Broadcom (NASDAQ:AVGO) Given New $265.00 Price Target at Barclays

Broadcom (NASDAQ:AVGO - Get Free Report) had its target price hoisted by research analysts at Barclays from $215.00 to $265.00 in a research report issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the semiconductor manufacturer's stock. Barclays's target price would suggest a potential upside of 8.85% from the stock's previous close.

Several other equities analysts have also recently issued reports on AVGO. Cowen reaffirmed a "buy" rating on shares of Broadcom in a report on Friday. Susquehanna increased their target price on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday. Mizuho raised their target price on Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a research note on Friday. Citigroup restated a "buy" rating and set a $276.00 price target (up previously from $210.00) on shares of Broadcom in a research report on Tuesday, June 3rd. Finally, UBS Group lifted their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Broadcom has an average rating of "Moderate Buy" and a consensus price target of $272.33.

Broadcom Stock Down 1.4%

NASDAQ:AVGO traded down $3.48 on Monday, reaching $243.45. The stock had a trading volume of 12,961,322 shares, compared to its average volume of 30,981,030. The company has a 50-day moving average of $203.73 and a 200 day moving average of $206.81. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a market cap of $1.14 trillion, a P/E ratio of 198.49, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom has a 12-month low of $128.50 and a 12-month high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned $10.96 EPS. On average, research analysts predict that Broadcom will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now directly owns 25,380 shares of the company's stock, valued at $4,695,300. This trade represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. Corporate insiders own 2.00% of the company's stock.

Institutional Investors Weigh In On Broadcom

Several large investors have recently made changes to their positions in AVGO. First Long Island Investors LLC raised its position in Broadcom by 8,264.5% during the first quarter. First Long Island Investors LLC now owns 76,117 shares of the semiconductor manufacturer's stock valued at $12,744,000 after acquiring an additional 75,207 shares in the last quarter. Nicola Wealth Management LTD. raised its holdings in shares of Broadcom by 18.2% during the 1st quarter. Nicola Wealth Management LTD. now owns 128,800 shares of the semiconductor manufacturer's stock valued at $21,565,000 after purchasing an additional 19,800 shares in the last quarter. First Hawaiian Bank lifted its stake in shares of Broadcom by 11.4% in the 1st quarter. First Hawaiian Bank now owns 38,372 shares of the semiconductor manufacturer's stock valued at $6,425,000 after purchasing an additional 3,936 shares during the last quarter. CBIZ Investment Advisory Services LLC boosted its holdings in Broadcom by 25.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 2,336 shares of the semiconductor manufacturer's stock worth $391,000 after purchasing an additional 477 shares in the last quarter. Finally, Invst LLC increased its position in Broadcom by 34.1% during the first quarter. Invst LLC now owns 4,145 shares of the semiconductor manufacturer's stock worth $694,000 after buying an additional 1,054 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Company Profile

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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