Broadcom (NASDAQ:AVGO) Price Target Raised to $325.00 at JPMorgan Chase & Co.

Broadcom (NASDAQ:AVGO - Get Free Report) had its price objective boosted by stock analysts at JPMorgan Chase & Co. from $250.00 to $325.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the semiconductor manufacturer's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 31.60% from the company's previous close.

AVGO has been the subject of several other reports. Mizuho lifted their target price 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. Citigroup reaffirmed a "buy" rating and issued a $276.00 target price (up from $210.00) on shares of Broadcom in a research note on Tuesday. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Redburn Atlantic assumed coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. Finally, Oppenheimer lifted their price target on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Two analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $270.25.

Broadcom Trading Down 5.0%

AVGO stock traded down $12.98 during midday trading on Friday, hitting $246.95. The stock had a trading volume of 41,055,118 shares, compared to its average volume of 30,998,721. The firm has a market cap of $1.16 trillion, a PE ratio of 201.43, a price-to-earnings-growth 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 has a 12-month low of $128.50 and a 12-month high of $265.43. The company's 50-day moving average price is $203.73 and its 200 day moving average price is $206.22.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 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 analysts' expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the company earned $10.96 EPS. On average, equities research analysts predict that Broadcom will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has approved a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction dated 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 sale, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 800 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now directly owns 26,182 shares of the company's stock, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 in the last quarter. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

A number of institutional investors have recently modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom during the 1st quarter valued at about $25,000. Cheviot Value Management LLC bought a new stake in shares of Broadcom during the 1st quarter valued at about $25,000. Canton Hathaway LLC bought a new stake in shares of Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom during the 4th quarter valued at about $26,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of Broadcom during the 1st quarter valued at about $26,000. 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.