Broadcom Limited (AVGO) Rating Reiterated by Drexel Hamilton
Broadcom Limited (NASDAQ:AVGO)‘s stock had its “buy” rating reiterated by research analysts at Drexel Hamilton in a research report issued on Saturday. They currently have a $292.00 price objective on the semiconductor manufacturer’s stock. Drexel Hamilton’s price target suggests a potential upside of 18.92% from the stock’s previous close.
Several other research analysts have also commented on the company. B. Riley reissued an “avgo (” rating and issued a $305.00 price target on shares of Broadcom Limited in a research report on Monday, August 21st. Craig Hallum boosted their price target on Broadcom Limited from $260.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday, June 2nd. Loop Capital reissued a “buy” rating and issued a $270.00 price target (up from $251.00) on shares of Broadcom Limited in a research report on Thursday, June 1st. Deutsche Bank AG restated a “buy” rating and set a $275.00 target price (up from $255.00) on shares of Broadcom Limited in a research note on Thursday, June 1st. Finally, Rosenblatt Securities restated a “buy” rating and set a $260.00 target price on shares of Broadcom Limited in a research note on Wednesday, May 31st. Two equities research analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and three have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $267.38.
Broadcom Limited (NASDAQ AVGO) traded down 3.71% on Friday, reaching $245.59. 6,909,886 shares of the company’s stock traded hands. The firm’s 50-day moving average is $249.87 and its 200 day moving average is $232.19. Broadcom Limited has a 12 month low of $158.75 and a 12 month high of $259.36. The firm has a market cap of $99.96 billion, a PE ratio of 187.04 and a beta of 1.05. Broadcom Limited also saw some unusual options trading on Thursday. Traders purchased 20,934 put options on the company. This represents an increase of approximately 480% compared to the typical volume of 3,612 put options.
Broadcom Limited (NASDAQ:AVGO) last issued its earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.03 by $0.07. The business had revenue of $4.47 billion during the quarter, compared to analyst estimates of $4.46 billion. Broadcom Limited had a return on equity of 27.01% and a net margin of 3.12%. Broadcom Limited’s revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.89 EPS. Equities analysts predict that Broadcom Limited will post $15.78 EPS for the current year.
In related news, insider Kirsten M. Spears sold 1,306 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $254.15, for a total value of $331,919.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Bryan Ingram sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $244.59, for a total value of $2,445,900.00. The disclosure for this sale can be found here. Insiders sold 41,306 shares of company stock valued at $10,380,120 over the last quarter. 3.60% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. FNY Managed Accounts LLC acquired a new position in shares of Broadcom Limited during the first quarter valued at $100,000. AllSquare Wealth Management LLC raised its position in shares of Broadcom Limited by 38.0% in the first quarter. AllSquare Wealth Management LLC now owns 483 shares of the semiconductor manufacturer’s stock valued at $106,000 after buying an additional 133 shares during the last quarter. Mountain Capital Investment Advisors Inc acquired a new position in shares of Broadcom Limited during the second quarter valued at $113,000. Shine Investment Advisory Services Inc. acquired a new position in shares of Broadcom Limited during the second quarter valued at $116,000. Finally, Archford Capital Strategies LLC raised its position in shares of Broadcom Limited by 45.4% in the first quarter. Archford Capital Strategies LLC now owns 538 shares of the semiconductor manufacturer’s stock valued at $118,000 after buying an additional 168 shares during the last quarter. Institutional investors own 90.94% 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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