Piper Sandler Raises Broadcom (NASDAQ:AVGO) Price Target to $2,000.00

Broadcom (NASDAQ:AVGO) had its price target upped by Piper Sandler from $1,650.00 to $2,000.00 in a report released on Thursday, Benzinga reports. The firm currently has an overweight rating on the semiconductor manufacturer’s stock.

A number of other equities research analysts have also recently commented on the stock. Rosenblatt Securities reaffirmed a buy rating and issued a $1,500.00 target price on shares of Broadcom in a report on Wednesday. Citigroup reaffirmed a buy rating and issued a $1,560.00 target price on shares of Broadcom in a report on Tuesday, June 11th. Jefferies Financial Group started coverage on shares of Broadcom in a report on Monday, May 13th. They issued a buy rating and a $1,550.00 target price for the company. Benchmark reissued a buy rating and set a $1,720.00 price target on shares of Broadcom in a report on Thursday, March 21st. Finally, Melius started coverage on shares of Broadcom in a report on Monday, June 3rd. They set a buy rating and a $1,850.00 price target for the company. Three research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of Moderate Buy and a consensus price target of $1,667.48.

Broadcom Stock Performance

NASDAQ AVGO opened at $1,735.04 on Thursday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. Broadcom has a 1 year low of $795.09 and a 1 year high of $1,747.24. The company has a market capitalization of $807.64 billion, a PE ratio of 74.63, a P/E/G ratio of 3.34 and a beta of 1.17. The company has a fifty day moving average of $1,360.12 and a two-hundred day moving average of $1,253.04.

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

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 EPS for the quarter, beating analysts’ consensus estimates of $10.78 by $0.18. Broadcom had a net margin of 24.10% and a return on equity of 43.01%. The business had revenue of $12.49 billion during the quarter, compared to analysts’ expectations of $12.06 billion. During the same period in the prior year, the company earned $9.51 earnings per share. The business’s revenue was up 43.0% compared to the same quarter last year. As a group, analysts expect that Broadcom will post 36.17 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 24th will be given a $5.25 dividend. The ex-dividend date of this dividend is Monday, June 24th. This represents a $21.00 annualized dividend and a dividend yield of 1.21%. Broadcom’s dividend payout ratio is presently 90.32%.

Insider Activity

In other news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the sale, the insider now directly owns 46,974 shares in the company, valued at $61,957,296.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the sale, the insider now directly owns 46,974 shares in the company, valued at $61,957,296.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares in the company, valued at $62,465.85. The disclosure for this sale can be found here. Insiders have sold 26,770 shares of company stock worth $36,242,096 over the last ninety days. 2.00% of the stock is currently owned by insiders.

Institutional Trading of Broadcom

A number of hedge funds have recently bought and sold shares of the company. SRN Advisors LLC boosted its position in Broadcom by 5.7% during the first quarter. SRN Advisors LLC now owns 1,380 shares of the semiconductor manufacturer’s stock worth $1,829,000 after acquiring an additional 74 shares during the last quarter. Mosaic Family Wealth Partners LLC acquired a new stake in Broadcom during the first quarter worth approximately $213,000. Jackson Wealth Management LLC boosted its position in Broadcom by 2.2% during the first quarter. Jackson Wealth Management LLC now owns 18,312 shares of the semiconductor manufacturer’s stock worth $24,271,000 after acquiring an additional 386 shares during the last quarter. American Trust boosted its position in Broadcom by 9.8% during the first quarter. American Trust now owns 495 shares of the semiconductor manufacturer’s stock worth $656,000 after acquiring an additional 44 shares during the last quarter. Finally, Cypress Asset Management Inc. TX boosted its position in Broadcom by 26.1% during the first quarter. Cypress Asset Management Inc. TX now owns 6,190 shares of the semiconductor manufacturer’s stock worth $8,345,000 after acquiring an additional 1,282 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

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.