Quantbot Technologies LP Sells 36,747 Shares of Broadcom Inc. $AVGO

Quantbot Technologies LP cut its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 86.0% in the second quarter, HoldingsChannel reports. The firm owned 5,981 shares of the semiconductor manufacturer’s stock after selling 36,747 shares during the period. Quantbot Technologies LP’s holdings in Broadcom were worth $1,649,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Sawyer & Company Inc lifted its stake in Broadcom by 62.1% in the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 36 shares during the period. Longfellow Investment Management Co. LLC bought a new stake in shares of Broadcom in the 2nd quarter valued at about $27,000. Legend Financial Advisors Inc. purchased a new stake in shares of Broadcom in the 2nd quarter worth approximately $28,000. LGT Financial Advisors LLC bought a new position in shares of Broadcom during the second quarter valued at approximately $31,000. Finally, New England Capital Financial Advisors LLC purchased a new position in Broadcom during the second quarter valued at approximately $31,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of AVGO stock opened at $390.24 on Friday. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $403.00. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50. The firm has a market capitalization of $1.84 trillion, a price-to-earnings ratio of 99.55, a PEG ratio of 1.33 and a beta of 1.19. The stock’s 50-day simple moving average is $356.79 and its 200-day simple moving average is $312.12.

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

Insiders Place Their Bets

In related news, insider Charlie B. Kawwas sold 3,893 shares of the firm’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total value of $1,354,063.26. Following the completion of the transaction, the insider owned 25,295 shares in the company, valued at $8,798,106.90. This trade represents a 13.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 16,558 shares of the business’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $347.61, for a total value of $5,755,726.38. Following the sale, the insider owned 329,302 shares in the company, valued at approximately $114,468,668.22. The trade was a 4.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have bought 3,550 shares of company stock valued at $1,227,869 and have sold 665,271 shares valued at $225,483,192. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of a number of analyst reports. Argus upped their target price on Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a report on Monday, September 8th. Raymond James Financial set a $420.00 price objective on Broadcom and gave the company an “outperform” rating in a research report on Thursday, November 20th. The Goldman Sachs Group set a $435.00 target price on shares of Broadcom and gave the stock a “buy” rating in a report on Tuesday, November 25th. Bank of America increased their price target on shares of Broadcom from $400.00 to $460.00 and gave the company a “buy” rating in a research report on Monday, December 1st. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $443.00 price objective (up previously from $409.00) on shares of Broadcom in a research report on Monday, December 1st. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Broadcom has an average rating of “Buy” and a consensus price target of $391.04.

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.