Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reissued by investment analysts at Rosenblatt Securities in a research report issued to clients and investors on Sunday, March 11th.
The analysts wrote, “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.””
A number of other equities analysts also recently issued reports on the company. Zacks Investment Research downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. BidaskClub upgraded Broadcom from a “sell” rating to a “hold” rating in a research note on Saturday, February 24th. B. Riley restated a “buy” rating and issued a $335.00 target price (up previously from $330.00) on shares of Broadcom in a research note on Thursday, February 1st. Canaccord Genuity boosted their target price on Broadcom from $100.00 to $325.00 and gave the stock a “buy” rating in a research note on Wednesday, January 31st. Finally, Vetr upgraded Broadcom from a “hold” rating to a “buy” rating and set a $269.37 target price on the stock in a research note on Thursday, January 25th. Five research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $313.89.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, March 15th. The semiconductor manufacturer reported $5.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.41 by $0.71. The business had revenue of $5.33 billion during the quarter, compared to the consensus estimate of $5.32 billion. Broadcom had a return on equity of 29.50% and a net margin of 41.37%. The company’s quarterly revenue was up 28.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.63 EPS. sell-side analysts forecast that Broadcom will post 17.43 earnings per share for the current fiscal year.
In other news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $265.21, for a total value of $5,304,200.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Kirsten M. Spears sold 5,000 shares of the company’s stock in a transaction on Tuesday, March 27th. The stock was sold at an average price of $249.86, for a total transaction of $1,249,300.00. The disclosure for this sale can be found here. Insiders have sold a total of 98,675 shares of company stock worth $25,376,429 in the last three months. Insiders own 3.30% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in AVGO. AllSquare Wealth Management LLC purchased a new position in Broadcom in the third quarter worth $113,000. SeaCrest Wealth Management LLC purchased a new position in Broadcom in the fourth quarter worth $124,000. We Are One Seven LLC purchased a new position in Broadcom in the fourth quarter worth $142,000. FNY Partners Fund LP purchased a new position in Broadcom in the fourth quarter worth $154,000. Finally, Independence Bank of Kentucky purchased a new position in Broadcom in the fourth quarter worth $188,000. 89.47% of the stock is currently owned by hedge funds and other institutional investors.
Broadcom Limited designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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