Broadcom (NASDAQ:AVGO) Given New $300.00 Price Target at Mizuho

Broadcom (NASDAQ:AVGO - Get Free Report) had its target price lifted by equities researchers at Mizuho from $250.00 to $300.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the semiconductor manufacturer's stock. Mizuho's price target would suggest a potential upside of 23.98% from the company's previous close.

A number of other research firms have also recently weighed in on AVGO. Redburn Atlantic started coverage on shares of Broadcom in a report on Wednesday. They issued a "buy" rating and a $301.00 price objective for the company. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Morgan Stanley boosted their target price on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Citigroup cut their target price on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and an average price target of $236.27.

Broadcom Stock Performance

AVGO traded up $2.54 on Wednesday, reaching $241.97. The stock had a trading volume of 20,731,794 shares, compared to its average volume of 31,021,044. Broadcom has a 12-month low of $128.50 and a 12-month high of $251.88. 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 business's 50-day moving average price is $194.36 and its two-hundred day moving average price is $202.79. The company has a market cap of $1.14 trillion, a P/E ratio of 197.37, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

Broadcom declared that its board has authorized a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In related news, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares of the company's stock, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 in the last ninety days. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Broadcom

A number of hedge funds have recently made changes to their positions in AVGO. Tallon Kerry Patrick purchased a new stake in Broadcom during the 4th quarter worth approximately $357,000. Capital & Planning LLC increased its stake in Broadcom by 15.3% during the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock worth $969,000 after buying an additional 554 shares during the period. LaFleur & Godfrey LLC increased its stake in Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after buying an additional 12,345 shares during the period. Brighton Jones LLC increased its stake in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after buying an additional 5,322 shares during the period. Finally, AlphaMark Advisors LLC increased its stake in Broadcom by 1.9% during the 4th quarter. AlphaMark Advisors LLC now owns 9,045 shares of the semiconductor manufacturer's stock worth $2,097,000 after buying an additional 166 shares during the period. Hedge funds and other 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.