Broadcom (NASDAQ:AVGO) Price Target Lowered to $315.00 at Deutsche Bank

Broadcom (NASDAQ:AVGO) had its price objective dropped by research analysts at Deutsche Bank from $330.00 to $315.00 in a research note issued on Friday, BenzingaRatingsTable reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Deutsche Bank’s price objective suggests a potential upside of 18.45% from the company’s current price.

Several other analysts also recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Broadcom from $365.00 to $350.00 and set an “overweight” rating on the stock in a report on Friday. BMO Capital Markets lowered their target price on shares of Broadcom from $270.00 to $260.00 and set a “market perform” rating on the stock in a report on Friday. UBS Group lowered their target price on shares of Broadcom from $325.00 to $310.00 and set a “buy” rating on the stock in a report on Friday. Summit Redstone raised shares of Broadcom to a “buy” rating in a report on Friday. Finally, Cowen reaffirmed a “market perform” rating and issued a $265.00 target price (down previously from $280.00) on shares of Broadcom in a report on Friday. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-eight have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $297.58.

Shares of Broadcom stock opened at $265.93 on Friday. Broadcom has a 1 year low of $197.46 and a 1 year high of $323.20. 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 firm has a market cap of $111.47 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 1.27 and a beta of 0.87.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $5.18 by $0.03. Broadcom had a net margin of 15.92% and a return on equity of 31.66%. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period last year, the firm posted $4.88 EPS. Broadcom’s revenue for the quarter was up 10.0% on a year-over-year basis. On average, research analysts forecast that Broadcom will post 17.55 EPS for the current year.

In related news, SVP Charlie B. Kawwas sold 9,330 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $295.93, for a total value of $2,761,026.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kirsten M. Spears sold 4,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $306.31, for a total transaction of $1,225,240.00. The disclosure for this sale can be found here. Insiders sold 67,824 shares of company stock valued at $20,565,519 in the last quarter. Company insiders own 3.30% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Brick & Kyle Associates raised its position in Broadcom by 3.9% during the first quarter. Brick & Kyle Associates now owns 1,335 shares of the semiconductor manufacturer’s stock worth $401,000 after acquiring an additional 50 shares during the last quarter. Belpointe Asset Management LLC raised its position in Broadcom by 2.0% during the first quarter. Belpointe Asset Management LLC now owns 3,318 shares of the semiconductor manufacturer’s stock worth $997,000 after acquiring an additional 64 shares during the last quarter. KCL Capital L.P. acquired a new position in Broadcom during the first quarter worth about $3,759,000. Financial Advisors Network Inc. acquired a new position in Broadcom during the first quarter worth about $303,000. Finally, Meridian Wealth Management LLC raised its position in Broadcom by 10.4% during the first quarter. Meridian Wealth Management LLC now owns 1,913 shares of the semiconductor manufacturer’s stock worth $575,000 after acquiring an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 84.42% of the company’s stock.

Broadcom Company Profile

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.

Read More: Intrinsic Value and Stock Selection

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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