Broadcom Inc (NASDAQ:AVGO) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 4,510,000 shares, an increase of 7.4% from the January 15th total of 4,200,000 shares. Based on an average daily volume of 2,390,000 shares, the days-to-cover ratio is presently 1.9 days. Approximately 1.2% of the company’s shares are sold short.
Shares of AVGO stock traded down $6.20 on Friday, reaching $317.77. 1,912,854 shares of the stock were exchanged, compared to its average volume of 2,522,138. The company has a current ratio of 1.44, a quick ratio of 1.31 and a debt-to-equity ratio of 1.58. The business’s 50 day moving average price is $312.78 and its 200 day moving average price is $298.75. The company has a market capitalization of $124.99 billion, a price-to-earnings ratio of 49.34, a PEG ratio of 1.52 and a beta of 0.93. Broadcom has a twelve month low of $250.09 and a twelve month high of $331.58.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $5.39 EPS for the quarter, topping analysts’ consensus estimates of $5.35 by $0.04. The firm had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.74 billion. Broadcom had a net margin of 12.06% and a return on equity of 46.16%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.85 earnings per share. Equities research analysts forecast that Broadcom will post 19.3 earnings per share for the current year.
Several hedge funds have recently modified their holdings of AVGO. Investec Asset Management LTD grew its stake in shares of Broadcom by 107.3% during the fourth quarter. Investec Asset Management LTD now owns 1,053,905 shares of the semiconductor manufacturer’s stock worth $333,055,000 after purchasing an additional 545,500 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its stake in shares of Broadcom by 35.0% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,907,456 shares of the semiconductor manufacturer’s stock worth $602,751,000 after purchasing an additional 494,761 shares in the last quarter. GQG Partners LLC acquired a new position in shares of Broadcom during the fourth quarter worth $135,646,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Broadcom during the fourth quarter worth $133,380,000. Finally, MUFG Securities EMEA plc grew its stake in shares of Broadcom by 569.7% during the fourth quarter. MUFG Securities EMEA plc now owns 351,486 shares of the semiconductor manufacturer’s stock worth $111,077,000 after purchasing an additional 299,000 shares in the last quarter. Hedge funds and other institutional investors own 83.25% of the company’s stock.
A number of brokerages have issued reports on AVGO. Rosenblatt Securities reissued a “buy” rating and issued a $370.00 target price on shares of Broadcom in a research report on Friday, December 13th. Citigroup boosted their target price on Broadcom from $340.00 to $378.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Craig Hallum reissued a “buy” rating and issued a $385.00 target price (up previously from $330.00) on shares of Broadcom in a research report on Friday, December 13th. ValuEngine raised Broadcom from a “sell” rating to a “hold” rating in a research report on Tuesday, January 28th. Finally, Cowen upped their price objective on Broadcom from $285.00 to $310.00 and gave the stock a “market perform” rating in a research report on Friday, December 13th. Ten research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $334.10.
Broadcom Company Profile
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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