Broadcom (NASDAQ:AVGO) Stock Price Up 4.2% After Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO) rose 4.2% on Wednesday after Citigroup raised their price target on the stock from $175.00 to $205.00. Citigroup currently has a buy rating on the stock. Broadcom traded as high as $182.31 and last traded at $179.09. Approximately 10,845,435 shares were traded during trading, a decline of 62% from the average daily volume of 28,871,371 shares. The stock had previously closed at $171.81.

AVGO has been the subject of several other reports. Hsbc Global Res upgraded Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group increased their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Rosenblatt Securities lowered their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Finally, Morgan Stanley raised their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Three investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $198.09.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the transaction, the insider now directly owns 399,460 shares of the company’s stock, valued at $70,744,366. This represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Institutional investors and hedge funds have recently made changes to their positions in the stock. DGS Capital Management LLC raised its stake in Broadcom by 1,094.7% during the 3rd quarter. DGS Capital Management LLC now owns 8,363 shares of the semiconductor manufacturer’s stock worth $1,443,000 after buying an additional 7,663 shares during the period. Copley Financial Group Inc. bought a new stake in shares of Broadcom during the third quarter valued at approximately $379,000. Milestone Resources Group Ltd raised its position in shares of Broadcom by 173,742.3% during the third quarter. Milestone Resources Group Ltd now owns 373,761 shares of the semiconductor manufacturer’s stock worth $64,474,000 after purchasing an additional 373,546 shares during the period. FFG Partners LLC lifted its holdings in shares of Broadcom by 1,158.0% in the 3rd quarter. FFG Partners LLC now owns 1,975 shares of the semiconductor manufacturer’s stock worth $341,000 after purchasing an additional 1,818 shares in the last quarter. Finally, Logan Capital Management Inc. grew its position in Broadcom by 878.6% in the 3rd quarter. Logan Capital Management Inc. now owns 538,454 shares of the semiconductor manufacturer’s stock valued at $92,883,000 after purchasing an additional 483,430 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 5.2 %

The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The stock’s 50 day simple moving average is $173.22 and its 200 day simple moving average is $163.27. The firm has a market cap of $844.07 billion, a P/E ratio of 155.73, a price-to-earnings-growth ratio of 2.11 and a beta of 1.13.

Broadcom Company Profile

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.