Broadcom (NASDAQ:AVGO) Price Target Raised to $300.00 at Bank of America

Broadcom (NASDAQ:AVGO - Get Free Report) had its target price boosted by equities research analysts at Bank of America from $240.00 to $300.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the semiconductor manufacturer's stock. Bank of America's target price indicates a potential upside of 20.24% from the stock's current price.

Several other research analysts have also recently weighed in on the stock. Morgan Stanley boosted their price target on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday. KeyCorp raised their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Benchmark increased their price target on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday. Redburn Atlantic assumed coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price target on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday. Three analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $269.00.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded down $10.43 during midday trading on Friday, reaching $249.50. 23,862,915 shares of the company's stock traded hands, compared to its average volume of 30,888,575. The company has a fifty day simple moving average of $202.16 and a two-hundred day simple moving average of $205.65. Broadcom has a 1 year low of $128.50 and a 1 year high of $265.43. The company has a market cap of $1.17 trillion, a P/E ratio of 203.49, a PEG ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

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

Broadcom announced that its Board of Directors has approved a share repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 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 Trading of Broadcom

Hedge funds and other institutional investors have recently modified their holdings of the business. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom in the first quarter valued at about $25,000. Cheviot Value Management LLC acquired a new position in shares of Broadcom in the 1st quarter worth approximately $25,000. Canton Hathaway LLC bought a new stake in shares of Broadcom in the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom during the 4th quarter valued at approximately $26,000. Finally, Inlight Wealth Management LLC bought a new position in Broadcom during the first quarter worth $26,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

About Broadcom

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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