Equities research analysts at Longbow Research assumed coverage on shares of Broadcom (NASDAQ:AVGO) in a report released on Wednesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $295.00 price target on the semiconductor manufacturer’s stock. Longbow Research’s target price suggests a potential upside of 17.03% from the stock’s previous close.
Several other equities research analysts have also issued reports on the stock. UBS Group initiated coverage on shares of Broadcom in a research report on Wednesday, April 4th. They issued a “buy” rating and a $350.00 price objective for the company. Zacks Investment Research raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $277.00 price objective for the company in a research report on Tuesday, March 6th. Canaccord Genuity increased their price objective on shares of Broadcom from $100.00 to $325.00 and gave the stock a “buy” rating in a research report on Wednesday, January 31st. B. Riley reissued a “buy” rating and issued a $335.00 price objective (up previously from $330.00) on shares of Broadcom in a research report on Thursday, February 1st. Finally, Barclays initiated coverage on shares of Broadcom in a research report on Monday, March 26th. They issued an “overweight” rating and a $335.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-four have given a buy rating and one has given a strong buy rating to the stock. Broadcom presently has an average rating of “Buy” and an average price target of $308.34.
Shares of Broadcom opened at $252.07 on Wednesday, MarketBeat.com reports. Broadcom has a one year low of $221.98 and a one year high of $285.68. The company has a quick ratio of 5.04, a current ratio of 5.70 and a debt-to-equity ratio of 0.60. The company has a market cap of $102.56 billion, a P/E ratio of 17.63, a P/E/G ratio of 1.19 and a beta of 0.95.
Broadcom declared that its board has approved a share buyback plan on Thursday, April 12th that authorizes the company to buyback $12.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 12.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other Broadcom news, SVP Bryan Ingram sold 9,396 shares of the stock in a transaction on Wednesday, March 14th. The shares were sold at an average price of $259.81, for a total transaction of $2,441,174.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the stock in a transaction on Thursday, March 15th. The shares were sold at an average price of $264.13, for a total transaction of $5,282,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 87,479 shares of company stock worth $22,290,449 over the last quarter. 3.30% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. SeaCrest Wealth Management LLC bought a new position in Broadcom during the 4th quarter valued at $124,000. We Are One Seven LLC bought a new position in Broadcom during the 4th quarter valued at $142,000. Independence Bank of Kentucky bought a new position in Broadcom during the 4th quarter valued at $188,000. Premia Global Advisors LLC bought a new position in Broadcom during the 4th quarter valued at $198,000. Finally, Cornerstone Wealth Management LLC bought a new position in Broadcom during the 4th quarter valued at $210,000. Hedge funds and other institutional investors own 86.67% of the company’s stock.
Broadcom Limited 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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