Evercore ISI Begins Coverage on Broadcom (NASDAQ:AVGO)

Evercore ISI initiated coverage on shares of Broadcom (NASDAQ:AVGO) in a report released on Tuesday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $1,620.00 price target on the semiconductor manufacturer’s stock. Evercore ISI’s price objective would suggest a potential upside of 23.60% from the stock’s previous close.

AVGO has been the subject of a number of other research reports. Oppenheimer reiterated an “outperform” rating and set a $1,500.00 price objective (up previously from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. Mizuho increased their price objective on Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. The Goldman Sachs Group restated a “buy” rating and issued a $1,325.00 target price on shares of Broadcom in a report on Friday, January 19th. Benchmark restated a “buy” rating and issued a $1,720.00 target price on shares of Broadcom in a report on Thursday, March 21st. Finally, TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and increased their target price for the company from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $1,281.09.

Broadcom Stock Performance

Shares of AVGO stock opened at $1,310.69 on Tuesday. Broadcom has a 12-month low of $601.29 and a 12-month high of $1,438.17. The firm has a market capitalization of $607.40 billion, a price-to-earnings ratio of 48.58, a price-to-earnings-growth ratio of 2.74 and a beta of 1.25. The business has a 50 day simple moving average of $1,304.36 and a 200 day simple moving average of $1,110.50. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $9.83 earnings per share. On average, equities research analysts anticipate that Broadcom will post 35.95 EPS for the current year.

Insiders Place Their Bets

In other news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. Insiders sold a total of 29,920 shares of company stock worth $40,306,667 over the last quarter. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Institutional investors have recently bought and sold shares of the business. Fifth Third Wealth Advisors LLC boosted its position in shares of Broadcom by 7.9% during the first quarter. Fifth Third Wealth Advisors LLC now owns 2,192 shares of the semiconductor manufacturer’s stock worth $2,905,000 after purchasing an additional 161 shares in the last quarter. Cypress Wealth Services LLC lifted its position in Broadcom by 78.2% in the 1st quarter. Cypress Wealth Services LLC now owns 376 shares of the semiconductor manufacturer’s stock valued at $499,000 after acquiring an additional 165 shares in the last quarter. Buckley Wealth Management LLC lifted its position in Broadcom by 0.7% in the 1st quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after acquiring an additional 8 shares in the last quarter. Lockerman Financial Group Inc. bought a new stake in Broadcom during the 1st quarter worth about $315,000. Finally, Thrive Wealth Management LLC lifted its position in Broadcom by 22.4% during the 1st quarter. Thrive Wealth Management LLC now owns 628 shares of the semiconductor manufacturer’s stock worth $833,000 after buying an additional 115 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

About Broadcom

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.