Oppenheimer Lowers Broadcom (NASDAQ:AVGO) Price Target to $200.00

Broadcom (NASDAQ:AVGO) had its price objective dropped by analysts at Oppenheimer from $2,000.00 to $200.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the semiconductor manufacturer’s stock. Oppenheimer’s price target suggests a potential upside of 19.54% from the company’s previous close.

AVGO has been the topic of several other research reports. Benchmark reissued a “buy” rating and issued a $172.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Cantor Fitzgerald upped their price objective on shares of Broadcom from $1,875.00 to $2,000.00 and gave the company an “overweight” rating in a research note on Tuesday. Jefferies Financial Group boosted their price target on shares of Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $150.00 price target on shares of Broadcom in a research note on Monday, April 8th. Finally, The Goldman Sachs Group boosted their price target on shares of Broadcom from $155.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Two analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $240.08.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded down $4.11 on Tuesday, reaching $167.31. 14,266,796 shares of the company’s stock were exchanged, compared to its average volume of 32,214,834. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $77.88 billion, a price-to-earnings ratio of 7.19, a PEG ratio of 2.95 and a beta of 1.17. The company has a fifty day moving average of $183.44 and a 200-day moving average of $145.85. Broadcom has a twelve month low of $79.51 and a twelve month high of $185.16.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The firm had revenue of $12.49 billion during the quarter, compared to the consensus estimate of $12.06 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The company’s revenue for the quarter was up 43.0% on a year-over-year basis. On average, research analysts predict that Broadcom will post 37.19 EPS for the current fiscal year.

Insider Buying and Selling at Broadcom

In other news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Justine Page sold 2,540 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the transaction, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several large investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Broadcom during the fourth quarter worth about $6,225,987,000. International Assets Investment Management LLC increased its holdings in Broadcom by 113,495.7% in the fourth quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock valued at $37,140,060,000 after buying an additional 3,324,288 shares in the last quarter. Swedbank AB purchased a new position in Broadcom in the first quarter valued at about $2,835,737,000. Vanguard Group Inc. increased its holdings in Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after buying an additional 1,303,462 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in Broadcom by 43.9% in the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after buying an additional 1,263,957 shares in the last quarter. Hedge funds and other 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.