Broadcom (NASDAQ:AVGO) Price Target Raised to $315.00

Broadcom (NASDAQ:AVGO - Get Free Report) had its price target increased by analysts at Citigroup from $285.00 to $315.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the semiconductor manufacturer's stock. Citigroup's price objective would suggest a potential upside of 15.93% from the company's current price.

AVGO has been the subject of several other reports. Cowen reaffirmed a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday. Morgan Stanley increased their price objective on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, UBS Group increased their price objective on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Broadcom has an average rating of "Buy" and a consensus price target of $285.00.

Broadcom Stock Performance

AVGO traded down $2.46 during trading on Monday, reaching $271.72. 10,429,700 shares of the company were exchanged, compared to its average volume of 28,473,252. Broadcom has a 52 week low of $128.50 and a 52 week high of $277.71. The stock has a market cap of $1.28 trillion, a P/E ratio of 101.77, a PEG ratio of 1.96 and a beta of 1.12. The firm has a 50 day moving average of $240.40 and a 200 day moving average of $217.54. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, sell-side analysts forecast that Broadcom will post 5.38 EPS for the current fiscal year.

Broadcom declared that its board has approved a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares in the company, valued at $105,353,335.68. This trade represents a 10.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. This trade represents a 10.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 854,716 shares of company stock worth $221,433,761 over the last three months. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Waddell & Associates LLC boosted its position in Broadcom by 2.1% during the first quarter. Waddell & Associates LLC now owns 2,091 shares of the semiconductor manufacturer's stock valued at $350,000 after purchasing an additional 43 shares during the last quarter. Challenger Wealth Management boosted its position in Broadcom by 1.3% during the first quarter. Challenger Wealth Management now owns 3,504 shares of the semiconductor manufacturer's stock valued at $587,000 after purchasing an additional 45 shares during the last quarter. SlateStone Wealth LLC boosted its position in Broadcom by 0.3% during the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock valued at $3,207,000 after purchasing an additional 47 shares during the last quarter. True Wealth Design LLC boosted its position in Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after purchasing an additional 48 shares during the last quarter. Finally, Wescott Financial Advisory Group LLC boosted its position in Broadcom by 3.8% during the first quarter. Wescott Financial Advisory Group LLC now owns 1,326 shares of the semiconductor manufacturer's stock valued at $222,000 after purchasing an additional 48 shares during the last quarter. 76.43% of the stock is currently owned by 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.