Broadcom (NASDAQ:AVGO) Stock Rating Upgraded by ValuEngine

Broadcom (NASDAQ:AVGO) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, ValuEngine reports.

AVGO has been the subject of several other research reports. Summit Redstone raised Broadcom to a “buy” rating in a report on Friday, June 14th. KeyCorp increased their price objective on Alteryx from $100.00 to $123.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Craig Hallum reiterated a “buy” rating and issued a $315.00 price objective (down from $325.00) on shares of Broadcom in a research report on Friday, June 14th. MKM Partners increased their price objective on Broadcom to $310.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Finally, Deutsche Bank lowered their price objective on Broadcom from $330.00 to $315.00 and set a “buy” rating for the company in a research report on Friday, June 14th. Nine investment analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $300.45.

NASDAQ:AVGO opened at $285.08 on Tuesday. Broadcom has a one year low of $202.77 and a one year high of $323.20. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.13 and a current ratio of 1.26. The firm has a market capitalization of $113.10 billion, a PE ratio of 15.14, a PEG ratio of 1.38 and a beta of 0.94. The firm has a 50 day moving average of $276.05.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 EPS for the quarter, beating the consensus estimate of $5.18 by $0.03. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter last year, the firm earned $4.88 earnings per share. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom will post 17.43 EPS for the current year.

In other news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $292.16, for a total value of $5,843,200.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Bryan Ingram sold 13,466 shares of the stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $278.78, for a total value of $3,754,051.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,388 shares of company stock valued at $18,198,482. Company insiders own 3.30% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BTIM Corp. raised its stake in shares of Broadcom by 1.7% in the first quarter. BTIM Corp. now owns 1,883 shares of the semiconductor manufacturer’s stock valued at $566,000 after acquiring an additional 32 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in Broadcom by 9.1% in the first quarter. Parkside Financial Bank & Trust now owns 395 shares of the semiconductor manufacturer’s stock valued at $119,000 after buying an additional 33 shares in the last quarter. Lindbrook Capital LLC raised its stake in Broadcom by 5.4% in the first quarter. Lindbrook Capital LLC now owns 662 shares of the semiconductor manufacturer’s stock valued at $199,000 after buying an additional 34 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. raised its stake in Broadcom by 1.4% in the first quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 2,948 shares of the semiconductor manufacturer’s stock valued at $886,000 after buying an additional 40 shares in the last quarter. Finally, Lenox Wealth Advisors LLC raised its stake in Broadcom by 27.4% in the second quarter. Lenox Wealth Advisors LLC now owns 186 shares of the semiconductor manufacturer’s stock valued at $54,000 after buying an additional 40 shares in the last quarter. Institutional investors and hedge funds own 83.93% 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.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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