“We rate AVGO Buy and reiterate our $340 price target into the January quarter print on March 15th which we expect to be in-line. CFIUS involvement and the political climate in Washington do not bode well for the Qualcomm (QCOM: Neutral) deal but Broadcom wins regardless. Recall management last quarter raised long-term non-GAAP gross margin, operating margin, and FCF targets to 65%, 47.5%, and 40%, up from 60%, 45% and 35% respectively. Broadcom Ltd. (AVGO) Price Chart– 1 Yr Chart Source: Trading View Company Summary: Broadcom Limited designs, develops, and supplies semiconductors and integrated circuits. The Company offers products such as broadband carrier access, cables, switches, network processors, and wireless connectors. Broadcom markets its products around the world.”,” Rosenblatt Securities’ analyst commented.
Other analysts have also recently issued reports about the stock. B. Riley reaffirmed a buy rating and issued a $330.00 price target (up from $315.00) on shares of Broadcom in a report on Monday, December 4th. Oppenheimer reaffirmed a buy rating and issued a $300.00 price target (up from $275.00) on shares of Broadcom in a report on Monday, December 4th. Nomura reaffirmed a buy rating on shares of Broadcom in a report on Tuesday, November 14th. Sanford C. Bernstein reaffirmed a buy rating on shares of Broadcom in a report on Monday, November 13th. Finally, Vetr raised shares of Broadcom from a hold rating to a buy rating and set a $291.95 target price on the stock in a report on Monday, November 13th. Two equities research analysts have rated the stock with a hold rating, thirty-three have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $306.75.
In related news, SVP Charlie B. Kawwas sold 1,051 shares of the stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $264.38, for a total value of $277,863.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Hock E. Tan sold 20,789 shares of the stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $259.85, for a total transaction of $5,402,021.65. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,481 shares of company stock worth $21,805,795. Corporate insiders own 3.32% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in AVGO. Janus Henderson Group PLC grew its position in Broadcom by 80.3% in the 3rd quarter. Janus Henderson Group PLC now owns 3,397,443 shares of the semiconductor manufacturer’s stock valued at $823,980,000 after buying an additional 1,512,956 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Broadcom in the 4th quarter valued at about $215,260,000. Coatue Management LLC grew its position in Broadcom by 28.2% in the 4th quarter. Coatue Management LLC now owns 3,735,957 shares of the semiconductor manufacturer’s stock valued at $959,768,000 after buying an additional 821,739 shares in the last quarter. Asset Management One Co. Ltd. grew its position in Broadcom by 5,482.5% in the 3rd quarter. Asset Management One Co. Ltd. now owns 604,530 shares of the semiconductor manufacturer’s stock valued at $146,624,000 after buying an additional 593,701 shares in the last quarter. Finally, BlackRock Inc. grew its position in Broadcom by 2.1% in the 4th quarter. BlackRock Inc. now owns 24,924,233 shares of the semiconductor manufacturer’s stock valued at $6,403,033,000 after buying an additional 508,470 shares in the last quarter. Hedge funds and other institutional investors own 89.52% of the company’s stock.
Broadcom Company Profile
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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