Squarepoint Ops LLC Boosts Holdings in Broadcom Inc (NASDAQ:AVGO)

Squarepoint Ops LLC lifted its position in Broadcom Inc (NASDAQ:AVGO) by 438.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 54,877 shares of the semiconductor manufacturer’s stock after purchasing an additional 44,677 shares during the period. Squarepoint Ops LLC’s holdings in Broadcom were worth $15,150,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of AVGO. Nuveen Asset Management LLC grew its holdings in shares of Broadcom by 2,421.3% in the second quarter. Nuveen Asset Management LLC now owns 3,410,706 shares of the semiconductor manufacturer’s stock worth $981,806,000 after purchasing an additional 3,275,431 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in Broadcom by 1,808.4% in the second quarter. Point72 Asset Management L.P. now owns 777,480 shares of the semiconductor manufacturer’s stock valued at $223,805,000 after acquiring an additional 736,741 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Broadcom by 1.8% in the second quarter. Vanguard Group Inc. now owns 31,797,832 shares of the semiconductor manufacturer’s stock valued at $9,153,324,000 after acquiring an additional 559,961 shares in the last quarter. Natixis boosted its holdings in Broadcom by 840.6% in the second quarter. Natixis now owns 440,738 shares of the semiconductor manufacturer’s stock valued at $126,871,000 after acquiring an additional 393,880 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its holdings in Broadcom by 24.6% in the second quarter. UBS Asset Management Americas Inc. now owns 1,892,948 shares of the semiconductor manufacturer’s stock valued at $544,904,000 after acquiring an additional 373,703 shares in the last quarter. Hedge funds and other institutional investors own 83.48% of the company’s stock.

Shares of AVGO traded down $2.23 during trading hours on Friday, hitting $316.21. The company had a trading volume of 922,924 shares, compared to its average volume of 2,121,833. The firm has a fifty day moving average price of $300.75 and a 200-day moving average price of $285.36. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.18 and a current ratio of 1.32. The stock has a market capitalization of $125.46 billion, a price-to-earnings ratio of 16.79, a P/E/G ratio of 1.37 and a beta of 0.90. Broadcom Inc has a 52-week low of $217.61 and a 52-week high of $325.67.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.10 by ($0.11). The company had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.52 billion. Broadcom had a return on equity of 34.10% and a net margin of 13.44%. Broadcom’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.98 EPS. Research analysts anticipate that Broadcom Inc will post 16.97 earnings per share for the current fiscal year.

AVGO has been the topic of several recent analyst reports. JPMorgan Chase & Co. set a $350.00 price target on shares of Broadcom and gave the company a “buy” rating in a report on Friday, September 13th. Sanford C. Bernstein set a $340.00 price target on shares of Broadcom and gave the company a “buy” rating in a report on Friday, September 13th. KeyCorp lifted their price target on shares of Broadcom from $330.00 to $340.00 and gave the company an “overweight” rating in a report on Friday, September 13th. Morgan Stanley upgraded shares of Broadcom from an “equal weight” rating to an “overweight” rating in a report on Wednesday. Finally, Bank of America set a $345.00 price target on shares of Broadcom and gave the company a “buy” rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $317.50.

In other news, CEO Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $314.56, for a total value of $6,291,200.00. Also, insider Mark David Brazeal sold 2,000 shares of Broadcom stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $289.43, for a total value of $578,860.00. In the last ninety days, insiders sold 62,000 shares of company stock valued at $18,432,860. 3.30% of the stock is owned by insiders.

About Broadcom

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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