Broadcom (NASDAQ:AVGO) Price Target Raised to $530.00

Broadcom (NASDAQ:AVGO) had its price objective increased by Bank of America from $450.00 to $530.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. Bank of America‘s price target would indicate a potential upside of 25.04% from the stock’s current price.

Several other analysts also recently weighed in on the company. Rosenblatt Securities restated a “buy” rating and set a $500.00 price objective on shares of Broadcom in a research report on Thursday. Royal Bank Of Canada upped their price objective on Broadcom from $360.00 to $400.00 and gave the stock a “sector perform” rating in a research report on Thursday. DA Davidson raised their price target on shares of Broadcom from $375.00 to $400.00 and gave the company a “neutral” rating in a research note on Thursday. Cantor Fitzgerald restated an “overweight” rating and issued a $525.00 price target on shares of Broadcom in a research note on Thursday. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $545.00 price target (up from $430.00) on shares of Broadcom in a research note on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $490.13.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded down $55.35 during trading on Thursday, reaching $423.88. 58,054,140 shares of the company traded hands, compared to its average volume of 25,086,932. The company’s 50 day moving average is $392.87 and its two-hundred day moving average is $361.19. The firm has a market capitalization of $2.01 trillion, a PE ratio of 83.05, a PEG ratio of 0.99 and a beta of 1.41. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.80. Broadcom has a 52 week low of $241.11 and a 52 week high of $495.00.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.04. The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $22.13 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The company’s revenue was up 47.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.58 EPS. As a group, sell-side analysts predict that Broadcom will post 9.91 earnings per share for the current year.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,488 shares of the stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total value of $16,236,940.80. Following the completion of the transaction, the insider directly owned 278,141 shares in the company, valued at approximately $89,450,145.60. This trade represents a 15.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 39,116 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.61, for a total value of $12,580,096.76. Following the completion of the transaction, the insider owned 74,626 shares of the company’s stock, valued at $24,000,467.86. This represents a 34.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 324,282 shares of company stock valued at $106,425,249 over the last three months. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several large investors have recently bought and sold shares of AVGO. Brown Brothers Harriman & Co. increased its stake in Broadcom by 10.7% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer’s stock valued at $25,539,000 after purchasing an additional 7,499 shares in the last quarter. Dana Investment Advisors Inc. increased its stake in Broadcom by 2.6% during the 3rd quarter. Dana Investment Advisors Inc. now owns 173,759 shares of the semiconductor manufacturer’s stock valued at $57,325,000 after purchasing an additional 4,442 shares in the last quarter. Guinness Atkinson Asset Management Inc increased its stake in Broadcom by 248.2% during the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 26,238 shares of the semiconductor manufacturer’s stock valued at $8,603,000 after purchasing an additional 18,703 shares in the last quarter. Sovran Advisors LLC increased its stake in Broadcom by 121.3% during the 4th quarter. Sovran Advisors LLC now owns 30,631 shares of the semiconductor manufacturer’s stock valued at $10,507,000 after purchasing an additional 16,789 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. increased its stake in Broadcom by 406.1% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,994 shares of the semiconductor manufacturer’s stock valued at $4,151,000 after purchasing an additional 9,624 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom beat fiscal Q2 earnings estimates and posted record revenue of $22.2 billion, with AI semiconductor revenue jumping sharply year over year, underscoring continued demand for its custom AI chips and networking products.
• Positive Sentiment: The company issued a strong fiscal Q3 revenue guide of about $29.4 billion, above Wall Street expectations, suggesting the core business and AI demand remain healthy.
• Positive Sentiment: Several analysts raised price targets after the report, including JPMorgan, Deutsche Bank, Benchmark, Truist, and others, signaling continued long-term confidence in Broadcom’s AI infrastructure opportunity.
• Neutral Sentiment: Broadcom also declared a quarterly dividend of $0.65 per share, reinforcing its shareholder-return profile but not likely to drive near-term trading.
• Negative Sentiment: Despite the beat, the stock sold off because AI guidance came in below the market’s most aggressive forecasts, leading investors to worry that expectations for Broadcom’s AI ramp had become too stretched.
• Negative Sentiment: The weaker reaction has also dragged down other semiconductor names, as traders reassess whether the AI spending boom is entering a more “rational” phase.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.