ICONIQ Capital LLC Sells 417,904 Shares of Broadcom Inc. $AVGO

Key Points

• ICONIQ Capital LLC cut its Broadcom stake by 97.9% in the second quarter, selling 417,904 shares and retaining 8,898 shares valued at approximately $3.36 million.
• Broadcom reported quarterly earnings of $3.32 per share and revenue of $29.59 billion, beating analyst estimates, while revenue increased 85.5% year over year.
• Analysts remain broadly bullish, with 30 Buy ratings and a consensus price target of $505.97, although the stock recently traded down 1.1% and remains below its 52-week high.

ICONIQ Capital LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 97.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,898 shares of the semiconductor manufacturer's stock after selling 417,904 shares during the period. ICONIQ Capital LLC's holdings in Broadcom were worth $3,361,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Fullerton Advisors LLC raised its holdings in Broadcom by 1.3% during the 1st quarter. Fullerton Advisors LLC now owns 1,989 shares of the semiconductor manufacturer's stock valued at $616,000 after buying an additional 25 shares during the period. NORTHSTAR ASSET MANAGEMENT Co lifted its holdings in shares of Broadcom by 0.5% in the 1st quarter. NORTHSTAR ASSET MANAGEMENT Co now owns 5,350 shares of the semiconductor manufacturer's stock worth $1,656,000 after acquiring an additional 25 shares during the last quarter. RFG Holdings Inc. lifted its holdings in shares of Broadcom by 0.3% in the 1st quarter. RFG Holdings Inc. now owns 8,499 shares of the semiconductor manufacturer's stock worth $2,631,000 after acquiring an additional 26 shares during the last quarter. Yukon Wealth Management Inc. lifted its stake in Broadcom by 1.1% in the first quarter. Yukon Wealth Management Inc. now owns 2,501 shares of the semiconductor manufacturer's stock worth $774,000 after purchasing an additional 26 shares during the last quarter. Finally, NerdWallet Wealth Partners LLC lifted its stake in Broadcom by 2.6% in the second quarter. NerdWallet Wealth Partners LLC now owns 1,057 shares of the semiconductor manufacturer's stock worth $399,000 after purchasing an additional 27 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Down 1.1%

NASDAQ AVGO opened at $364.38 on Thursday. The firm has a market cap of $1.73 trillion, a PE ratio of 46.54 and a beta of 1.44. Broadcom Inc. has a 52 week low of $289.96 and a 52 week high of $495.00. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. The company has a 50 day moving average price of $382.99 and a 200 day moving average price of $378.23.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, topping analysts' consensus estimates of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%.The firm had revenue of $29.59 billion during the quarter, compared to analysts' expectations of $29.24 billion. During the same quarter last year, the firm earned $1.69 EPS. The business's quarterly revenue was up 85.5% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom Inc. will post 10.36 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st will be paid a $0.65 dividend. The ex-dividend date is Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. Broadcom's dividend payout ratio (DPR) is 33.21%.

Insiders Place Their Bets

In other Broadcom news, Director Gayla Delly sold 1,890 shares of the business's stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total transaction of $728,368.20. Following the sale, the director owned 31,326 shares of the company's stock, valued at approximately $12,072,413.88. The trade was a 5.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 1,602 shares of the company's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $373.86, for a total transaction of $598,923.72. Following the transaction, the director owned 17,426 shares in the company, valued at $6,514,884.36. The trade was a 8.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 61,644 shares of company stock valued at $24,016,214. 1.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on AVGO shares. Weiss Ratings downgraded Broadcom from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, July 30th. Royal Bank Of Canada began coverage on shares of Broadcom in a research note on Thursday, September 3rd. They set an "outperform" rating for the company. Morgan Stanley restated an "overweight" rating and issued a $505.00 price target (up from $502.00) on shares of Broadcom in a report on Thursday, September 3rd. KeyCorp reaffirmed an "overweight" rating and set a $575.00 target price on shares of Broadcom in a research report on Thursday, September 3rd. Finally, Cantor Fitzgerald boosted their price target on Broadcom from $525.00 to $600.00 and gave the company an "overweight" rating in a report on Thursday, September 3rd. Thirty research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $505.97.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom reported record AI semiconductor revenue of approximately $16.7 billion and projected that AI-related revenue could reach $230 billion by 2028. Custom AI accelerators are becoming a larger contributor to revenue and profits, supporting the long-term bullish case. Broadcom Forecasts $230 Billion in AI Semiconductor Revenue in 2028
• Positive Sentiment: The 2028 outlook has encouraged bullish analysts and investors, with some arguing that accelerating AI chip sales could eventually support a share price above $900. Cantor also raised its price target to $600, indicating substantial potential upside if Broadcom executes. Top Analyst sets jaw-dropping Broadcom stock target after earnings
• Positive Sentiment: Broadcom’s earnings call highlighted strong demand for custom AI accelerators and a multiyear customer pipeline. Increasing spending by major cloud and AI companies, including OpenAI, could expand the addressable market for Broadcom’s networking and custom silicon products. Broadcom Q3 2026 Earnings Call Transcript
• Neutral Sentiment: Technical coverage notes that AVGO has underperformed the broader market and remains well below its 52-week high. The next important signal will be whether the stock can stabilize after the post-earnings breakdown. GOOGL, AVGO, AMD and LITE
• Negative Sentiment: Fiscal fourth-quarter revenue guidance fell short of Wall Street expectations, creating concern that near-term growth may not match the market’s aggressive AI assumptions. Truist responded by lowering its price target, even while acknowledging the stronger long-term outlook. Truist cuts Broadcom stock target
• Negative Sentiment: Some investors view the $230 billion AI forecast as increasingly expensive to justify, given AVGO’s elevated valuation and execution requirements. The stock’s reaction shows that excellent results may not be enough when expectations and future growth are already exceptionally high. Broadcom: The $230 Billion AI Dream Is Getting Expensive

About Broadcom

Broadcom Inc NASDAQ: AVGO designs, develops and supplies semiconductor and infrastructure software products for businesses, telecommunications providers and other organizations worldwide. Its semiconductor portfolio includes networking and connectivity components, custom application-specific integrated circuits, broadband and wireless communications products, storage adapters, optical components, and industrial solutions.

The company also provides enterprise infrastructure software through businesses including VMware, which offers virtualization and private- and hybrid-cloud solutions; mainframe and enterprise software; and cybersecurity products.

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