Broadcom Limited (NASDAQ:AVGO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $272.00 price target on the semiconductor manufacturer’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 10.56% from the company’s previous close.

According to Zacks, “Broadcom reported impressive third-quarter fiscal 2017 results. The strong top-line growth was driven by robust performance from the wireless business, which is expected to continue in the fiscal fourth quarter. Higher dollar content at the company’s large North American smartphone customer’s (Apple) next-gen platform (iPhone) drove revenues. Robust industrial re-sales were also noticeable. Broadcom now expects fourth-quarter revenue growth to be in the double-digit range on a year-over-year basis, much similar to the second and third quarter. However, gross margin is expected to contract slightly due to unfavorable product mix (higher mix of low margin wireless business). We note that consistent results has helped the stock outperform the industry on a year-to-date basis.”

AVGO has been the subject of several other reports. KeyCorp reissued an “overweight” rating and set a $280.00 price target on shares of Broadcom Limited in a report on Wednesday, August 23rd. Rosenblatt Securities reissued a “buy” rating and set a $270.00 price target on shares of Broadcom Limited in a report on Wednesday, August 23rd. UBS AG reissued an “overweight” rating on shares of Broadcom Limited in a report on Thursday, August 24th. Loop Capital reissued a “buy” rating and set a $302.00 price target on shares of Broadcom Limited in a report on Friday, August 25th. Finally, Robert W. Baird reissued an “outperform” rating and set a $290.00 price target (up from $260.00) on shares of Broadcom Limited in a report on Friday, August 25th. One research analyst has rated the stock with a hold rating, thirty-three have issued a buy rating and two have issued a strong buy rating to the company’s stock. Broadcom Limited presently has a consensus rating of “Buy” and a consensus price target of $271.98.

Shares of Broadcom Limited (NASDAQ AVGO) opened at 246.02 on Tuesday. The firm has a 50-day moving average price of $249.87 and a 200-day moving average price of $232.19. The firm has a market capitalization of $100.13 billion, a PE ratio of 187.37 and a beta of 1.05. Broadcom Limited has a 1-year low of $158.75 and a 1-year high of $259.36.

Broadcom Limited (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 EPS for the quarter, topping analysts’ consensus estimates of $4.03 by $0.07. The company had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.46 billion. Broadcom Limited had a net margin of 3.12% and a return on equity of 26.82%. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period last year, the firm earned $2.89 EPS. On average, analysts forecast that Broadcom Limited will post $15.92 EPS for the current fiscal year.

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In other Broadcom Limited news, insider Kirsten M. Spears sold 1,306 shares of the company’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $254.15, for a total value of $331,919.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Bryan Ingram sold 30,000 shares of the company’s stock in a transaction on Thursday, June 8th. The shares were 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. Over the last quarter, insiders sold 41,306 shares of company stock worth $10,380,120. Corporate insiders own 3.60% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. Achmea Investment Management B.V. increased its position in Broadcom Limited by 19.2% in the second quarter. Achmea Investment Management B.V. now owns 14,964 shares of the semiconductor manufacturer’s stock valued at $3,485,000 after buying an additional 2,412 shares in the last quarter. USA Financial Portformulas Corp bought a new position in Broadcom Limited during the second quarter valued at approximately $6,621,000. Sentry Investment Management LLC increased its position in Broadcom Limited by 1.1% in the second quarter. Sentry Investment Management LLC now owns 31,719 shares of the semiconductor manufacturer’s stock valued at $7,392,000 after buying an additional 333 shares in the last quarter. Toronto Dominion Bank increased its position in Broadcom Limited by 10.3% in the second quarter. Toronto Dominion Bank now owns 295,961 shares of the semiconductor manufacturer’s stock valued at $68,961,000 after buying an additional 27,726 shares in the last quarter. Finally, Cetera Investment Advisers bought a new position in Broadcom Limited during the second quarter valued at approximately $228,000. Hedge funds and other institutional investors own 90.03% of the company’s stock.

Broadcom Limited Company Profile

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.

Analyst Recommendations for Broadcom Limited (NASDAQ:AVGO)

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