Broadcom (NASDAQ:AVGO) Price Target Raised to $310.00 at BMO Capital Markets

Broadcom (NASDAQ:AVGO) had its target price increased by equities researchers at BMO Capital Markets to $310.00 in a research report issued on Tuesday, The Fly reports. The brokerage presently has a “market perform” rating on the semiconductor manufacturer’s stock. BMO Capital Markets’ target price would indicate a potential downside of 1.01% from the company’s current price.

A number of other equities research analysts have also commented on the stock. Cowen set a $285.00 price objective on shares of Broadcom and gave the stock a “hold” rating in a report on Thursday, October 10th. JPMorgan Chase & Co. set a $350.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a report on Friday, September 13th. BidaskClub upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Tuesday, October 8th. Susquehanna Bancshares lifted their price target on shares of Broadcom from $315.00 to $345.00 and gave the company a “positive” rating in a research note on Friday, September 13th. Finally, Sanford C. Bernstein set a $340.00 price target on shares of Broadcom and gave the company a “buy” rating in a research note on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-nine have given a buy rating to the company. Broadcom presently has an average rating of “Buy” and a consensus price target of $313.58.

Shares of NASDAQ:AVGO opened at $313.16 on Tuesday. Broadcom has a 12 month low of $217.61 and a 12 month high of $323.20. The company has a quick ratio of 1.18, a current ratio of 1.32 and a debt-to-equity ratio of 1.58. The company’s fifty day simple moving average is $285.02 and its 200 day simple moving average is $285.14. The firm has a market cap of $120.98 billion, a price-to-earnings ratio of 16.87, a PEG ratio of 1.32 and a beta of 0.90.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing analysts’ consensus estimates of $4.10 by ($0.11). Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The company had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same quarter in the previous year, the business earned $4.98 earnings per share. The company’s revenue was up 8.9% on a year-over-year basis. Research analysts expect that Broadcom will post 16.97 earnings per share for the current fiscal year.

In other news, insider Mark David Brazeal sold 2,000 shares of the business’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $289.43, for a total transaction of $578,860.00. Also, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $288.71, for a total transaction of $5,774,200.00. Insiders have sold a total of 62,000 shares of company stock worth $17,550,860 over the last 90 days. 3.30% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in AVGO. Nuveen Asset Management LLC increased its stake in shares of Broadcom by 2,421.3% during the 2nd quarter. Nuveen Asset Management LLC now owns 3,410,706 shares of the semiconductor manufacturer’s stock worth $981,806,000 after purchasing an additional 3,275,431 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Broadcom by 1,808.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 777,480 shares of the semiconductor manufacturer’s stock worth $223,805,000 after buying an additional 736,741 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Broadcom by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 31,797,832 shares of the semiconductor manufacturer’s stock worth $9,153,324,000 after buying an additional 559,961 shares during the period. Thoroughbred Financial Services LLC boosted its holdings in shares of Broadcom by 40,641.1% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 514,967 shares of the semiconductor manufacturer’s stock worth $51,497,000 after buying an additional 513,703 shares during the period. Finally, Natixis boosted its holdings in shares of Broadcom by 840.6% during the 2nd quarter. Natixis now owns 440,738 shares of the semiconductor manufacturer’s stock worth $126,871,000 after buying an additional 393,880 shares during the period. Institutional investors own 84.98% of the company’s stock.

Broadcom Company Profile

Broadcom Inc 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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