Broadcom (NASDAQ:AVGO – Get Rating)‘s stock had its “buy” rating reissued by investment analysts at Susquehanna in a research report issued to clients and investors on Friday. They currently have a $680.00 target price on the semiconductor manufacturer’s stock. Susquehanna’s price target would indicate a potential upside of 31.99% from the stock’s current price.
AVGO has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft decreased their target price on Broadcom from $700.00 to $635.00 in a report on Wednesday, July 20th. StockNews.com raised Broadcom from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 13th. Mizuho raised their target price on Broadcom from $700.00 to $725.00 and gave the stock a “buy” rating in a research report on Friday, May 27th. Piper Sandler reaffirmed a “buy” rating and issued a $750.00 target price on shares of Broadcom in a research report on Tuesday, May 24th. Finally, Truist Financial decreased their target price on Broadcom from $658.00 to $630.00 and set a “buy” rating for the company in a research report on Friday. Four equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $674.92.
Broadcom Price Performance
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Shares of NASDAQ AVGO traded up $23.18 during mid-day trading on Friday, reaching $515.19. The company had a trading volume of 78,065 shares, compared to its average volume of 2,357,319. The company has a current ratio of 2.14, a quick ratio of 1.90 and a debt-to-equity ratio of 1.87. The stock has a market cap of $208.04 billion, a PE ratio of 25.50, a P/E/G ratio of 1.04 and a beta of 1.08. The company has a 50-day moving average price of $517.46 and a two-hundred day moving average price of $556.88. Broadcom has a 1-year low of $463.91 and a 1-year high of $677.76.
Broadcom (NASDAQ:AVGO – Get Rating) last issued its earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.56 by $0.17. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.41 billion. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. The company’s quarterly revenue was up 24.9% on a year-over-year basis. During the same period in the previous year, the firm posted $6.32 EPS. On average, equities analysts anticipate that Broadcom will post 33.96 earnings per share for the current year.
Broadcom declared that its board has authorized a stock buyback plan on Thursday, May 26th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
Hedge Funds Weigh In On Broadcom
Institutional investors have recently bought and sold shares of the stock. Modera Wealth Management LLC bought a new position in shares of Broadcom in the first quarter worth about $407,000. Sara Bay Financial increased its stake in shares of Broadcom by 36.5% in the first quarter. Sara Bay Financial now owns 580 shares of the semiconductor manufacturer’s stock worth $365,000 after purchasing an additional 155 shares during the period. Coastal Investment Advisors Inc. increased its stake in shares of Broadcom by 34.3% in the first quarter. Coastal Investment Advisors Inc. now owns 1,369 shares of the semiconductor manufacturer’s stock worth $862,000 after purchasing an additional 350 shares during the period. Capital Investment Advisors LLC increased its stake in shares of Broadcom by 8.0% in the first quarter. Capital Investment Advisors LLC now owns 5,407 shares of the semiconductor manufacturer’s stock worth $3,404,000 after purchasing an additional 401 shares during the period. Finally, Avestar Capital LLC increased its stake in shares of Broadcom by 18.0% in the first quarter. Avestar Capital LLC now owns 1,233 shares of the semiconductor manufacturer’s stock worth $776,000 after purchasing an additional 188 shares during the period. 79.60% of the stock is currently owned by 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.
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