Broadcom (NASDAQ:AVGO) Price Target Raised to $276.00 at Citigroup

Broadcom (NASDAQ:AVGO) had its price objective lifted by research analysts at Citigroup from $210.00 to $276.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Citigroup’s target price indicates a potential upside of 9.65% from the company’s current price.

Several other analysts have also issued reports on AVGO. Benchmark restated a “buy” rating and set a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target for the company. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Finally, William Blair reiterated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $241.31.

Broadcom Price Performance

Shares of Broadcom stock opened at $251.71 on Tuesday. The company’s fifty day simple moving average is $196.77 and its two-hundred day simple moving average is $204.25. The firm has a market cap of $1.18 trillion, a PE ratio of 205.31, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom has a 12-month low of $128.50 and a 12-month high of $252.01.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock worth $131,249,694 over the last three months. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock valued at $120,070,000 after acquiring an additional 18,845 shares in the last quarter. Nebula Research & Development LLC boosted its position in Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock valued at $3,642,000 after acquiring an additional 14,399 shares in the last quarter. Destiny Wealth Partners LLC boosted its position in Broadcom by 1,211.3% during the 4th quarter. Destiny Wealth Partners LLC now owns 27,013 shares of the semiconductor manufacturer’s stock valued at $6,263,000 after acquiring an additional 24,953 shares in the last quarter. Kovack Advisors Inc. lifted its holdings in shares of Broadcom by 8.1% during the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer’s stock valued at $7,971,000 after purchasing an additional 2,570 shares during the last quarter. Finally, SOA Wealth Advisors LLC. lifted its holdings in shares of Broadcom by 50.6% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer’s stock valued at $245,000 after purchasing an additional 355 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

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.