Green Alpha Advisors LLC Cuts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Green Alpha Advisors LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 27.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 6,961 shares of the semiconductor manufacturer's stock after selling 2,659 shares during the quarter. Broadcom comprises approximately 1.2% of Green Alpha Advisors LLC's holdings, making the stock its 22nd largest position. Green Alpha Advisors LLC's holdings in Broadcom were worth $1,165,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in AVGO. Czech National Bank boosted its stake in Broadcom by 6.3% during the first quarter. Czech National Bank now owns 1,076,614 shares of the semiconductor manufacturer's stock valued at $180,257,000 after buying an additional 63,995 shares in the last quarter. JGP Wealth Management LLC grew its holdings in shares of Broadcom by 3.4% in the 1st quarter. JGP Wealth Management LLC now owns 3,270 shares of the semiconductor manufacturer's stock worth $548,000 after acquiring an additional 107 shares during the last quarter. Mirador Capital Partners LP raised its holdings in Broadcom by 50.9% during the 1st quarter. Mirador Capital Partners LP now owns 15,548 shares of the semiconductor manufacturer's stock worth $2,603,000 after buying an additional 5,245 shares during the period. Mechanics Bank Trust Department lifted its position in shares of Broadcom by 25.3% in the 1st quarter. Mechanics Bank Trust Department now owns 18,397 shares of the semiconductor manufacturer's stock valued at $3,080,000 after acquiring an additional 3,714 shares in the last quarter. Finally, Wallace Advisory Group LLC lifted its holdings in shares of Broadcom by 27.7% in the first quarter. Wallace Advisory Group LLC now owns 2,337 shares of the semiconductor manufacturer's stock valued at $391,000 after purchasing an additional 507 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

NASDAQ AVGO traded up $3.11 during trading hours on Wednesday, reaching $259.96. 20,735,081 shares of the company were exchanged, compared to its average volume of 30,805,112. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $1.22 trillion, a P/E ratio of 212.04, a P/E/G ratio of 2.29 and a beta of 1.11. The business's 50 day simple moving average is $198.47 and its 200-day simple moving average is $204.62. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.31.

Broadcom declared that its board has authorized a share buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Justine Page sold 800 shares of Broadcom stock in a transaction 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 sale, the director now owns 26,182 shares in the company, valued at $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 720,576 shares of company stock valued at $131,249,694. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Mizuho upped their price target on shares of Broadcom from $250.00 to $300.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 28th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Rosenblatt Securities reiterated a "buy" rating and set a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, Truist Financial boosted their price target on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $246.00.

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.