Broadcom (NASDAQ:AVGO) Lifted to “Sell” at ValuEngine

ValuEngine upgraded shares of Broadcom (NASDAQ:AVGO) from a strong sell rating to a sell rating in a research note issued to investors on Monday morning, ValuEngine reports.

Several other equities analysts have also recently issued reports on the stock. SunTrust Banks set a $322.00 price objective on shares of Broadcom and gave the company a buy rating in a research note on Friday, September 27th. Morgan Stanley boosted their price objective on shares of Broadcom from $250.00 to $265.00 and gave the company an equal weight rating in a research note on Friday, September 13th. Cascend Securities boosted their price objective on shares of Broadcom from $300.00 to $330.00 and gave the company a buy rating in a research note on Tuesday, September 10th. Wells Fargo & Co boosted their price objective on shares of Broadcom from $290.00 to $300.00 and gave the company a market perform rating in a research note on Friday, September 13th. Finally, Sanford C. Bernstein set a $340.00 price objective on shares of Broadcom and gave the company a buy rating in a research note on Friday, September 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-eight have issued a buy rating and one has given a strong buy rating to the company. Broadcom currently has an average rating of Buy and an average price target of $313.58.

Shares of Broadcom stock traded up $1.67 during trading on Monday, reaching $313.41. The company’s stock had a trading volume of 1,782,900 shares, compared to its average volume of 2,653,873. The company has a 50-day moving average price of $285.95 and a two-hundred day moving average price of $285.07. The firm has a market cap of $124.57 billion, a PE ratio of 16.64, a P/E/G ratio of 1.36 and a beta of 0.90. Broadcom has a fifty-two week low of $217.61 and a fifty-two week high of $323.20. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 1.58.

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

In related 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 value of $578,860.00. Also, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $270.46, for a total transaction of $5,409,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 62,000 shares of company stock worth $17,550,860 over the last 90 days. Insiders own 3.30% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. CRA Financial Services LLC boosted its position in shares of Broadcom by 2.0% in the 2nd quarter. CRA Financial Services LLC now owns 1,696 shares of the semiconductor manufacturer’s stock worth $488,000 after buying an additional 33 shares in the last quarter. Liberty Wealth Management LLC lifted its holdings in Broadcom by 62.5% in the 2nd quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 35 shares in the last quarter. Tarbox Family Office Inc. lifted its holdings in Broadcom by 20.2% in the 2nd quarter. Tarbox Family Office Inc. now owns 214 shares of the semiconductor manufacturer’s stock valued at $62,000 after purchasing an additional 36 shares in the last quarter. Enterprise Financial Services Corp lifted its holdings in Broadcom by 14.7% in the 2nd quarter. Enterprise Financial Services Corp now owns 289 shares of the semiconductor manufacturer’s stock valued at $83,000 after purchasing an additional 37 shares in the last quarter. Finally, Cresset Asset Management LLC lifted its holdings in Broadcom by 2.0% in the 2nd quarter. Cresset Asset Management LLC now owns 1,922 shares of the semiconductor manufacturer’s stock valued at $558,000 after purchasing an additional 37 shares in the last quarter. Institutional investors and hedge funds 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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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