Broadcom (NASDAQ:AVGO) Price Target Raised to $550.00

Broadcom (NASDAQ:AVGO) had its price target raised by research analysts at Truist Financial from $545.00 to $550.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Truist Financial’s price objective points to a potential upside of 36.27% from the stock’s current price.

Several other equities analysts have also commented on AVGO. Wall Street Zen lowered Broadcom from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. Jefferies Financial Group set a $550.00 price objective on shares of Broadcom and gave the company a “buy” rating in a report on Thursday. Morgan Stanley set a $502.00 target price on shares of Broadcom in a research report on Thursday. KeyCorp reaffirmed an “overweight” rating and set a $575.00 target price (up from $500.00) on shares of Broadcom in a research note on Thursday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $525.00 price target on shares of Broadcom in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $475.63.

Broadcom Stock Down 15.8%

Shares of NASDAQ AVGO opened at $403.61 on Thursday. The company has a market capitalization of $1.91 trillion, a P/E ratio of 79.23, a P/E/G ratio of 0.99 and a beta of 1.41. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73. The company has a 50 day simple moving average of $392.87 and a 200-day simple moving average of $361.19. Broadcom has a 1 year low of $241.11 and a 1 year high of $495.00.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.04. The company had revenue of $22.19 billion during the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The firm’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.58 earnings per share. On average, equities research analysts predict that Broadcom will post 9.91 earnings per share for the current year.

Insider Activity at Broadcom

In other news, Director Gayla J. Delly sold 1,000 shares of the stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $358.31, for a total transaction of $358,310.00. Following the sale, the director owned 32,352 shares of the company’s stock, valued at approximately $11,592,045.12. This represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total transaction of $3,452,300.00. Following the completion of the transaction, the insider directly owned 787,184 shares of the company’s stock, valued at approximately $271,759,532.32. The trade was a 1.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 324,282 shares of company stock valued at $106,425,249. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Broadcom

Several institutional investors have recently modified their holdings of the business. Fullerton Advisors LLC raised its stake in Broadcom by 1.3% during the 1st quarter. Fullerton Advisors LLC now owns 1,989 shares of the semiconductor manufacturer’s stock valued at $616,000 after acquiring an additional 25 shares during the last quarter. NORTHSTAR ASSET MANAGEMENT Co lifted its holdings in shares of Broadcom by 0.5% during the first quarter. NORTHSTAR ASSET MANAGEMENT Co now owns 5,350 shares of the semiconductor manufacturer’s stock worth $1,656,000 after purchasing an additional 25 shares during the period. RFG Holdings Inc. increased its stake in Broadcom by 0.3% in the 1st quarter. RFG Holdings Inc. now owns 8,499 shares of the semiconductor manufacturer’s stock valued at $2,631,000 after buying an additional 26 shares during the period. Yukon Wealth Management Inc. boosted its position in shares of Broadcom by 1.1% in the 1st quarter. Yukon Wealth Management Inc. now owns 2,501 shares of the semiconductor manufacturer’s stock worth $774,000 after buying an additional 26 shares in the last quarter. Finally, Capital Planning LLC increased its holdings in Broadcom by 0.7% during the 1st quarter. Capital Planning LLC now owns 4,044 shares of the semiconductor manufacturer’s stock valued at $1,252,000 after acquiring an additional 28 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Cantor Fitzgerald reaffirmed its overweight rating on Broadcom and set a $525 price target, implying upside from current levels. Benzinga
• Positive Sentiment: Benchmark raised its price target to $545 from $485 and kept a buy rating, citing strong earnings momentum. Benzinga
• Positive Sentiment: Broadcom reported record AI semiconductor revenue of $10.8 billion, up sharply year over year, reinforcing its role as a key AI infrastructure supplier. PR Newswire
• Neutral Sentiment: Broadcom announced a quarterly dividend of $0.65 per share, which supports the stock’s income appeal but is not a major near-term catalyst. PR Newswire
• Negative Sentiment: Investors sold the stock after Broadcom’s revenue came in below the market’s elevated expectations, pressuring sentiment across semiconductors. Reuters
• Negative Sentiment: Chipmaker shares, including Broadcom, fell in premarket trading as the market reassessed the durability of the AI trade after earnings. CNBC

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.