Broadcom (NASDAQ:AVGO) Price Target Raised to $265.00 at Barclays

Broadcom (NASDAQ:AVGO) had its price target increased by equities researchers at Barclays from $215.00 to $265.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor manufacturer’s stock. Barclays‘s price target would suggest a potential upside of 8.33% from the company’s current price.

A number of other research firms have also recently weighed in on AVGO. UBS Group upped their price target on Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Evercore ISI raised their price target on shares of Broadcom from $267.00 to $304.00 and gave the company an “outperform” rating in a report on Friday, June 6th. Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Citigroup reaffirmed a “buy” rating and set a $276.00 price target (up from $210.00) on shares of Broadcom in a report on Tuesday, June 3rd. Finally, Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a “buy” rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $272.71.

Broadcom Price Performance

Broadcom stock opened at $244.63 on Monday. Broadcom has a 52-week low of $128.50 and a 52-week high of $265.43. The firm has a fifty day moving average of $206.98 and a 200-day moving average of $207.63. The firm has a market capitalization of $1.15 trillion, a P/E ratio of 199.54, a PEG ratio of 2.29 and a beta of 1.11. 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 quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the business earned $10.96 earnings per share. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, analysts predict that Broadcom will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has approved a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, Director Justine Page sold 800 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the sale, the director now directly owns 26,182 shares of the company’s stock, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 720,576 shares of company stock valued at $131,249,694. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Institutional investors have recently made changes to their positions in the stock. Tallon Kerry Patrick bought a new stake in shares of Broadcom in the 4th quarter worth approximately $357,000. Capital & Planning LLC raised its holdings in shares of Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock worth $969,000 after purchasing an additional 554 shares in the last quarter. LaFleur & Godfrey LLC raised its holdings in shares of Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock worth $18,145,000 after purchasing an additional 12,345 shares in the last quarter. Brighton Jones LLC raised its holdings in shares of Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Broadcom in the 4th quarter worth approximately $71,312,000. 76.43% of the stock is owned by institutional investors and hedge funds.

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.