Broadcom (NASDAQ:AVGO) Stock Price Expected to Rise, Truist Financial Analyst Says

Broadcom (NASDAQ:AVGO) had its price target boosted by equities researchers at Truist Financial from $545.00 to $550.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Truist Financial’s target price indicates a potential upside of 36.27% from the company’s current price.

AVGO has been the subject of several other reports. JPMorgan Chase & Co. boosted their price objective on Broadcom from $475.00 to $500.00 and gave the stock an “overweight” rating in a research report on Thursday, March 5th. Mizuho reaffirmed an “outperform” rating and set a $480.00 target price on shares of Broadcom in a report on Thursday, April 16th. Oppenheimer reiterated an “outperform” rating on shares of Broadcom in a research report on Thursday. UBS Group set a $485.00 target price on Broadcom in a report on Thursday. Finally, Erste Group Bank lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Thursday, April 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $475.63.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $403.61 on Thursday. The company has a market cap of $1.91 trillion, a P/E ratio of 79.23, a PEG ratio of 0.99 and a beta of 1.41. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90. Broadcom has a one year low of $241.11 and a one year high of $495.00. The business’s 50-day simple moving average is $392.87 and its 200 day simple moving average is $361.19.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.04. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The firm had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $22.13 billion. During the same quarter in the prior year, the business earned $1.58 EPS. Broadcom’s quarterly revenue was up 47.9% compared to the same quarter last year. On average, sell-side analysts forecast that Broadcom will post 9.91 earnings per share for the current fiscal year.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 50,488 shares of the company’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the completion of the sale, the insider directly owned 278,141 shares in the company, valued at $89,450,145.60. This represents a 15.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 39,116 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $321.61, for a total value of $12,580,096.76. Following the transaction, the insider directly owned 74,626 shares of the company’s stock, valued at $24,000,467.86. This represents a 34.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 324,282 shares of company stock worth $106,425,249. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AVGO. Norges Bank acquired a new position in shares of Broadcom in the 4th quarter valued at $24,252,196,000. Cardano Risk Management B.V. boosted its holdings in Broadcom by 895.2% during the fourth quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer’s stock valued at $4,391,940,000 after purchasing an additional 11,414,701 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Broadcom by 118.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 18,739,006 shares of the semiconductor manufacturer’s stock valued at $5,799,889,000 after buying an additional 10,145,377 shares in the last quarter. State Street Corp raised its stake in Broadcom by 2.7% during the fourth quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer’s stock worth $65,788,194,000 after acquiring an additional 5,040,801 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Broadcom by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock valued at $167,064,997,000 after acquiring an additional 3,919,715 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Cantor Fitzgerald reaffirmed its overweight rating on Broadcom and set a $525 price target, implying upside from current levels. Benzinga
• Positive Sentiment: Benchmark raised its price target to $545 from $485 and kept a buy rating, citing strong earnings momentum. Benzinga
• Positive Sentiment: Broadcom reported record AI semiconductor revenue of $10.8 billion, up sharply year over year, reinforcing its role as a key AI infrastructure supplier. PR Newswire
• Neutral Sentiment: Broadcom announced a quarterly dividend of $0.65 per share, which supports the stock’s income appeal but is not a major near-term catalyst. PR Newswire
• Negative Sentiment: Investors sold the stock after Broadcom’s revenue came in below the market’s elevated expectations, pressuring sentiment across semiconductors. Reuters
• Negative Sentiment: Chipmaker shares, including Broadcom, fell in premarket trading as the market reassessed the durability of the AI trade after earnings. CNBC

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.