Broadcom (NASDAQ:AVGO) Given New $276.00 Price Target at Citigroup

Broadcom (NASDAQ:AVGO - Get Free Report) had its price objective raised by equities research analysts at Citigroup from $210.00 to $276.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the semiconductor manufacturer's stock. Citigroup's price target would indicate a potential upside of 5.71% from the stock's current price.

A number of other analysts have also issued reports on AVGO. Mizuho raised their target price on Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a report on Wednesday, May 28th. Redburn Atlantic assumed coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. Barclays reduced their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Finally, Rosenblatt Securities restated a "buy" rating and set a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and an average target price of $246.00.

Broadcom Stock Up 1.6%

NASDAQ:AVGO traded up $4.23 during mid-day trading on Tuesday, reaching $261.08. The stock had a trading volume of 31,461,945 shares, compared to its average volume of 30,877,263. Broadcom has a fifty-two week low of $128.50 and a fifty-two week high of $265.31. The business's 50 day moving average is $198.47 and its 200 day moving average is $204.62. The stock has a market cap of $1.23 trillion, a P/E ratio of 212.95, a PEG ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom announced that its Board of Directors has approved a share buyback 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 usually an indication that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now directly owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by insiders.

Institutional Trading of Broadcom

Large investors have recently added to or reduced their stakes in the company. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom during the first quarter worth approximately $25,000. Cheviot Value Management LLC acquired a new stake in shares of Broadcom during the first quarter worth $25,000. Canton Hathaway LLC acquired a new position in Broadcom in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the 4th quarter valued at $26,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at about $26,000. Institutional investors and hedge funds 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.