Broadcom's (AVGO) Overweight Rating Reiterated at Cantor Fitzgerald

Broadcom (NASDAQ:AVGO - Get Free Report)'s stock had its "overweight" rating restated by stock analysts at Cantor Fitzgerald in a research report issued on Friday,Benzinga reports. They currently have a $300.00 price target on the semiconductor manufacturer's stock. Cantor Fitzgerald's price objective suggests a potential upside of 21.48% from the company's current price.

A number of other analysts have also commented on the company. Barclays decreased their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Truist Financial upped their target price on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a report on Friday, March 7th. Susquehanna upped their target price on Broadcom from $250.00 to $280.00 and gave the company a "positive" rating in a report on Thursday, May 29th. Oppenheimer upped their target price on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Finally, Morgan Stanley upped their price objective on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $270.25.

Broadcom Trading Down 5.0%

Shares of NASDAQ:AVGO traded down $12.98 during midday trading on Friday, reaching $246.95. The company's stock had a trading volume of 41,055,118 shares, compared to its average volume of 30,997,545. The firm has a market capitalization of $1.16 trillion, a price-to-earnings ratio of 201.43, 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. The firm has a 50 day moving average price of $202.16 and a two-hundred day moving average price of $205.65. Broadcom has a fifty-two week low of $128.50 and a fifty-two week high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the business earned $10.96 EPS. The firm's revenue was up 20.2% compared to the same quarter last year. As a group, analysts forecast 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 program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction that occurred on Wednesday, March 26th. The shares were 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 directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now owns 465,956 shares of the company's stock, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock worth $131,249,694 in the last three months. Insiders own 2.00% of the company's stock.

Institutional Investors Weigh In On Broadcom

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tallon Kerry Patrick bought a new stake in Broadcom during the fourth quarter valued at about $357,000. Capital & Planning LLC grew its holdings in Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after purchasing an additional 554 shares during the period. LaFleur & Godfrey LLC grew its holdings in Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after purchasing an additional 12,345 shares during the period. Brighton Jones LLC grew its holdings in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the period. Finally, Union Bancaire Privee UBP SA bought a new stake in Broadcom during the fourth quarter valued at about $71,312,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

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.