Barclays Increases Broadcom (NASDAQ:AVGO) Price Target to $1,500.00

Broadcom (NASDAQ:AVGO) had its price objective raised by Barclays from $1,405.00 to $1,500.00 in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage presently has an “overweight” rating on the semiconductor manufacturer’s stock. Barclays‘s price target would indicate a potential upside of 19.14% from the stock’s current price.

A number of other brokerages have also issued reports on AVGO. Oppenheimer reiterated an “outperform” rating and set a $1,500.00 price target (up previously from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. Susquehanna increased their target price on shares of Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $1,700.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Cantor Fitzgerald raised their target price on shares of Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. Finally, Mizuho raised their target price on shares of Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. Three analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $1,285.41.

Broadcom Stock Down 1.8 %

Broadcom stock opened at $1,258.99 on Wednesday. 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 has a one year low of $601.29 and a one year high of $1,438.17. The company has a 50-day simple moving average of $1,306.69 and a 200-day simple moving average of $1,116.18. The firm has a market capitalization of $583.44 billion, a P/E ratio of 46.66, a P/E/G ratio of 2.71 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. Broadcom’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $9.83 EPS. As a group, equities analysts expect that Broadcom will post 35.88 earnings per share for the current year.

Insiders Place Their Bets

In other Broadcom news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now directly owns 4,643 shares in the company, valued at $5,991,048.62. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now directly owns 45 shares in the company, valued at $62,465.85. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the sale, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The disclosure for this sale can be found here. Insiders sold a total of 29,920 shares of company stock worth $40,306,667 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Broadcom

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Broadcom by 7.7% during the fourth quarter. Vanguard Group Inc. now owns 43,347,811 shares of the semiconductor manufacturer’s stock worth $48,386,994,000 after purchasing an additional 3,089,798 shares during the period. Capital International Investors lifted its stake in Broadcom by 4.5% in the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after acquiring an additional 1,006,223 shares during the last quarter. State Street Corp lifted its stake in Broadcom by 5.0% in the first quarter. State Street Corp now owns 16,632,123 shares of the semiconductor manufacturer’s stock valued at $10,670,149,000 after acquiring an additional 794,832 shares during the last quarter. Morgan Stanley lifted its stake in Broadcom by 12.5% in the fourth quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock valued at $3,287,056,000 after acquiring an additional 651,014 shares during the last quarter. Finally, Norges Bank acquired a new stake in Broadcom in the fourth quarter valued at approximately $6,225,987,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

About Broadcom

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.