Investors Buy Broadcom Limited (NASDAQ:AVGO) on Weakness

Traders bought shares of Broadcom Limited (NASDAQ:AVGO) on weakness during trading hours on Monday. $123.43 million flowed into the stock on the tick-up and $66.30 million flowed out of the stock on the tick-down, for a money net flow of $57.13 million into the stock. Of all stocks tracked, Broadcom Limited had the 10th highest net in-flow for the day. Broadcom Limited traded down ($0.08) for the day and closed at $253.03

Several equities research analysts have weighed in on AVGO shares. Zacks Investment Research downgraded Broadcom Limited from a “buy” rating to a “hold” rating in a research report on Tuesday, May 2nd. Instinet reaffirmed a “buy” rating and set a $260.00 price target (up from $230.00) on shares of Broadcom Limited in a research report on Wednesday, May 17th. Royal Bank Of Canada reaffirmed a “top pick” rating and set a $250.00 price target on shares of Broadcom Limited in a research report on Tuesday, May 23rd. Morgan Stanley reaffirmed an “overweight” rating and set a $265.00 price target (up from $245.00) on shares of Broadcom Limited in a research report on Thursday, May 25th. Finally, Mizuho reaffirmed a “buy” rating and set a $265.00 price target (up from $250.00) on shares of Broadcom Limited in a research report on Sunday, May 28th. One research analyst has rated the stock with a hold rating, thirty-seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $263.22.

The company’s market capitalization is $99.28 billion. The firm’s 50 day moving average is $245.90 and its 200-day moving average is $228.73.

Broadcom Limited (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 1st. The semiconductor manufacturer reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.50 by $0.19. Broadcom Limited had a negative net margin of 1.54% and a positive return on equity of 24.15%. The business had revenue of $4.20 billion for the quarter, compared to the consensus estimate of $4.11 billion. During the same quarter in the prior year, the firm posted $2.53 earnings per share. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. Analysts expect that Broadcom Limited will post $15.78 earnings per share for the current fiscal year.

In related news, SVP Bryan Ingram sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $244.59, for a total transaction of $2,445,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kirsten M. Spears sold 1,306 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $254.15, for a total transaction of $331,919.90. The disclosure for this sale can be found here. Insiders have sold 41,306 shares of company stock valued at $10,380,120 in the last ninety days. 3.60% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the company. Peapack Gladstone Financial Corp raised its position in shares of Broadcom Limited by 0.4% in the first quarter. Peapack Gladstone Financial Corp now owns 2,148 shares of the semiconductor manufacturer’s stock valued at $470,000 after buying an additional 9 shares during the period. Spectrum Management Group Inc. raised its position in shares of Broadcom Limited by 0.4% in the second quarter. Spectrum Management Group Inc. now owns 2,365 shares of the semiconductor manufacturer’s stock valued at $551,000 after buying an additional 10 shares during the period. Private Trust Co. NA raised its position in shares of Broadcom Limited by 0.7% in the second quarter. Private Trust Co. NA now owns 1,977 shares of the semiconductor manufacturer’s stock valued at $460,000 after buying an additional 13 shares during the period. IHT Wealth Management LLC raised its position in shares of Broadcom Limited by 1.4% in the first quarter. IHT Wealth Management LLC now owns 1,094 shares of the semiconductor manufacturer’s stock valued at $238,000 after buying an additional 15 shares during the period. Finally, CWA Asset Management Group LLC raised its stake in Broadcom Limited by 0.9% in the second quarter. CWA Asset Management Group LLC now owns 1,917 shares of the semiconductor manufacturer’s stock valued at $447,000 after buying an additional 17 shares during the last quarter. 90.60% of the stock is owned by hedge funds and other institutional investors.

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Broadcom Limited 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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