StockNews.com Initiates Coverage on Broadcom (NASDAQ:AVGO)

Equities researchers at StockNews.com initiated coverage on shares of Broadcom (NASDAQ:AVGO – Get Rating) in a research note issued on Thursday. The brokerage set a “buy” rating on the semiconductor manufacturer’s stock.

A number of other brokerages also recently weighed in on AVGO. Oppenheimer reaffirmed an “outperform” rating and set a $720.00 price objective on shares of Broadcom in a research report on Monday, December 5th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Broadcom from $590.00 to $675.00 and gave the stock a “buy” rating in a research note on Friday, March 3rd. Susquehanna reaffirmed a “positive” rating and issued a $690.00 price target on shares of Broadcom in a research note on Thursday, March 9th. KeyCorp increased their target price on shares of Broadcom from $700.00 to $720.00 and gave the company an “overweight” rating in a research note on Friday, March 3rd. Finally, BNP Paribas started coverage on shares of Broadcom in a research note on Tuesday, February 28th. They set an “outperform” rating and a $660.00 target price for the company. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $674.17.

Broadcom Stock Performance

Broadcom stock opened at $630.97 on Thursday. Broadcom has a 12-month low of $415.07 and a 12-month high of $645.31. The company has a market capitalization of $263.06 billion, a price-to-earnings ratio of 21.24, a price-to-earnings-growth ratio of 1.26 and a beta of 1.10. The company has a debt-to-equity ratio of 1.64, a current ratio of 2.52 and a quick ratio of 2.26. The firm’s fifty day moving average price is $597.58 and its 200 day moving average price is $535.85.

Broadcom (NASDAQ:AVGO – Get Rating) last released its earnings results on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 earnings per share for the quarter, topping the consensus estimate of $9.38 by $0.95. The company had revenue of $8.92 billion during the quarter, compared to the consensus estimate of $8.90 billion. Broadcom had a net margin of 37.19% and a return on equity of 73.52%. The company’s revenue was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $7.68 EPS. On average, research analysts forecast that Broadcom will post 38.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Eddy W. Hartenstein sold 3,175 shares of the company’s stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $625.01, for a total transaction of $1,984,406.75. Following the completion of the sale, the director now directly owns 9,734 shares of the company’s stock, valued at approximately $6,083,847.34. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.20% of the stock is owned by insiders.

Institutional Trading of Broadcom

Several large investors have recently modified their holdings of the company. Purus Wealth Management LLC boosted its holdings in Broadcom by 0.5% in the 4th quarter. Purus Wealth Management LLC now owns 3,409 shares of the semiconductor manufacturer’s stock valued at $1,906,000 after purchasing an additional 18 shares during the period. Warther Private Wealth LLC boosted its holdings in Broadcom by 0.6% in the 4th quarter. Warther Private Wealth LLC now owns 3,262 shares of the semiconductor manufacturer’s stock valued at $1,824,000 after purchasing an additional 18 shares during the period. Manchester Financial Inc. boosted its holdings in Broadcom by 2.8% in the 4th quarter. Manchester Financial Inc. now owns 691 shares of the semiconductor manufacturer’s stock valued at $386,000 after purchasing an additional 19 shares during the period. King Wealth boosted its holdings in Broadcom by 0.9% in the 3rd quarter. King Wealth now owns 2,303 shares of the semiconductor manufacturer’s stock valued at $1,023,000 after purchasing an additional 20 shares during the period. Finally, Formidable Asset Management LLC boosted its holdings in Broadcom by 3.2% in the 3rd quarter. Formidable Asset Management LLC now owns 680 shares of the semiconductor manufacturer’s stock valued at $313,000 after purchasing an additional 21 shares during the period. 81.28% of the stock is owned by institutional investors.

About Broadcom

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Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.