Broadcom (NASDAQ:AVGO) Shares Up 2.4% – Here’s What Happened

Broadcom Inc. (NASDAQ:AVGO) was up 2.4% during trading on Friday . The company traded as high as $393.53 and last traded at $390.24. Approximately 23,316,794 shares changed hands during trading, a decline of 8% from the average daily volume of 25,335,457 shares. The stock had previously closed at $381.03.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research analyst reports. Morgan Stanley reiterated an “overweight” rating and issued a $443.00 price objective (up from $409.00) on shares of Broadcom in a research report on Monday. Truist Financial upped their price target on shares of Broadcom from $295.00 to $365.00 and gave the company a “buy” rating in a report on Friday, September 5th. Deutsche Bank Aktiengesellschaft set a $400.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research report on Tuesday, October 14th. Piper Sandler boosted their price objective on shares of Broadcom from $315.00 to $375.00 and gave the company an “overweight” rating in a research report on Friday, September 5th. Finally, KeyCorp set a $460.00 target price on Broadcom in a report on Monday, October 13th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Broadcom presently has a consensus rating of “Buy” and an average price target of $391.04.

Broadcom Stock Up 2.4%

The stock has a market capitalization of $1.84 trillion, a price-to-earnings ratio of 99.55, a PEG ratio of 1.30 and a beta of 1.19. The firm has a 50-day moving average of $355.68 and a 200 day moving average of $310.46. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.50 and a quick ratio of 1.37.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.03. The business had revenue of $15.95 billion during the quarter, compared to the consensus estimate of $15.82 billion. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. Broadcom’s revenue was up 22.0% on a year-over-year basis. During the same period last year, the business posted $1.24 EPS. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 148,154 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $336.67, for a total transaction of $49,879,007.18. Following the transaction, the chief executive officer directly owned 825,998 shares of the company’s stock, valued at approximately $278,088,746.66. This trade represents a 15.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kirsten M. Spears sold 7,498 shares of Broadcom stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $347.66, for a total transaction of $2,606,754.68. Following the completion of the sale, the chief financial officer owned 313,330 shares of the company’s stock, valued at $108,932,307.80. This trade represents a 2.34% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders acquired 3,550 shares of company stock valued at $1,227,869 and sold 665,271 shares valued at $225,483,192. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Brighton Jones LLC increased its holdings in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC lifted its holdings in Broadcom by 10.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock valued at $1,854,000 after purchasing an additional 756 shares during the last quarter. United Bank boosted its holdings in Broadcom by 76.5% in the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer’s stock worth $392,000 after buying an additional 1,014 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Broadcom by 3.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 33,852,310 shares of the semiconductor manufacturer’s stock valued at $5,668,134,000 after purchasing an additional 1,043,948 shares in the last quarter. Finally, Commonwealth Financial Services LLC increased its position in shares of Broadcom by 3.9% during the first quarter. Commonwealth Financial Services LLC now owns 8,037 shares of the semiconductor manufacturer’s stock valued at $1,346,000 after buying an additional 305 shares during the period. 76.43% of the stock is currently owned by institutional investors.

About Broadcom

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.