Royal Bank Of Canada Raises Broadcom (NASDAQ:AVGO) Price Target to $400.00

Broadcom (NASDAQ:AVGO) had its price objective increased by equities researchers at Royal Bank Of Canada from $360.00 to $400.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the semiconductor manufacturer’s stock. Royal Bank Of Canada’s price objective points to a potential downside of 0.89% from the stock’s previous close.

Several other equities research analysts have also recently commented on the company. UBS Group set a $485.00 target price on Broadcom in a research note on Thursday. Jefferies Financial Group set a $550.00 price objective on Broadcom and gave the company a “buy” rating in a report on Thursday. Bank of America lowered their target price on Broadcom from $500.00 to $450.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Mizuho reaffirmed an “outperform” rating and issued a $480.00 price target on shares of Broadcom in a research note on Thursday, April 16th. Finally, Morgan Stanley set a $502.00 price objective on shares of Broadcom in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $475.63.

Broadcom Trading Down 15.8%

Shares of Broadcom stock opened at $403.61 on Thursday. The company’s fifty day simple moving average is $392.87 and its 200-day simple moving average is $361.19. Broadcom has a 1 year low of $241.11 and a 1 year high of $495.00. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80. The company has a market cap of $1.91 trillion, a price-to-earnings ratio of 79.23, a PEG ratio of 0.99 and a beta of 1.41.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.04. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.Broadcom’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.58 EPS. As a group, sell-side analysts expect that Broadcom will post 9.91 EPS for the current year.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 50,488 shares of Broadcom stock in a transaction on 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 transaction, the insider owned 278,141 shares of the company’s stock, valued at $89,450,145.60. This trade represents a 15.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total value of $3,452,300.00. Following the sale, the insider owned 787,184 shares of the company’s stock, valued at approximately $271,759,532.32. This represents a 1.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 324,282 shares of company stock valued at $106,425,249 over the last three months. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Broadcom

A number of hedge funds have recently modified their holdings of AVGO. ROSS JOHNSON & Associates LLC raised its stake in shares of Broadcom by 1,320.0% in the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 66 shares during the period. Networth Advisors LLC grew its stake in shares of Broadcom by 546.2% during the 1st quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 71 shares during the period. SWAN Capital LLC increased its holdings in Broadcom by 261.9% in the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 55 shares during the last quarter. Miller Global Investments LLC purchased a new stake in Broadcom in the 4th quarter worth about $31,000. Finally, Nvest Wealth Strategies Inc. bought a new stake in Broadcom in the 4th quarter valued at about $33,000. Institutional investors own 76.43% of the company’s stock.

Key Headlines Impacting Broadcom

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

About Broadcom

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.