its target price upped by investment analysts at Truist Financial to $658.00 in a report released on Friday, Stock Target Advisor reports. Truist Financial’s price target points to a potential upside of 13.34% from the company’s current price.

Several other research firms have also issued reports on AVGO. UBS Group lifted their price objective on shares of Broadcom from $665.00 to $690.00 and gave the company a “buy” rating in a research note on Friday, March 4th. Zacks Investment Research lowered shares of Broadcom from a “buy” rating to a “hold” rating and set a $599.00 price objective for the company. in a research note on Tuesday, March 8th. Morgan Stanley cut their target price on shares of Broadcom from $723.00 to $703.00 and set an “overweight” rating for the company in a research report on Friday, March 4th. Piper Sandler reissued a “buy” rating and set a $750.00 target price on shares of Broadcom in a research report on Tuesday. Finally, Susquehanna reissued a “buy” rating and set a $680.00 target price on shares of Broadcom in a research report on Tuesday, March 1st. Five research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom has a consensus rating of “Buy” and an average target price of $675.92.

NASDAQ AVGO traded up $29.90 on Friday, hitting $580.56. 142,837 shares of the stock were exchanged, compared to its average volume of 2,574,112. Broadcom has a 52-week low of $455.71 and a 52-week high of $677.76. The company has a debt-to-equity ratio of 1.71, a current ratio of 2.44 and a quick ratio of 2.20. The company has a market capitalization of $237.03 billion, a price-to-earnings ratio of 33.10, a P/E/G ratio of 1.09 and a beta of 1.04. The company’s 50-day moving average price is $587.30 and its two-hundred day moving average price is $591.02.

Broadcom (NASDAQ:AVGOGet Rating) last issued its earnings results on Thursday, May 26th. The semiconductor manufacturer reported $9.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.88 by $1.19. Broadcom had a net margin of 27.47% and a return on equity of 50.20%. The company had revenue of $8.10 billion during the quarter, compared to analyst estimates of $7.91 billion. During the same quarter last year, the business posted $5.89 EPS. The company’s revenue for the quarter was up 22.6% on a year-over-year basis. Equities analysts predict that Broadcom will post 32.08 EPS for the current fiscal year.

In related news, insider Thomas H. Krause sold 13,863 shares of the stock in a transaction that occurred on Wednesday, March 16th. The shares were sold at an average price of $585.29, for a total value of $8,113,875.27. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Raul J. Fernandez acquired 68 shares of the business’s stock in a transaction that occurred on Thursday, March 10th. The stock was acquired at an average price of $582.50 per share, for a total transaction of $39,610.00. The disclosure for this purchase can be found here. Insiders have sold 31,273 shares of company stock worth $18,818,718 over the last quarter. 2.30% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the business. Investment Research & Advisory Group Inc. bought a new stake in Broadcom in the fourth quarter valued at approximately $25,000. TFO TDC LLC bought a new stake in Broadcom in the fourth quarter valued at approximately $25,000. Blue Bell Private Wealth Management LLC bought a new stake in Broadcom in the fourth quarter valued at approximately $25,000. Hanson & Doremus Investment Management bought a new stake in shares of Broadcom during the first quarter worth $26,000. Finally, Focused Wealth Management Inc increased its position in shares of Broadcom by 101.0% during the fourth quarter. Focused Wealth Management Inc now owns 40 shares of the semiconductor manufacturer’s stock worth $27,000 after acquiring an additional 4,000 shares in the last quarter. 81.53% of the stock is owned by hedge funds and other institutional investors.

About Broadcom (Get Rating)

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.

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