Broadcom (NASDAQ:AVGO) Stock Picked Up by Analysts at Tigress Financial

Analysts at Tigress Financial began coverage on shares of Broadcom (NASDAQ:AVGO) in a report released on Thursday, Benzinga reports. The brokerage set a “buy” rating and a $600.00 price target on the semiconductor manufacturer’s stock. Tigress Financial’s price objective would indicate a potential upside of 77.62% from the company’s previous close.

A number of other equities analysts have also issued reports on AVGO. Weiss Ratings upgraded Broadcom from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. President Capital boosted their price target on Broadcom from $520.00 to $546.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. BMO Capital Markets increased their price objective on Broadcom from $455.00 to $575.00 and gave the company an “outperform” rating in a report on Thursday, September 3rd. Evercore set a $578.00 price objective on Broadcom and gave the stock an “outperform” rating in a research note on Thursday, September 3rd. Finally, Rosenblatt Securities began coverage on Broadcom in a research note on Thursday, September 3rd. They issued a “buy” rating and a $600.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $529.17.

Broadcom Trading Up 1.0%

Shares of Broadcom stock opened at $337.80 on Thursday. The firm’s 50 day simple moving average is $359.37 and its two-hundred day simple moving average is $384.63. The firm has a market capitalization of $1.61 trillion, a price-to-earnings ratio of 43.14 and a beta of 1.46. Broadcom has a 12-month low of $289.96 and a 12-month high of $495.00. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, topping the consensus estimate of $3.22 by $0.10. The business had revenue of $29.59 billion during the quarter, compared to the consensus estimate of $29.24 billion. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The business’s revenue for the quarter was up 85.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.69 earnings per share. Analysts predict that Broadcom will post 10.37 EPS for the current year.

Hedge Funds Weigh In On Broadcom

Institutional investors have recently modified their holdings of the stock. Legal & General Group Plc acquired a new stake in Broadcom during the second quarter worth about $11,998,148,000. Bank of New York Mellon Corp purchased a new stake in Broadcom in the 2nd quarter worth approximately $10,528,191,000. Jupiter Topco LLC purchased a new stake in Broadcom in the 2nd quarter worth approximately $7,396,271,000. State Street Corp grew its stake in shares of Broadcom by 8.7% during the 2nd quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock worth $75,367,711,000 after purchasing an additional 16,651,378 shares during the period. Finally, Deutsche Bank AG acquired a new stake in shares of Broadcom during the 2nd quarter worth approximately $5,661,216,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.