RiverPark Advisors LLC Sells 700 Shares of Broadcom Limited (AVGO)
RiverPark Advisors LLC cut its position in shares of Broadcom Limited (NASDAQ:AVGO) by 12.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,100 shares of the semiconductor manufacturer’s stock after selling 700 shares during the period. RiverPark Advisors LLC’s holdings in Broadcom Limited were worth $1,189,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. iAB Financial Bank raised its position in Broadcom Limited by 45.1% in the first quarter. iAB Financial Bank now owns 1,690 shares of the semiconductor manufacturer’s stock worth $370,000 after buying an additional 525 shares during the period. BTIM Corp. purchased a new position in Broadcom Limited during the first quarter worth approximately $219,000. Comerica Bank raised its position in Broadcom Limited by 1.3% in the first quarter. Comerica Bank now owns 106,595 shares of the semiconductor manufacturer’s stock worth $23,780,000 after buying an additional 1,375 shares during the period. V Wealth Management LLC purchased a new position in Broadcom Limited during the first quarter worth approximately $206,000. Finally, Wesbanco Bank Inc. raised its position in Broadcom Limited by 1.6% in the first quarter. Wesbanco Bank Inc. now owns 118,971 shares of the semiconductor manufacturer’s stock worth $26,050,000 after buying an additional 1,853 shares during the period. Institutional investors and hedge funds own 90.94% of the company’s stock.
Shares of Broadcom Limited (NASDAQ:AVGO) opened at 253.69 on Wednesday. Broadcom Limited has a one year low of $158.75 and a one year high of $258.49. The firm has a 50-day moving average of $246.37 and a 200-day moving average of $229.84. The stock’s market cap is $103.15 billion. Broadcom Limited also was the target of some unusual options trading activity on Monday. Traders bought 10,775 call options on the stock. This represents an increase of approximately 177% compared to the typical volume of 3,886 call options.
Broadcom Limited (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 EPS for the quarter, beating the consensus estimate of $3.50 by $0.19. Broadcom Limited had a negative net margin of 1.54% and a positive return on equity of 24.15%. The business had revenue of $4.20 billion during the quarter, compared to analyst estimates of $4.11 billion. During the same quarter in the previous year, the business posted $2.53 EPS. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. On average, equities research analysts expect that Broadcom Limited will post $15.78 earnings per share for the current fiscal year.
A number of research analysts have recently commented on AVGO shares. Morgan Stanley restated an “overweight” rating and set a $265.00 price target (up from $245.00) on shares of Broadcom Limited in a research report on Thursday, May 25th. Mizuho restated a “buy” rating and set a $265.00 price target (up from $250.00) on shares of Broadcom Limited in a research report on Sunday, May 28th. Zacks Investment Research lowered shares of Broadcom Limited from a “buy” rating to a “hold” rating in a research report on Tuesday, May 2nd. Pacific Crest restated an “overweight” rating and set a $260.00 price target on shares of Broadcom Limited in a research report on Wednesday, May 31st. Finally, Cowen and Company lifted their price objective on shares of Broadcom Limited from $240.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, June 2nd. One investment analyst has rated the stock with a hold rating, thirty-seven have assigned a buy rating and one has assigned a strong buy rating to the company. Broadcom Limited currently has an average rating of “Buy” and a consensus price target of $263.22.
In other news, insider Kirsten M. Spears sold 1,306 shares of Broadcom Limited stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $254.15, for a total value of $331,919.90. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Bryan Ingram sold 30,000 shares of Broadcom Limited stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $253.41, for a total transaction of $7,602,300.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 41,306 shares of company stock valued at $10,380,120. Company insiders own 3.60% of the company’s stock.
About Broadcom Limited
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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