Broadcom (NASDAQ:AVGO) PT Raised to $2,400.00 at Rosenblatt Securities

Broadcom (NASDAQ:AVGO) had its price target lifted by stock analysts at Rosenblatt Securities from $1,650.00 to $2,400.00 in a research note issued on Thursday, Briefing.com reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. Rosenblatt Securities’ price target would indicate a potential upside of 37.56% from the stock’s current price.

AVGO has been the subject of a number of other research reports. Benchmark reiterated a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Mizuho lifted their target price on shares of Broadcom from $1,625.00 to $1,900.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Melius initiated coverage on Broadcom in a research note on Monday, June 3rd. They issued a “buy” rating and a $1,850.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on Broadcom from $1,700.00 to $2,000.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Finally, Sanford C. Bernstein boosted their target price on Broadcom from $1,600.00 to $1,950.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. Three analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,706.37.

Broadcom Stock Up 0.7 %

Shares of NASDAQ:AVGO opened at $1,744.69 on Thursday. The stock’s 50-day moving average price is $1,502.36 and its 200-day moving average price is $1,336.89. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02. Broadcom has a 12-month low of $795.09 and a 12-month high of $1,851.62. The stock has a market capitalization of $812.13 billion, a P/E ratio of 75.04, a price-to-earnings-growth ratio of 3.03 and a beta of 1.17.

Shares of Broadcom are scheduled to split on the morning of Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly minted shares will be distributed to shareholders after the closing bell on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share for the quarter, topping analysts’ consensus estimates of $10.78 by $0.18. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The firm had revenue of $12.49 billion for the quarter, compared to analyst estimates of $12.06 billion. During the same period last year, the company earned $9.51 EPS. The business’s quarterly revenue was up 43.0% compared to the same quarter last year. On average, equities analysts anticipate that Broadcom will post 37.19 earnings per share for the current year.

Insider Activity at Broadcom

In other news, Director Justine Page sold 254 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $1,750.26, for a total value of $444,566.04. Following the sale, the director now directly owns 2,748 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. American Century Companies Inc. boosted its holdings in Broadcom by 8.0% during the 3rd quarter. American Century Companies Inc. now owns 113,852 shares of the semiconductor manufacturer’s stock valued at $94,563,000 after acquiring an additional 8,470 shares during the period. Hudson Bay Capital Management LP purchased a new stake in shares of Broadcom during the third quarter valued at $7,339,000. Raleigh Capital Management Inc. grew its holdings in shares of Broadcom by 2.7% in the third quarter. Raleigh Capital Management Inc. now owns 1,035 shares of the semiconductor manufacturer’s stock worth $860,000 after purchasing an additional 27 shares during the last quarter. Headinvest LLC increased its stake in Broadcom by 15.4% in the 3rd quarter. Headinvest LLC now owns 344 shares of the semiconductor manufacturer’s stock worth $287,000 after buying an additional 46 shares during the period. Finally, Anchor Investment Management LLC bought a new stake in Broadcom during the 4th quarter valued at about $2,264,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

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.