Broadcom (NASDAQ:AVGO) Coverage Initiated at Redburn Atlantic

Equities research analysts at Redburn Atlantic started coverage on shares of Broadcom (NASDAQ:AVGO) in a report released on Wednesday,Benzinga reports. The firm set a “buy” rating and a $301.00 price target on the semiconductor manufacturer’s stock. Redburn Atlantic’s target price points to a potential upside of 27.73% from the stock’s current price.

Several other research analysts have also recently commented on AVGO. KeyCorp boosted their price target on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Bank of America dropped their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Truist Financial boosted their target price on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Mizuho dropped their price target on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $232.23.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $235.65 on Wednesday. The company has a market capitalization of $1.11 trillion, a price-to-earnings ratio of 192.21, a PEG ratio of 2.29 and a beta of 1.04. The business has a 50-day moving average of $192.39 and a 200-day moving average of $202.10. Broadcom has a 1-year low of $128.50 and a 1-year high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom declared that its board has authorized a stock buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 in the last 90 days. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Several institutional investors have recently made changes to their positions in the company. Jacobi Capital Management LLC increased its stake in shares of Broadcom by 5.7% during the 1st quarter. Jacobi Capital Management LLC now owns 12,588 shares of the semiconductor manufacturer’s stock worth $2,108,000 after purchasing an additional 681 shares during the last quarter. Mattson Financial Services LLC lifted its position in shares of Broadcom by 0.5% in the first quarter. Mattson Financial Services LLC now owns 17,555 shares of the semiconductor manufacturer’s stock worth $2,939,000 after buying an additional 95 shares during the last quarter. WBI Investments LLC acquired a new position in shares of Broadcom during the 1st quarter valued at about $416,000. Indiana Trust & Investment Management Co raised its stake in shares of Broadcom by 5.2% in the 1st quarter. Indiana Trust & Investment Management Co now owns 3,340 shares of the semiconductor manufacturer’s stock valued at $559,000 after acquiring an additional 165 shares in the last quarter. Finally, MBL Wealth LLC boosted its position in Broadcom by 24.8% during the first quarter. MBL Wealth LLC now owns 13,129 shares of the semiconductor manufacturer’s stock worth $2,198,000 after purchasing an additional 2,612 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.