Broadcom (AVGO) Shares Gap Up on Analyst Upgrade

Broadcom Ltd (NASDAQ:AVGO) shares gapped up prior to trading on Thursday after Canaccord Genuity raised their price target on the stock from $100.00 to $325.00. The stock had previously closed at $246.06, but opened at $248.03. Canaccord Genuity currently has a buy rating on the stock. Broadcom shares last traded at $241.19, with a volume of 3930965 shares changing hands.

Several other brokerages have also recently commented on AVGO. Vetr cut shares of Broadcom from a “buy” rating to a “hold” rating and set a $290.34 target price on the stock. in a report on Monday, November 27th. Zacks Investment Research raised shares of Broadcom from a “sell” rating to a “hold” rating and set a $316.00 target price on the stock in a report on Monday, November 27th. Mizuho reaffirmed a “buy” rating and set a $290.00 target price on shares of Broadcom in a report on Monday, November 6th. Drexel Hamilton reaffirmed a “buy” rating and set a $302.00 target price on shares of Broadcom in a report on Monday, November 6th. Finally, B. Riley reiterated a “buy” rating and set a $315.00 price target on shares of Broadcom in a research report on Monday, November 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty-three have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $303.02.

In other Broadcom news, SVP Bryan Ingram sold 794 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $258.60, for a total value of $205,328.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Thomas H. Krause sold 2,595 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $267.34, for a total transaction of $693,747.30. The disclosure for this sale can be found here. Insiders sold 86,674 shares of company stock worth $22,659,390 in the last 90 days. Company insiders own 3.60% of the company’s stock.

Several large investors have recently modified their holdings of the company. ZWJ Investment Counsel Inc. lifted its holdings in shares of Broadcom by 0.3% during the fourth quarter. ZWJ Investment Counsel Inc. now owns 109,444 shares of the semiconductor manufacturer’s stock worth $28,116,000 after purchasing an additional 377 shares during the period. Front Row Advisors LLC acquired a new position in shares of Broadcom during the fourth quarter worth $940,000. Traynor Capital Management Inc. lifted its holdings in shares of Broadcom by 42.0% during the fourth quarter. Traynor Capital Management Inc. now owns 1,288 shares of the semiconductor manufacturer’s stock worth $330,000 after purchasing an additional 381 shares during the period. Cullen Frost Bankers Inc. lifted its holdings in shares of Broadcom by 18.0% during the fourth quarter. Cullen Frost Bankers Inc. now owns 35,772 shares of the semiconductor manufacturer’s stock worth $9,189,000 after purchasing an additional 5,462 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Broadcom by 0.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 80,853 shares of the semiconductor manufacturer’s stock worth $20,771,000 after purchasing an additional 656 shares during the period. Institutional investors own 88.51% of the company’s stock.

The stock has a market capitalization of $98,140.00, a price-to-earnings ratio of 61.21, a P/E/G ratio of 1.03 and a beta of 1.04. The company has a debt-to-equity ratio of 0.75, a current ratio of 6.26 and a quick ratio of 5.68.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 EPS for the quarter, topping analysts’ consensus estimates of $4.52 by $0.07. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.84 billion. Broadcom had a net margin of 10.18% and a return on equity of 28.64%. Broadcom’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.47 earnings per share. equities analysts expect that Broadcom Ltd will post 16.99 earnings per share for the current year.

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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.

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