Park Edge Advisors LLC Sells 1,444 Shares of Broadcom Inc. (NASDAQ:AVGO)

Park Edge Advisors LLC cut its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 16.4% in the first quarter, Holdings Channel reports. The institutional investor owned 7,386 shares of the semiconductor manufacturer’s stock after selling 1,444 shares during the period. Park Edge Advisors LLC’s holdings in Broadcom were worth $1,237,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. Canton Hathaway LLC bought a new stake in Broadcom during the 4th quarter worth about $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom during the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom during the fourth quarter worth about $32,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Bank of America lowered 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Morgan Stanley increased their price target on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Mizuho upped their target price on shares of Broadcom from $250.00 to $300.00 and gave the company an “outperform” rating in a report on Wednesday, May 28th. Finally, William Blair reiterated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $246.00.

Insiders Place Their Bets

In related news, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now directly owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. The trade was a 3.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the firm’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 completion of the sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% 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 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Up 3.3%

Shares of NASDAQ AVGO opened at $256.85 on Wednesday. The stock has a market capitalization of $1.21 trillion, a P/E ratio of 209.50, a PEG ratio of 2.29 and a beta of 1.11. The stock’s fifty day moving average is $198.47 and its 200 day moving average is $204.62. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $259.13. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom declared that its board has initiated a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

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.