Mizuho Cuts Broadcom (NASDAQ:AVGO) Price Target to $250.00

Broadcom (NASDAQ:AVGO) had its target price dropped by equities research analysts at Mizuho from $260.00 to $250.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the semiconductor manufacturer’s stock. Mizuho’s price target points to a potential upside of 34.39% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley dropped their price objective on shares of Broadcom from $265.00 to $246.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 target price on shares of Broadcom in a report on Friday. TD Cowen increased their target price on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Bank of America boosted their price objective on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Jefferies Financial Group increased their price target on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $230.92.

Broadcom Stock Performance

Shares of Broadcom stock traded up $6.58 during midday trading on Friday, hitting $186.03. The company had a trading volume of 29,974,003 shares, compared to its average volume of 29,587,614. The company has a fifty day simple moving average of $223.22 and a 200 day simple moving average of $192.55. The stock has a market cap of $871.97 billion, a price-to-earnings ratio of 151.03, a PEG ratio of 2.29 and a beta of 1.01. Broadcom has a 12-month low of $119.76 and a 12-month high of $251.88. 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 (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s revenue was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.98 earnings per share. As a group, analysts predict that Broadcom will post 5.38 earnings per share for the current fiscal year.

Insider Transactions at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the transaction, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Check Kian Low sold 48,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the sale, the director now directly owns 113,050 shares of the company’s stock, valued at $26,606,317.50. The trade was a 29.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 191,278 shares of company stock worth $44,964,800. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVGO. Vanguard Group Inc. raised its position in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. State Street Corp increased its holdings in shares of Broadcom by 948.5% in the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after purchasing an additional 166,844,263 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares during the period. FMR LLC boosted its holdings in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after buying an additional 2,873,809 shares in the last quarter. Finally, Norges Bank acquired a new position in Broadcom during the fourth quarter worth about $16,893,010,000. Institutional investors and hedge funds 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.