Avalon Global Asset Management LLC bought a new position in Broadcom Inc (NASDAQ:AVGO) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 15,000 shares of the semiconductor manufacturer’s stock, valued at approximately $3,640,000.

A number of other hedge funds also recently modified their holdings of AVGO. Massey Quick Simon & CO. LLC purchased a new position in shares of Broadcom during the 2nd quarter worth $104,000. Zions Bancorporation purchased a new position in shares of Broadcom during the 2nd quarter worth $109,000. MUFG Americas Holdings Corp purchased a new position in shares of Broadcom during the 2nd quarter worth $109,000. MUFG Securities EMEA plc purchased a new position in shares of Broadcom during the 2nd quarter worth $117,000. Finally, First Personal Financial Services purchased a new position in shares of Broadcom during the 2nd quarter worth $126,000. Institutional investors own 84.21% of the company’s stock.

Shares of NASDAQ AVGO opened at $216.65 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 5.29 and a current ratio of 5.87. The firm has a market capitalization of $91.94 billion, a price-to-earnings ratio of 15.06, a P/E/G ratio of 0.92 and a beta of 0.93. Broadcom Inc has a 52-week low of $197.46 and a 52-week high of $285.68.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 7th. The semiconductor manufacturer reported $4.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.05 by $0.83. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5 billion. Broadcom had a net margin of 56.32% and a return on equity of 28.81%. Broadcom’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.69 EPS. equities analysts forecast that Broadcom Inc will post 17.52 earnings per share for the current year.

AVGO has been the topic of several analyst reports. Goldman Sachs Group cut shares of Broadcom from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $300.00 to $220.00 in a research note on Wednesday, July 18th. ValuEngine cut shares of Broadcom from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 2nd. Zacks Investment Research cut shares of Broadcom from a “hold” rating to a “sell” rating in a research note on Wednesday, May 16th. KeyCorp dropped their price target on shares of Broadcom from $325.00 to $260.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 25th. Finally, BidaskClub cut shares of Broadcom from a “hold” rating to a “sell” rating in a research note on Tuesday, July 17th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-six have issued a buy rating to the company. Broadcom currently has a consensus rating of “Buy” and an average price target of $291.87.

In other Broadcom news, SVP Bryan Ingram sold 10,604 shares of Broadcom stock in a transaction on Friday, June 15th. The shares were sold at an average price of $270.02, for a total value of $2,863,292.08. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $204.90, for a total transaction of $4,098,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 130,604 shares of company stock worth $31,572,092. 3.30% of the stock is currently owned by insiders.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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