Broadcom (NASDAQ:AVGO) Price Target Raised to $510.00 at Truist Financial

Broadcom (NASDAQ:AVGO) had its target price lifted by Truist Financial from $500.00 to $510.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Truist Financial’s target price suggests a potential upside of 54.60% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Argus increased their price objective on shares of Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a research note on Monday, September 8th. Benchmark increased their price objective on shares of Broadcom from $385.00 to $485.00 and gave the company a “buy” rating in a research report on Friday, December 12th. UBS Group set a $475.00 target price on Broadcom and gave the stock a “buy” rating in a report on Monday. Bank of America raised their price objective on shares of Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Finally, Raymond James Financial set a $420.00 target price on Broadcom and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $436.33.

Broadcom Stock Performance

Shares of AVGO opened at $329.88 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. Broadcom has a one year low of $138.10 and a one year high of $414.61. The firm has a market capitalization of $1.56 trillion, a PE ratio of 69.30, a price-to-earnings-growth ratio of 1.09 and a beta of 1.19. The company has a 50-day simple moving average of $362.66 and a two-hundred day simple moving average of $320.02.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The firm’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.42 earnings per share. On average, analysts anticipate that Broadcom will post 5.38 EPS for the current fiscal year.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 24,527 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $340.91, for a total transaction of $8,361,499.57. Following the completion of the sale, the insider owned 304,775 shares of the company’s stock, valued at $103,900,845.25. This represents a 7.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 368,797 shares of the stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $337.91, for a total transaction of $124,620,194.27. Following the completion of the sale, the director owned 37,722,534 shares of the company’s stock, valued at approximately $12,746,821,463.94. The trade was a 0.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 825,296 shares of company stock valued at $299,151,975. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AVGO. Norges Bank acquired a new stake in Broadcom in the 2nd quarter valued at approximately $18,579,549,000. Vanguard Group Inc. grew its stake in shares of Broadcom by 1.3% in the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after buying an additional 6,222,802 shares in the last quarter. Edgewood Management LLC acquired a new stake in shares of Broadcom in the second quarter valued at $1,571,438,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Broadcom by 499.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer’s stock valued at $1,858,789,000 after buying an additional 4,694,313 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in Broadcom by 16.0% during the 1st quarter. Alliancebernstein L.P. now owns 29,513,814 shares of the semiconductor manufacturer’s stock worth $4,941,498,000 after acquiring an additional 4,077,910 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other 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.