Broadcom (NASDAQ:AVGO) Given New $350.00 Price Target at JPMorgan Chase & Co.

Broadcom (NASDAQ:AVGO) had its price target decreased by research analysts at JPMorgan Chase & Co. from $365.00 to $350.00 in a report released on Friday, BenzingaRatingsTable reports. The brokerage currently has an “overweight” rating on the semiconductor manufacturer’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 31.61% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Rosenblatt Securities restated a “buy” rating and set a $350.00 price objective on shares of Broadcom in a research report on Friday, March 15th. Citigroup initiated coverage on shares of Broadcom in a research report on Friday, March 15th. They set a “buy” rating for the company. Jefferies Financial Group raised their price objective on shares of Broadcom from $314.00 to $341.00 and gave the company a “buy” rating in a research report on Friday, March 15th. SunTrust Banks raised their price objective on shares of Broadcom to $339.00 and gave the company a “buy” rating in a research report on Friday, March 15th. They noted that the move was a valuation call. Finally, Craig Hallum raised their price objective on shares of Broadcom from $305.00 to $325.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $297.58.

NASDAQ:AVGO opened at $265.93 on Friday. Broadcom has a twelve month low of $197.46 and a twelve month high of $323.20. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.27 and a quick ratio of 1.14. The stock has a market cap of $111.47 billion, a PE ratio of 14.12, a price-to-earnings-growth ratio of 1.27 and a beta of 0.87.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the firm posted $4.88 EPS. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. Equities research analysts expect that Broadcom will post 17.55 earnings per share for the current year.

In other news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $315.07, for a total value of $6,301,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kirsten M. Spears sold 4,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was 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 have sold 67,824 shares of company stock valued at $20,565,519 over the last ninety days. Insiders own 3.30% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Outlook Wealth Advisors LLC lifted its position in shares of Broadcom by 773.5% in the first quarter. Outlook Wealth Advisors LLC now owns 856 shares of the semiconductor manufacturer’s stock worth $257,000 after purchasing an additional 758 shares in the last quarter. Gateway Investment Advisers LLC lifted its position in shares of Broadcom by 177.0% in the first quarter. Gateway Investment Advisers LLC now owns 136,598 shares of the semiconductor manufacturer’s stock worth $41,076,000 after purchasing an additional 87,288 shares in the last quarter. National Pension Service lifted its position in shares of Broadcom by 6.0% in the fourth quarter. National Pension Service now owns 394,048 shares of the semiconductor manufacturer’s stock worth $110,925,000 after purchasing an additional 22,223 shares in the last quarter. Pensionmark Financial Group LLC purchased a new stake in shares of Broadcom in the fourth quarter worth approximately $336,000. Finally, Highstreet Asset Management Inc. lifted its position in shares of Broadcom by 40.1% in the fourth quarter. Highstreet Asset Management Inc. now owns 11,438 shares of the semiconductor manufacturer’s stock worth $2,908,000 after purchasing an additional 3,276 shares in the last quarter. 84.42% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading: Sell-Side Analysts

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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