Citigroup Trims Broadcom (NASDAQ:AVGO) Target Price to $300.00
Broadcom (NASDAQ:AVGO) had its price objective decreased by investment analysts at Citigroup from $320.00 to $300.00 in a report issued on Friday, BenzingaRatingsTable reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Citigroup‘s price target suggests a potential upside of 12.81% from the company’s current price.
Several other brokerages have also issued reports on AVGO. DA Davidson lifted their price objective on shares of Broadcom to $325.00 and gave the company a “buy” rating in a report on Friday, March 15th. MKM Partners lifted their price objective on shares of Broadcom to $310.00 and gave the company a “buy” rating in a report on Monday, March 18th. Zacks Investment Research lowered shares of Broadcom from a “hold” rating to a “sell” rating in a report on Tuesday, March 19th. BidaskClub lowered shares of Broadcom from a “sell” rating to a “strong sell” rating in a report on Thursday, May 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $325.00 to $365.00 in a report on Monday, March 18th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-eight have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $297.58.
Shares of AVGO stock opened at $265.93 on Friday. The company has a market cap of $111.47 billion, a P/E ratio of 14.12, a price-to-earnings-growth ratio of 1.27 and a beta of 0.87. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.14 and a current ratio of 1.27. Broadcom has a 52-week low of $197.46 and a 52-week high of $323.20.
In other news, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $315.07, for a total transaction of $6,301,400.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kirsten M. Spears sold 4,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $306.31, for a total transaction of $1,225,240.00. The disclosure for this sale can be found here. Insiders have sold 67,824 shares of company stock worth $20,565,519 over the last three months. Corporate insiders own 3.30% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Brick & Kyle Associates grew its holdings in shares of Broadcom by 3.9% during the first quarter. Brick & Kyle Associates now owns 1,335 shares of the semiconductor manufacturer’s stock valued at $401,000 after buying an additional 50 shares during the last quarter. Belpointe Asset Management LLC lifted its position in Broadcom by 2.0% during the first quarter. Belpointe Asset Management LLC now owns 3,318 shares of the semiconductor manufacturer’s stock valued at $997,000 after purchasing an additional 64 shares during the period. KCL Capital L.P. acquired a new position in Broadcom during the first quarter valued at $3,759,000. Financial Advisors Network Inc. acquired a new position in Broadcom during the first quarter valued at $303,000. Finally, Meridian Wealth Management LLC lifted its position in Broadcom by 10.4% during the first quarter. Meridian Wealth Management LLC now owns 1,913 shares of the semiconductor manufacturer’s stock valued at $575,000 after purchasing an additional 180 shares during the period. 84.42% of the stock is currently owned by hedge funds and other institutional investors.
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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