Broadcom (NASDAQ:AVGO) Given New $200.00 Price Target at UBS Group

by · The Markets Daily

Broadcom (NASDAQ:AVGO – Get Free Report) had its price target hoisted by UBS Group from $170.00 to $200.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. UBS Group’s price objective suggests a potential upside of 16.61% from the stock’s previous close.

AVGO has been the topic of a number of other research reports. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Mizuho increased their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Benchmark restated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Oppenheimer decreased their price objective on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Finally, The Goldman Sachs Group increased their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

View Our Latest Research Report on AVGO

Broadcom Price Performance

Shares of Broadcom stock traded up $2.59 on Monday, hitting $171.51. 2,947,107 shares of the company were exchanged, compared to its average volume of 29,962,652. Broadcom has a 1-year low of $87.12 and a 1-year high of $186.42. The stock has a market capitalization of $801.05 billion, a price-to-earnings ratio of 149.01, a price-to-earnings-growth ratio of 2.73 and a beta of 1.17. The company has a 50-day moving average price of $168.94 and a 200 day moving average price of $156.03. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO – Get Free Report) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the prior year, the firm earned $0.95 earnings per share. The firm’s revenue was up 47.3% compared to the same quarter last year. As a group, sell-side analysts predict that Broadcom will post 3.78 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares in the company, valued at approximately $133,781,155.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock valued at $53,540,590 over the last three months. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Several institutional investors and hedge funds have recently modified their holdings of AVGO. Tyler Stone Wealth Management lifted its position in Broadcom by 2,706.5% during the third quarter. Tyler Stone Wealth Management now owns 2,161 shares of the semiconductor manufacturer’s stock worth $373,000 after purchasing an additional 2,084 shares during the period. Baker Avenue Asset Management LP lifted its position in Broadcom by 314.2% during the third quarter. Baker Avenue Asset Management LP now owns 17,687 shares of the semiconductor manufacturer’s stock worth $3,051,000 after purchasing an additional 13,417 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of Broadcom by 829.3% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 25,370 shares of the semiconductor manufacturer’s stock worth $4,376,000 after acquiring an additional 22,640 shares during the last quarter. Truxt Investmentos Ltda. lifted its holdings in shares of Broadcom by 233.9% in the third quarter. Truxt Investmentos Ltda. now owns 11,600 shares of the semiconductor manufacturer’s stock worth $2,001,000 after acquiring an additional 8,126 shares during the last quarter. Finally, Colonial River Investments LLC lifted its holdings in shares of Broadcom by 1,029.6% in the third quarter. Colonial River Investments LLC now owns 12,765 shares of the semiconductor manufacturer’s stock worth $2,202,000 after acquiring an additional 11,635 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

About Broadcom

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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.

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