Broadcom (NASDAQ:AVGO) Price Target Cut to $310.00

Broadcom (NASDAQ:AVGO) had its price objective dropped by analysts at UBS Group from $325.00 to $310.00 in a research report issued on Friday, BenzingaRatingsTable reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. UBS Group’s target price suggests a potential upside of 17.82% from the company’s previous close.

A number of other research firms also recently weighed in on AVGO. DA Davidson lifted their price objective on Broadcom to $325.00 and gave the company a “buy” rating in a report on Friday, March 15th. MKM Partners lifted their price objective on Broadcom to $310.00 and gave the company a “buy” rating in a report on Monday, March 18th. Zacks Investment Research downgraded Broadcom from a “hold” rating to a “sell” rating in a report on Tuesday, March 19th. BidaskClub downgraded Broadcom from a “sell” rating to a “strong sell” rating in a report on Thursday, May 30th. Finally, JPMorgan Chase & Co. boosted their target price on Broadcom from $325.00 to $365.00 in a report on Monday, March 18th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-nine have given a buy rating to the stock. Broadcom has an average rating of “Buy” and a consensus price target of $299.32.

NASDAQ AVGO traded down $18.49 during trading on Friday, reaching $263.12. 3,933,278 shares of the company traded hands, compared to its average volume of 3,175,010. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 1.47. The company has a market capitalization of $110.73 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.26 and a beta of 0.87. Broadcom has a 1-year low of $197.46 and a 1-year high of $323.20.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, beating analysts’ consensus estimates of $5.18 by $0.03. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.70 billion. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. The company’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the business earned $4.88 earnings per share. On average, analysts predict that Broadcom will post 17.55 earnings per share for the current year.

In related news, CFO Thomas H. Krause sold 14,494 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $295.45, for a total value of $4,282,252.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Charlie B. Kawwas sold 9,330 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $295.93, for a total transaction of $2,761,026.90. The disclosure for this sale can be found here. Insiders sold a total of 67,824 shares of company stock valued at $20,565,519 in the last 90 days. 3.30% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc raised its position in shares of Broadcom by 6.6% in the third quarter. Vanguard Group Inc now owns 33,632,811 shares of the semiconductor manufacturer’s stock valued at $8,298,223,000 after purchasing an additional 2,094,847 shares during the period. Oregon Public Employees Retirement Fund increased its holdings in Broadcom by 26,295.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,950,143 shares of the semiconductor manufacturer’s stock worth $47,000 after acquiring an additional 11,904,869 shares during the period. FMR LLC increased its holdings in Broadcom by 3.8% during the 4th quarter. FMR LLC now owns 10,192,760 shares of the semiconductor manufacturer’s stock worth $2,591,815,000 after acquiring an additional 374,911 shares during the period. Geode Capital Management LLC increased its holdings in Broadcom by 2.4% during the 1st quarter. Geode Capital Management LLC now owns 5,235,869 shares of the semiconductor manufacturer’s stock worth $1,572,119,000 after acquiring an additional 124,037 shares during the period. Finally, Northern Trust Corp increased its holdings in Broadcom by 1.3% during the 1st quarter. Northern Trust Corp now owns 4,919,584 shares of the semiconductor manufacturer’s stock worth $1,479,369,000 after acquiring an additional 62,461 shares during the period. Institutional investors own 84.42% of the company’s stock.

About Broadcom

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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