Broadcom (NASDAQ:AVGO) Trading 1.6% Higher Following Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO)’s share price shot up 1.6% during mid-day trading on Wednesday after Rosenblatt Securities raised their price target on the stock from $400.00 to $440.00. Rosenblatt Securities currently has a buy rating on the stock. Broadcom traded as high as $414.61 and last traded at $412.97. 28,954,116 shares changed hands during trading, an increase of 14% from the average session volume of 25,375,313 shares. The stock had previously closed at $406.29.

Several other equities analysts have also commented on AVGO. Weiss Ratings restated a “buy (b-)” rating on shares of Broadcom in a research report on Monday, December 1st. UBS Group reissued a “buy” rating and set a $472.00 target price (up from $415.00) on shares of Broadcom in a research note on Monday, December 1st. Argus upped their target price on shares of Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Evercore ISI raised their price target on shares of Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Finally, KeyCorp set a $460.00 price objective on Broadcom in a research report on Monday, October 13th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $392.46.

Insider Activity

In related news, CEO Hock E. Tan sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the completion of the transaction, the chief executive officer owned 725,638 shares of the company’s stock, valued at $246,412,152.04. This trade represents a 12.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 16,558 shares of Broadcom stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total transaction of $5,755,726.38. Following the completion of the transaction, the insider directly owned 329,302 shares in the company, valued at $114,468,668.22. This represents a 4.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 837,433 shares of company stock worth $303,900,352 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

Several hedge funds have recently modified their holdings of the stock. Norges Bank bought a new stake in Broadcom in the second quarter worth approximately $18,579,549,000. Price T Rowe Associates Inc. MD grew its position in Broadcom by 37.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock worth $10,968,270,000 after buying an additional 17,985,046 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Broadcom by 1.3% during the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after purchasing an additional 6,222,802 shares during the period. Edgewood Management LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at $1,571,438,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Broadcom by 499.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer’s stock worth $1,858,789,000 after purchasing an additional 4,694,313 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50. The company has a 50-day moving average of $359.78 and a 200 day moving average of $315.15. The firm has a market cap of $1.95 trillion, a P/E ratio of 105.35, a P/E/G ratio of 1.36 and a beta of 1.19.

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.