Broadcom (NASDAQ:AVGO) Stock Price Expected to Rise, TD Cowen Analyst Says

by · The Cerbat Gem

Broadcom (NASDAQ:AVGO – Get Free Report) had its target price increased by stock analysts at TD Cowen from $405.00 to $450.00 in a research note issued on Friday. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. TD Cowen’s price target indicates a potential upside of 10.74% from the stock’s current price.

Several other brokerages have also recently weighed in on AVGO. The Goldman Sachs Group set a $435.00 price target on shares of Broadcom and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Weiss Ratings restated a “buy (b-)” rating on shares of Broadcom in a report on Monday. Bank of America lifted their price target on shares of Broadcom from $460.00 to $500.00 and gave the company a “buy” rating in a research note on Friday. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $325.00 to $400.00 and gave the stock an “overweight” rating in a research note on Friday, September 5th. Finally, Rosenblatt Securities raised their price objective on Broadcom from $400.00 to $440.00 and gave the company a “buy” rating in a report on Tuesday. Three analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $406.75.

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Broadcom Price Performance

AVGO stock opened at $406.37 on Friday. The stock has a 50-day moving average price of $362.74 and a two-hundred day moving average price of $316.47. Broadcom has a 1 year low of $138.10 and a 1 year high of $414.61. The stock has a market cap of $1.92 trillion, a PE ratio of 103.67, a price-to-earnings-growth ratio of 1.41 and a beta of 1.19. The company has a current ratio of 1.50, a quick ratio of 1.37 and a debt-to-equity ratio of 0.86.

Broadcom (NASDAQ:AVGO – Get Free Report) last posted its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.87 by $0.08. The company had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a return on equity of 36.60% and a net margin of 31.59%.During the same period in the prior year, the firm earned $1.42 earnings per share. Broadcom’s revenue for the quarter was up 28.2% compared to the same quarter last year. Equities analysts forecast that Broadcom will post 5.38 EPS for the current fiscal year.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 16,558 shares of the company’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total value of $5,755,726.38. Following the sale, the insider owned 329,302 shares in the company, valued at $114,468,668.22. This represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Kirsten M. Spears sold 7,498 shares of the firm’s stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.66, for a total value of $2,606,754.68. Following the completion of the sale, the chief financial officer directly owned 313,330 shares of the company’s stock, valued at approximately $108,932,307.80. The trade was a 2.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 837,433 shares of company stock valued at $303,900,352. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Broadcom

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mainstay Capital Management LLC ADV acquired a new position in Broadcom in the 3rd quarter valued at about $363,000. Painted Porch Advisors LLC increased its stake in Broadcom by 28.9% during the 3rd quarter. Painted Porch Advisors LLC now owns 1,299 shares of the semiconductor manufacturer’s stock worth $429,000 after acquiring an additional 291 shares during the period. Saranac Partners Ltd bought a new position in shares of Broadcom in the third quarter worth $10,277,000. Strategic Investment Solutions Inc. IL raised its position in shares of Broadcom by 4,368.0% in the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 1,117 shares of the semiconductor manufacturer’s stock valued at $369,000 after buying an additional 1,092 shares in the last quarter. Finally, Swiss Life Asset Management Ltd raised its position in Broadcom by 2.6% during the third quarter. Swiss Life Asset Management Ltd now owns 1,427,112 shares of the semiconductor manufacturer’s stock valued at $470,819,000 after purchasing an additional 36,387 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Company Profile

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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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