The Goldman Sachs Group Reaffirms Buy Rating for Broadcom (NASDAQ:AVGO)

Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reiterated by stock analysts at The Goldman Sachs Group in a research report issued on Wednesday,Benzinga reports. They currently have a $340.00 price target on the semiconductor manufacturer’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 9.24% from the stock’s previous close.

Several other research analysts have also issued reports on the stock. Hsbc Global Res upgraded shares of Broadcom from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 24th. KeyCorp boosted their price target on shares of Broadcom from $315.00 to $330.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Evercore ISI reissued an “outperform” rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Finally, Susquehanna boosted their price target on shares of Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Buy” and an average price target of $295.96.

Broadcom Stock Up 0.7%

Shares of NASDAQ:AVGO opened at $311.23 on Wednesday. Broadcom has a 52-week low of $134.90 and a 52-week high of $317.35. The firm has a fifty day moving average of $277.08 and a 200 day moving average of $228.95. The firm has a market capitalization of $1.46 trillion, a PE ratio of 116.57, a price-to-earnings-growth ratio of 2.20 and a beta of 1.15. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO) last announced its earnings results 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 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the business earned $10.96 earnings per share. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, research analysts anticipate that Broadcom will post 5.38 EPS for the current fiscal year.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold 829,716 shares of company stock valued at $217,040,489 over the last quarter. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Broadcom

Hedge funds and other institutional investors have recently bought and sold shares of the business. Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom in the first quarter worth about $25,000. Cheviot Value Management LLC purchased a new stake in Broadcom in the first quarter worth about $25,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter valued at approximately $26,000. Sawyer & Company Inc grew its holdings in shares of Broadcom by 62.1% during the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 36 shares during the last quarter. Finally, Longfellow Investment Management Co. LLC purchased a new stake in shares of Broadcom during the second quarter valued at approximately $27,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

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.