Broadcom (AVGO) Rating Lowered to Buy at Vetr

Broadcom (NASDAQ:AVGO) was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued on Monday, December 18th. They currently have a $295.91 price target on the semiconductor manufacturer’s stock. Vetr‘s target price would indicate a potential upside of 12.30% from the company’s previous close.

Other equities analysts have also issued reports about the company. B. Riley reaffirmed an “avgo (” rating and issued a $305.00 target price on shares of Broadcom in a research report on Monday, August 21st. Loop Capital reaffirmed a “buy” rating and issued a $302.00 target price on shares of Broadcom in a research report on Friday, August 25th. Oppenheimer reaffirmed a “buy” rating and issued a $275.00 target price on shares of Broadcom in a research report on Friday, August 25th. MKM Partners upped their target price on Broadcom from $261.00 to $274.00 and gave the company a “buy” rating in a research report on Friday, August 25th. Finally, Deutsche Bank boosted their price target on Broadcom from $275.00 to $295.00 and gave the company a “buy” rating in a report on Friday, August 25th. Five investment analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $302.66.

Broadcom (AVGO) traded up $0.67 during trading on Monday, reaching $263.50. The company had a trading volume of 1,770,000 shares, compared to its average volume of 3,210,000. Broadcom has a 12-month low of $175.40 and a 12-month high of $285.68. The firm has a market cap of $107,500.00, a price-to-earnings ratio of 67.05, a PEG ratio of 1.16 and a beta of 1.04. The company has a quick ratio of 5.68, a current ratio of 6.26 and a debt-to-equity ratio of 0.75.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.52 by $0.07. Broadcom had a return on equity of 28.64% and a net margin of 10.18%. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.84 billion. During the same period in the prior year, the company posted $3.47 EPS. Broadcom’s quarterly revenue was up 17.1% on a year-over-year basis. sell-side analysts anticipate that Broadcom will post 16.99 earnings per share for the current year.

In other news, CFO Thomas H. Krause sold 2,595 shares of the stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $267.34, for a total value of $693,747.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction on Friday, December 15th. The stock was sold at an average price of $259.68, for a total value of $5,193,600.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 86,674 shares of company stock valued at $22,311,790. 3.60% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Spectrum Management Group Inc. grew its stake in shares of Broadcom by 0.4% in the second quarter. Spectrum Management Group Inc. now owns 2,365 shares of the semiconductor manufacturer’s stock worth $551,000 after purchasing an additional 10 shares in the last quarter. Peapack Gladstone Financial Corp grew its stake in shares of Broadcom by 0.5% in the second quarter. Peapack Gladstone Financial Corp now owns 2,158 shares of the semiconductor manufacturer’s stock worth $503,000 after purchasing an additional 10 shares in the last quarter. CWA Asset Management Group LLC grew its stake in shares of Broadcom by 0.9% in the second quarter. CWA Asset Management Group LLC now owns 1,917 shares of the semiconductor manufacturer’s stock worth $447,000 after purchasing an additional 17 shares in the last quarter. Vestor Capital LLC grew its stake in shares of Broadcom by 0.3% in the second quarter. Vestor Capital LLC now owns 15,051 shares of the semiconductor manufacturer’s stock worth $3,508,000 after purchasing an additional 49 shares in the last quarter. Finally, TRUE Private Wealth Advisors grew its stake in shares of Broadcom by 5.1% in the second quarter. TRUE Private Wealth Advisors now owns 1,426 shares of the semiconductor manufacturer’s stock worth $332,000 after purchasing an additional 69 shares in the last quarter. 88.48% of the stock is owned by institutional investors.

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Broadcom Company Profile

Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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