Broadcom (AVGO) Price Target Cut to $261.00

Broadcom (NASDAQ:AVGO) had its target price lowered by equities research analysts at Morgan Stanley from $265.00 to $261.00 in a research report issued to clients and investors on Monday, January 7th. The brokerage presently has an “equal weight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price objective would indicate a potential upside of 4.16% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Wells Fargo & Co reiterated a “market perform” rating and issued a $265.00 target price on shares of Broadcom in a research report on Wednesday, November 28th. Deutsche Bank reiterated a “buy” rating and issued a $310.00 target price on shares of Broadcom in a research report on Thursday, November 8th. Mizuho reissued a “buy” rating on shares of Broadcom in a report on Friday, October 5th. BidaskClub raised shares of Broadcom from a “hold” rating to a “buy” rating in a report on Friday, September 21st. Finally, ValuEngine raised shares of Broadcom from a “hold” rating to a “buy” rating in a report on Monday, December 17th. Nine investment analysts have rated the stock with a hold rating and thirty-three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $288.93.

Shares of NASDAQ AVGO opened at $250.57 on Monday. Broadcom has a 1 year low of $197.46 and a 1 year high of $273.85. The firm has a market cap of $100.30 billion, a P/E ratio of 13.31, a PEG ratio of 1.11 and a beta of 0.73. The company has a current ratio of 3.90, a quick ratio of 3.41 and a debt-to-equity ratio of 0.66.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 6th. The semiconductor manufacturer reported $5.85 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $5.58 by $0.27. The firm had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.40 billion. Broadcom had a net margin of 58.80% and a return on equity of 29.03%. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.59 earnings per share. On average, research analysts anticipate that Broadcom will post 18.59 EPS for the current year.

In related news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $228.94, for a total value of $4,578,800.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 13th. The shares were sold at an average price of $259.19, for a total transaction of $2,591,900.00. The disclosure for this sale can be found here. In the last three months, insiders sold 79,723 shares of company stock valued at $19,826,374. Insiders own 3.30% of the company’s stock.

Large investors have recently modified their holdings of the stock. GSA Capital Partners LLP acquired a new stake in Broadcom during the second quarter worth approximately $788,000. FMR LLC acquired a new stake in Broadcom during the second quarter worth approximately $2,768,560,000. Cambridge Investment Research Advisors Inc. acquired a new stake in Broadcom during the second quarter worth approximately $2,028,000. United Services Automobile Association acquired a new stake in Broadcom during the second quarter worth approximately $174,956,000. Finally, Commonwealth Bank of Australia acquired a new stake in Broadcom during the second quarter worth approximately $194,000. 86.37% of the stock is currently owned by hedge funds and other institutional investors.

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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