Truist Financial Issues Positive Forecast for Broadcom (NASDAQ:AVGO) Stock Price

Broadcom (NASDAQ:AVGO) had its price objective upped by Truist Financial from $205.00 to $245.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Truist Financial’s price target points to a potential upside of 11.56% from the stock’s current price.

Several other brokerages have also commented on AVGO. Cantor Fitzgerald raised their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Rosenblatt Securities restated a “buy” rating and issued a $240.00 target price on shares of Broadcom in a research note on Wednesday. The Goldman Sachs Group upped their price target on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Deutsche Bank Aktiengesellschaft raised their price objective on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Friday. Finally, Hsbc Global Res raised shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $215.96.

Broadcom Trading Up 21.6 %

NASDAQ AVGO traded up $38.96 on Friday, hitting $219.62. The company’s stock had a trading volume of 35,125,671 shares, compared to its average volume of 29,061,914. The firm has a market cap of $1.03 trillion, a P/E ratio of 190.81, a PEG ratio of 2.15 and a beta of 1.13. Broadcom has a 52-week low of $104.15 and a 52-week high of $221.21. The company’s 50-day simple moving average is $173.65 and its 200 day simple moving average is $163.86. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same quarter last year, the firm posted $0.98 earnings per share. The firm’s revenue was up 51.2% on a year-over-year basis. Research analysts predict that Broadcom will post 3.79 EPS for the current fiscal year.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the transaction, the insider now directly owns 380,560 shares of the company’s stock, valued at $69,596,812.80. The trade was a 4.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

A number of hedge funds have recently modified their holdings of the company. AXA S.A. grew its holdings in Broadcom by 2.7% during the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after buying an additional 7,608 shares in the last quarter. Strait & Sound Wealth Management LLC grew its stake in Broadcom by 829.8% during the third quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock valued at $1,371,000 after acquiring an additional 7,095 shares in the last quarter. Catalyst Financial Partners LLC increased its holdings in Broadcom by 943.3% in the 3rd quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock valued at $3,473,000 after acquiring an additional 18,206 shares during the last quarter. Whittier Trust Co. lifted its stake in Broadcom by 947.2% in the 3rd quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock worth $119,000,000 after purchasing an additional 623,983 shares in the last quarter. Finally, Summit Place Financial Advisors LLC boosted its holdings in shares of Broadcom by 912.6% during the 3rd quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer’s stock valued at $1,691,000 after purchasing an additional 8,834 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

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.