Broadcom (AVGO) Upgraded to “Buy” by B. Riley

B. Riley upgraded shares of Broadcom (NASDAQ:AVGO) from a neutral rating to a buy rating in a research report report published on Monday, MarketBeat Ratings reports. The brokerage currently has $300.00 price target on the semiconductor manufacturer’s stock, up from their prior price target of $250.00.

Other analysts have also recently issued reports about the stock. MKM Partners dropped their target price on shares of Broadcom to $255.00 in a report on Friday, September 7th. Zacks Investment Research raised shares of Broadcom from a hold rating to a buy rating and set a $260.00 target price on the stock in a report on Tuesday, September 11th. Mizuho reissued a buy rating and set a $280.00 target price on shares of Broadcom in a report on Friday, September 7th. Sanford C. Bernstein set a $310.00 target price on shares of Broadcom and gave the stock a buy rating in a report on Friday, September 7th. Finally, Canaccord Genuity reissued a buy rating and set a $335.00 target price (up from $300.00) on shares of Broadcom in a report on Friday, September 7th. Nine research analysts have rated the stock with a hold rating and thirty-one have assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $288.83.

Shares of NASDAQ:AVGO opened at $242.07 on Monday. The firm has a market cap of $98.16 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 0.94 and a beta of 1.02. Broadcom has a 1-year low of $197.46 and a 1-year high of $275.70. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.42 and a current ratio of 3.98.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.82 by $0.16. The company had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The firm’s revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the company earned $4.10 earnings per share. As a group, equities research analysts anticipate that Broadcom will post 18.09 EPS for the current year.

In related news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $228.94, for a total value of $4,578,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kirsten M. Spears sold 1,194 shares of the stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. Insiders sold a total of 61,194 shares of company stock valued at $14,266,145 in the last quarter. 3.30% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in AVGO. Great Lakes Advisors LLC boosted its position in shares of Broadcom by 7.4% during the 3rd quarter. Great Lakes Advisors LLC now owns 3,247 shares of the semiconductor manufacturer’s stock valued at $801,000 after purchasing an additional 223 shares in the last quarter. Birinyi Associates Inc. boosted its position in shares of Broadcom by 25.0% during the 3rd quarter. Birinyi Associates Inc. now owns 1,250 shares of the semiconductor manufacturer’s stock valued at $308,000 after purchasing an additional 250 shares in the last quarter. Hoylecohen LLC boosted its position in shares of Broadcom by 2.2% during the 3rd quarter. Hoylecohen LLC now owns 12,043 shares of the semiconductor manufacturer’s stock valued at $2,971,000 after purchasing an additional 262 shares in the last quarter. Patten Group Inc. boosted its position in shares of Broadcom by 125.5% during the 3rd quarter. Patten Group Inc. now owns 521 shares of the semiconductor manufacturer’s stock valued at $129,000 after purchasing an additional 290 shares in the last quarter. Finally, Congress Asset Management Co. MA boosted its position in shares of Broadcom by 0.9% during the 3rd quarter. Congress Asset Management Co. MA now owns 34,263 shares of the semiconductor manufacturer’s stock valued at $8,454,000 after purchasing an additional 305 shares in the last quarter. Hedge funds and other institutional investors own 85.22% of the company’s stock.

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.

Featured Story: Depreciation

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit