15,000 Shares in Broadcom Inc (AVGO) Acquired by Avalon Global Asset Management LLC
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.
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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