Broadcom (NASDAQ:AVGO) Coverage Initiated at Evercore ISI

Analysts at Evercore ISI started coverage on shares of Broadcom (NASDAQ:AVGO) in a note issued to investors on Tuesday, Marketbeat reports. The brokerage set an “outperform” rating and a $1,620.00 price target on the semiconductor manufacturer’s stock. Evercore ISI’s price target suggests a potential upside of 26.30% from the company’s current price.

A number of other equities research analysts also recently weighed in on the company. Rosenblatt Securities restated a “buy” rating and set a $1,500.00 price target on shares of Broadcom in a research report on Thursday, March 21st. UBS Group lifted their price objective on Broadcom to $1,480.00 and gave the stock a “buy” rating in a report on Monday, February 26th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $1,700.00 price objective on shares of Broadcom in a report on Thursday, March 21st. TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a report on Monday, April 8th. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,285.41.

Broadcom Price Performance

NASDAQ:AVGO opened at $1,282.63 on Tuesday. The firm has a market capitalization of $594.40 billion, a price-to-earnings ratio of 47.54, a P/E/G ratio of 2.67 and a beta of 1.25. Broadcom has a 52-week low of $601.29 and a 52-week high of $1,438.17. The stock has a fifty day moving average of $1,307.00 and a 200 day moving average of $1,115.19. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. During the same quarter last year, the company earned $9.83 earnings per share. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. On average, research analysts expect that Broadcom will post 35.95 EPS for the current fiscal year.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the sale, the insider now directly owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the transaction, the insider now directly owns 41,974 shares in the company, valued at approximately $55,257,092.04. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the transaction, the insider now owns 16,575 shares of the company’s stock, valued at $22,276,800. The disclosure for this sale can be found here. Insiders have sold a total of 29,920 shares of company stock valued at $40,306,667 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Hedge funds have recently added to or reduced their stakes in the company. Legend Financial Advisors Inc. raised its holdings in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares during the last quarter. Stuart Chaussee & Associates Inc. purchased a new stake in Broadcom during the 4th quarter valued at $25,000. Richardson Capital Management LLC purchased a new stake in Broadcom during the 1st quarter valued at $29,000. PSI Advisors LLC raised its stake in Broadcom by 66.7% during the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after buying an additional 10 shares during the last quarter. Finally, BKM Wealth Management LLC purchased a new stake in Broadcom during the 4th quarter valued at $29,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

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.