Broadcom (NASDAQ:AVGO) Receives New Coverage from Analysts at Evercore ISI

Stock analysts at Evercore ISI initiated coverage on shares of Broadcom (NASDAQ:AVGO) in a research note issued on Tuesday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $1,620.00 price target on the semiconductor manufacturer’s stock. Evercore ISI’s target price would suggest a potential upside of 26.30% from the stock’s previous close.

A number of other brokerages have also commented on AVGO. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $1,700.00 target price on shares of Broadcom in a research report on Thursday, March 21st. Rosenblatt Securities reaffirmed a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research report on Monday, April 8th. TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research note on Friday, January 19th. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,285.41.

Broadcom Stock Performance

Broadcom stock opened at $1,282.63 on Tuesday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. Broadcom has a 1-year low of $601.29 and a 1-year high of $1,438.17. The firm has a market capitalization of $594.40 billion, a P/E ratio of 47.54, a price-to-earnings-growth ratio of 2.67 and a beta of 1.25. The company’s 50-day moving average is $1,307.00 and its 200 day moving average is $1,115.19.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. The company had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the prior year, the company posted $9.83 EPS. Research analysts forecast that Broadcom will post 35.95 EPS for the current year.

Insider Transactions at Broadcom

In other news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now directly owns 45 shares in the company, valued at $62,465.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Eddy W. Hartenstein sold 3,150 shares of Broadcom stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now directly owns 4,643 shares in the company, valued at $5,991,048.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the sale, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,920 shares of company stock worth $40,306,667. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in AVGO. Norges Bank purchased a new position in shares of Broadcom during the fourth quarter worth $6,225,987,000. Moneta Group Investment Advisors LLC raised its holdings in shares of Broadcom by 122,794.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,667,161 shares of the semiconductor manufacturer’s stock worth $2,050,420,000 after purchasing an additional 3,664,177 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Broadcom by 113,495.7% during the fourth quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock worth $37,140,060,000 after purchasing an additional 3,324,288 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Broadcom by 7.7% during the fourth quarter. Vanguard Group Inc. now owns 43,347,811 shares of the semiconductor manufacturer’s stock worth $48,386,994,000 after purchasing an additional 3,089,798 shares during the last quarter. Finally, Providence Capital Advisors LLC raised its holdings in shares of Broadcom by 49,919.1% during the first quarter. Providence Capital Advisors LLC now owns 2,437,432 shares of the semiconductor manufacturer’s stock worth $3,799,000 after purchasing an additional 2,432,559 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.