Broadcom's (AVGO) "Buy" Rating Reaffirmed at The Goldman Sachs Group

Key Points

• Broadcom's stock received a reaffirmed "buy" rating from Goldman Sachs, along with a price target of $340.00, indicating a potential upside of 10% from its current price.
• In addition to Goldman Sachs, multiple analysts, including Wells Fargo and Bank of America, have raised their price targets on Broadcom's stock, reflecting strong confidence in its performance.
• Broadcom reported a net margin of 22.64% and a 20.2% revenue increase year-over-year, signaling robust financial health and operational growth in the semiconductor market.

Broadcom (NASDAQ:AVGO - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at The Goldman Sachs Group in a research note issued on Wednesday,Benzinga reports. They presently have a $340.00 price objective on the semiconductor manufacturer's stock. The Goldman Sachs Group's target price points to a potential upside of 10.00% from the stock's current price.

AVGO has been the topic of a number of other reports. Wells Fargo & Company boosted their price target on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Bank of America boosted their price target on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. KeyCorp boosted their price target on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Cowen reissued a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Broadcom presently has a consensus rating of "Buy" and an average target price of $295.96.

Broadcom Stock Performance

NASDAQ AVGO opened at $309.09 on Wednesday. Broadcom has a 1 year low of $134.90 and a 1 year high of $317.35. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm has a market cap of $1.45 trillion, a price-to-earnings ratio of 115.76, a PEG ratio of 2.22 and a beta of 1.15. The company has a fifty day moving average price of $276.06 and a 200-day moving average price of $228.20.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its 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. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business's revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.96 EPS. As a group, equities research analysts predict that Broadcom will post 5.38 EPS for the current fiscal year.

Insider Buying and Selling

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 829,716 shares of company stock valued at $217,040,489 in the last 90 days. 2.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in shares of Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after purchasing an additional 18,845 shares during the period. PARUS FINANCE UK Ltd boosted its stake in shares of Broadcom by 175.3% during the first quarter. PARUS FINANCE UK Ltd now owns 100,578 shares of the semiconductor manufacturer's stock valued at $16,840,000 after purchasing an additional 64,038 shares during the period. Nebula Research & Development LLC boosted its stake in shares of Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after purchasing an additional 14,399 shares during the period. Keener Financial Planning LLC boosted its stake in shares of Broadcom by 34.8% during the first quarter. Keener Financial Planning LLC now owns 890 shares of the semiconductor manufacturer's stock valued at $149,000 after purchasing an additional 230 shares during the period. Finally, Diversify Wealth Management LLC boosted its stake in shares of Broadcom by 5.6% during the first quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock valued at $6,365,000 after purchasing an additional 2,016 shares during the period. 76.43% of the stock is currently owned by institutional investors.

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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