Broadcom (NASDAQ:AVGO) Trading 2.8% Higher – Still a Buy?

Shares of Broadcom Inc. (NASDAQ:AVGO) shot up 2.8% during trading on Monday . The company traded as high as $407.29 and last traded at $401.10. 30,101,450 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 25,362,164 shares. The stock had previously closed at $390.24.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. TD Cowen boosted their target price on shares of Broadcom from $355.00 to $370.00 and gave the stock a “buy” rating in a research report on Friday, September 5th. Evercore ISI boosted their price objective on shares of Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a report on Wednesday, October 15th. Wells Fargo & Company upped their target price on Broadcom from $255.00 to $345.00 and gave the company an “equal weight” rating in a research report on Friday, September 5th. KeyCorp set a $460.00 price target on Broadcom in a research report on Monday, October 13th. Finally, UBS Group reiterated a “buy” rating and set a $472.00 price target (up previously from $415.00) on shares of Broadcom in a research note on Monday, December 1st. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $392.46.

Broadcom Trading Up 1.6%

The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86. The company’s 50-day moving average is $361.37 and its 200 day moving average is $315.84. The company has a market cap of $1.95 trillion, a price-to-earnings ratio of 105.35, a price-to-earnings-growth ratio of 1.38 and a beta of 1.19.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 16,558 shares of Broadcom stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total value of $5,755,726.38. Following the sale, the insider directly owned 329,302 shares in the company, valued at approximately $114,468,668.22. The trade was a 4.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total value of $33,958,000.00. Following the sale, the chief executive officer owned 725,638 shares of the company’s stock, valued at approximately $246,412,152.04. This trade represents a 12.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 837,433 shares of company stock valued at $303,900,352. 2.00% of the stock is owned by company insiders.

Institutional Trading of Broadcom

A number of institutional investors have recently made changes to their positions in the company. Arthur M. Cohen & Associates LLC lifted its position in Broadcom by 0.6% in the third quarter. Arthur M. Cohen & Associates LLC now owns 4,781 shares of the semiconductor manufacturer’s stock worth $1,577,000 after buying an additional 30 shares during the last quarter. Jackson Hole Capital Partners LLC lifted its holdings in shares of Broadcom by 1.4% in the 3rd quarter. Jackson Hole Capital Partners LLC now owns 2,170 shares of the semiconductor manufacturer’s stock worth $716,000 after acquiring an additional 30 shares during the last quarter. Private Wealth Partners LLC boosted its stake in shares of Broadcom by 0.7% during the 3rd quarter. Private Wealth Partners LLC now owns 4,273 shares of the semiconductor manufacturer’s stock worth $1,410,000 after purchasing an additional 30 shares during the period. Planning Alternatives Ltd. ADV grew its holdings in Broadcom by 1.4% during the 3rd quarter. Planning Alternatives Ltd. ADV now owns 2,168 shares of the semiconductor manufacturer’s stock valued at $715,000 after purchasing an additional 30 shares during the last quarter. Finally, Bell Investment Advisors Inc raised its position in Broadcom by 1.9% in the 3rd quarter. Bell Investment Advisors Inc now owns 1,638 shares of the semiconductor manufacturer’s stock worth $540,000 after purchasing an additional 30 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

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.