Susquehanna Forecasts Strong Price Appreciation for Broadcom (NASDAQ:AVGO) Stock

Broadcom (NASDAQ:AVGO - Get Free Report) had its price objective boosted by stock analysts at Susquehanna from $250.00 to $280.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "positive" rating on the semiconductor manufacturer's stock. Susquehanna's target price suggests a potential upside of 16.03% from the company's previous close.

A number of other analysts have also issued reports on the company. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, March 7th. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday. They issued a "buy" rating and a $301.00 price objective for 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 research report on Tuesday, April 22nd. KeyCorp upped their target price on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $236.27.

Broadcom Trading Up 0.8%

Shares of AVGO stock traded up $1.89 during trading hours on Thursday, reaching $241.32. 12,689,425 shares of the stock traded hands, compared to its average volume of 30,974,895. The business has a fifty day moving average price of $193.34 and a 200 day moving average price of $202.36. Broadcom has a 1-year low of $128.50 and a 1-year high of $251.88. 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 firm has a market capitalization of $1.13 trillion, a PE ratio of 196.45, a PEG ratio of 2.29 and a beta of 1.04.

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

Insider Activity at Broadcom

In other news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Broadcom

A number of institutional investors and hedge funds have recently bought and sold shares of AVGO. Tallon Kerry Patrick bought a new position in Broadcom in the 4th quarter valued at $357,000. Capital & Planning LLC raised its position in shares of Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after acquiring an additional 554 shares during the period. LaFleur & Godfrey LLC raised its holdings in Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after purchasing an additional 12,345 shares during the period. Brighton Jones LLC lifted 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 worth $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. grew its position in shares of Broadcom by 147.7% in the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 3,017 shares of the semiconductor manufacturer's stock valued at $699,000 after purchasing an additional 1,799 shares during the period. 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.

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