Craig Hallum Reaffirms “Buy” Rating for Broadcom (AVGO)
Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reaffirmed by investment analysts at Craig Hallum in a report released on Friday, MarketBeat.com reports. They presently have a $305.00 target price on the semiconductor manufacturer’s stock, up from their prior target price of $300.00. Craig Hallum’s target price suggests a potential upside of 34.22% from the stock’s current price.
AVGO has been the topic of a number of other research reports. Piper Jaffray Companies set a $293.00 target price on Broadcom and gave the company a “buy” rating in a report on Tuesday, September 25th. Zacks Investment Research reaffirmed a “hold” rating on shares of Broadcom in a research report on Monday, November 12th. Mizuho reaffirmed a “buy” rating on shares of Broadcom in a research report on Friday, October 5th. JPMorgan Chase & Co. assumed coverage on Broadcom in a research report on Thursday, November 8th. They set an “overweight” rating and a $325.00 price target for the company. Finally, ValuEngine raised Broadcom from a “sell” rating to a “hold” rating in a research report on Saturday, November 10th. Nine equities research analysts have rated the stock with a hold rating and thirty-three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $287.31.
AVGO stock opened at $227.24 on Friday. Broadcom has a twelve month low of $197.46 and a twelve month high of $275.70. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.42 and a current ratio of 3.98. The company has a market capitalization of $95.94 billion, a PE ratio of 15.89, a P/E/G ratio of 1.00 and a beta of 1.03.
In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Thursday, November 15th. The stock was sold at an average price of $228.94, for a total value of $4,578,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kirsten M. Spears sold 1,194 shares of the firm’s stock in a transaction on Friday, September 28th. The stock was sold at an average price of $246.52, for a total value of $294,344.88. The disclosure for this sale can be found here. Insiders sold 61,194 shares of company stock valued at $14,266,145 over the last three months. Company insiders own 3.30% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Alps Advisors Inc. purchased a new position in shares of Broadcom in the second quarter valued at $643,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Broadcom in the second quarter valued at $3,568,000. Integrated Investment Consultants LLC purchased a new position in shares of Broadcom in the second quarter valued at $203,000. Assetmark Inc. purchased a new position in shares of Broadcom in the second quarter valued at $241,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Broadcom in the second quarter valued at $4,422,000. 85.22% of the stock is owned by institutional investors and hedge funds.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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