Citigroup Cuts Broadcom (NASDAQ:AVGO) Price Target to $210.00

Broadcom (NASDAQ:AVGO) had its price target cut by analysts at Citigroup from $220.00 to $210.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. Citigroup’s price target points to a potential upside of 15.42% from the stock’s current price.

Several other research analysts have also weighed in on the stock. Jefferies Financial Group upped their target price on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Morgan Stanley raised their price objective on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Bank of America raised their price target on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, Evercore ISI boosted their price objective on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $231.68.

Broadcom Stock Performance

NASDAQ:AVGO opened at $181.94 on Friday. The firm’s fifty day simple moving average is $195.52 and its 200-day simple moving average is $195.99. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market cap of $855.47 billion, a PE ratio of 148.40, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. Broadcom has a fifty-two week low of $119.76 and a fifty-two week high of $251.88.

Broadcom declared that its Board of Directors has approved a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Broadcom

Institutional investors have recently bought and sold shares of the business. Canton Hathaway LLC acquired a new stake in Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom during the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in Broadcom in the 4th quarter worth approximately $32,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

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.