Jefferies Financial Group Issues Positive Forecast for Broadcom (NASDAQ:AVGO) Stock Price

Broadcom (NASDAQ:AVGO) had its target price lifted by analysts at Jefferies Financial Group from $205.00 to $225.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Jefferies Financial Group’s target price points to a potential upside of 1.93% from the stock’s previous close.

Several other equities research analysts also recently weighed in on AVGO. Mizuho increased their price target on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Citigroup increased their target price on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday. Cantor Fitzgerald upped their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Bank of America raised their price target on shares of Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday. Finally, The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $218.67.

Broadcom Trading Up 22.2 %

AVGO traded up $40.08 during trading on Friday, reaching $220.74. The company had a trading volume of 78,698,528 shares, compared to its average volume of 29,261,570. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom has a 52 week low of $104.15 and a 52 week high of $221.65. The stock has a market cap of $1.03 trillion, a P/E ratio of 191.78, a PEG ratio of 2.15 and a beta of 1.13. The business has a 50 day simple moving average of $173.65 and a 200-day simple moving average of $163.86.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. During the same period in the previous year, the company earned $0.98 EPS. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. On average, equities analysts anticipate that Broadcom will post 3.79 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Gayla J. Delly sold 750 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. This trade represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 in the last ninety days. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Broadcom

A number of institutional investors have recently bought and sold shares of AVGO. Legacy Wealth Management LLC MS increased its stake in shares of Broadcom by 1,021.0% in the third quarter. Legacy Wealth Management LLC MS now owns 9,573 shares of the semiconductor manufacturer’s stock worth $1,651,000 after acquiring an additional 8,719 shares during the period. 1ST Source Bank boosted its holdings in Broadcom by 869.0% in the third quarter. 1ST Source Bank now owns 32,489 shares of the semiconductor manufacturer’s stock valued at $5,604,000 after purchasing an additional 29,136 shares during the last quarter. Alternative Investment Advisors LLC. grew its position in Broadcom by 376.4% during the 3rd quarter. Alternative Investment Advisors LLC. now owns 9,367 shares of the semiconductor manufacturer’s stock worth $1,616,000 after purchasing an additional 7,401 shares during the period. DGS Capital Management LLC grew its position in Broadcom by 1,094.7% during the 3rd quarter. DGS Capital Management LLC now owns 8,363 shares of the semiconductor manufacturer’s stock worth $1,443,000 after purchasing an additional 7,663 shares during the period. Finally, Copley Financial Group Inc. purchased a new position in shares of Broadcom during the 3rd quarter valued at about $379,000. 76.43% of the stock is 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.