Broadcom (NASDAQ:AVGO) Stock Rating Upgraded by Wall Street Zen

Broadcom (NASDAQ:AVGO) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other research analysts have also commented on the company. Wells Fargo & Company upped their price target on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a report on Friday. UBS Group upped their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Friday. William Blair reissued an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Evercore ISI boosted their price objective on shares of Broadcom from $267.00 to $304.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Susquehanna upped their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $270.25.

Broadcom Price Performance

Shares of Broadcom stock opened at $246.95 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a fifty day simple moving average of $203.73 and a 200-day simple moving average of $206.81. The stock has a market capitalization of $1.16 trillion, a price-to-earnings ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11. Broadcom has a 1-year low of $128.50 and a 1-year high of $265.43.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the firm posted $10.96 EPS. The business’s quarterly revenue was up 20.2% on a year-over-year basis. On average, sell-side analysts expect that Broadcom will post 5.38 earnings per share for the current year.

Broadcom announced that its board has authorized a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of AVGO. First Long Island Investors LLC boosted its holdings in Broadcom by 8,264.5% in the first quarter. First Long Island Investors LLC now owns 76,117 shares of the semiconductor manufacturer’s stock valued at $12,744,000 after acquiring an additional 75,207 shares during the last quarter. Nicola Wealth Management LTD. boosted its stake in shares of Broadcom by 18.2% in the 1st quarter. Nicola Wealth Management LTD. now owns 128,800 shares of the semiconductor manufacturer’s stock valued at $21,565,000 after purchasing an additional 19,800 shares during the last quarter. First Hawaiian Bank boosted its stake in shares of Broadcom by 11.4% in the 1st quarter. First Hawaiian Bank now owns 38,372 shares of the semiconductor manufacturer’s stock valued at $6,425,000 after purchasing an additional 3,936 shares during the last quarter. CBIZ Investment Advisory Services LLC grew its position in shares of Broadcom by 25.7% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 2,336 shares of the semiconductor manufacturer’s stock worth $391,000 after buying an additional 477 shares during the period. Finally, Invst LLC raised its stake in shares of Broadcom by 34.1% during the first quarter. Invst LLC now owns 4,145 shares of the semiconductor manufacturer’s stock worth $694,000 after buying an additional 1,054 shares during the last quarter. 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.