Broadcom (NASDAQ:AVGO) Price Target Raised to $290.00

Broadcom (NASDAQ:AVGO - Get Free Report) had its target price boosted by stock analysts at UBS Group from $270.00 to $290.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the semiconductor manufacturer's stock. UBS Group's price objective would indicate a potential upside of 17.43% from the stock's previous close.

Several other analysts have also recently issued reports on the stock. Citigroup restated a "buy" rating and set a $276.00 target price (up from $210.00) on shares of Broadcom in a research report on Tuesday. Oppenheimer upped their target price on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Redburn Atlantic assumed coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price on the stock. Truist Financial upped their target price on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research report on Friday, March 7th. Finally, Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $270.25.

Broadcom Price Performance

AVGO stock traded down $12.98 during mid-day trading on Friday, hitting $246.95. The company had a trading volume of 41,055,118 shares, compared to its average volume of 30,997,545. The company has a market capitalization of $1.16 trillion, a price-to-earnings ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom has a 12-month low of $128.50 and a 12-month high of $265.43. 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 company has a 50-day moving average price of $202.16 and a 200 day moving average price of $205.65.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly 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 business had revenue of $15 billion for 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%. The business's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $10.96 EPS. On average, research analysts anticipate that Broadcom will post 5.38 earnings per share for the current year.

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

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value 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 approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction on 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 transaction, the director now directly owns 26,182 shares of the company's stock, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 over the last 90 days. Insiders own 2.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. First Long Island Investors LLC raised its holdings in shares of Broadcom by 8,264.5% during the first quarter. First Long Island Investors LLC now owns 76,117 shares of the semiconductor manufacturer's stock worth $12,744,000 after purchasing an additional 75,207 shares during the last quarter. Nicola Wealth Management LTD. grew its position in shares of Broadcom by 18.2% in the first quarter. Nicola Wealth Management LTD. now owns 128,800 shares of the semiconductor manufacturer's stock valued at $21,565,000 after purchasing an additional 19,800 shares during the period. First Hawaiian Bank grew its position in shares of Broadcom by 11.4% in the first quarter. First Hawaiian Bank now owns 38,372 shares of the semiconductor manufacturer's stock valued at $6,425,000 after purchasing an additional 3,936 shares during the period. CBIZ Investment Advisory Services LLC grew its position in shares of Broadcom by 25.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 2,336 shares of the semiconductor manufacturer's stock valued at $391,000 after purchasing an additional 477 shares during the period. Finally, Invst LLC grew its position in shares of Broadcom by 34.1% in the first quarter. Invst LLC now owns 4,145 shares of the semiconductor manufacturer's stock valued at $694,000 after purchasing an additional 1,054 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Company Profile

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.