Broadcom (NASDAQ:AVGO) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Broadcom (NASDAQ:AVGO) had its price target hoisted by Morgan Stanley from $246.00 to $260.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price objective points to a potential upside of 37.86% from the company’s current price.

Several other research analysts have also recently commented on AVGO. KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday. Citigroup upped their price objective on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research note on Friday. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Benchmark reiterated a “buy” rating and set a $255.00 target price on shares of Broadcom in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Trading Up 5.1 %

Shares of AVGO traded up $9.15 during midday trading on Friday, hitting $188.60. 41,734,588 shares of the stock were exchanged, compared to its average volume of 29,632,516. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The firm has a market cap of $884.03 billion, a P/E ratio of 152.54, a P/E/G ratio of 2.29 and a beta of 1.01. The stock has a fifty day simple moving average of $223.22 and a 200 day simple moving average of $192.55. Broadcom has a 52-week low of $119.76 and a 52-week high of $251.88.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.98 earnings per share. On average, research analysts anticipate that Broadcom will post 5.38 EPS for the current fiscal year.

Insider Transactions at Broadcom

In related news, Director Harry L. You sold 6,540 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the transaction, the director now directly owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 20,168 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the completion of the transaction, the insider now directly owns 321,660 shares of the company’s stock, valued at approximately $76,809,191.40. The trade was a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Broadcom

Hedge funds have recently made changes to their positions in the stock. Wealth Group Ltd. increased its holdings in Broadcom by 900.0% in the third quarter. Wealth Group Ltd. now owns 1,760 shares of the semiconductor manufacturer’s stock valued at $304,000 after buying an additional 1,584 shares during the last quarter. Swedbank AB increased its holdings in shares of Broadcom by 858.7% in the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after acquiring an additional 16,453,718 shares during the last quarter. Howard Capital Management Group LLC lifted its stake in Broadcom by 2,219.8% during the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock worth $524,000 after purchasing an additional 2,908 shares during the last quarter. Pettinga Financial Advisors LLC boosted its holdings in Broadcom by 896.9% in the third quarter. Pettinga Financial Advisors LLC now owns 2,911 shares of the semiconductor manufacturer’s stock worth $502,000 after purchasing an additional 2,619 shares during the period. Finally, Leeward Financial Partners LLC increased its stake in Broadcom by 1,009.8% during the third quarter. Leeward Financial Partners LLC now owns 17,035 shares of the semiconductor manufacturer’s stock valued at $2,939,000 after purchasing an additional 15,500 shares during the last quarter. Institutional investors and hedge funds 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.