Zacks Investment Research upgraded shares of Broadcom (NASDAQ:AVGO) from a hold rating to a buy rating in a report issued on Tuesday, February 6th. The firm currently has $255.00 price target on the semiconductor manufacturer’s stock.
According to Zacks, “Broadcom is benefiting from strong demand of its wireless solutions and expanding product portfolio, which makes it well-positioned to address the needs of rapidly growing technologies like IoT and 5G. Broadcom recently raised its bid to acquire all outstanding shares of Qualcomm. This deal will make it the third-largest chipmaker, behind Intel and Samsung. Broadcom also has strong ties with leading OEMs across multiple target markets that will help it to gain key insights into the requirements of customers. Moreover, the upcoming launch of the next generation WiFi products is expected to be a growth driver for the segment. Further, increasing traction of 10G technology to support broadband video delivery will boost Wired Infrastructure revenues. However, customer concentration, intensifying competition, integration risks due to frequent acquisitions and leverage balance sheet are key headwinds.”
A number of other brokerages also recently commented on AVGO. Vetr downgraded shares of Broadcom from a buy rating to a hold rating and set a $290.34 target price on the stock. in a research note on Monday, November 27th. Royal Bank of Canada restated a top pick rating and issued a $285.00 target price on shares of Broadcom in a research note on Wednesday, October 11th. Nomura upped their target price on shares of Broadcom to $330.00 and gave the stock a buy rating in a research note on Friday, December 8th. Mizuho upped their target price on shares of Broadcom from $290.00 to $310.00 and gave the stock a buy rating in a research note on Thursday, December 7th. Finally, BidaskClub downgraded shares of Broadcom from a hold rating to a sell rating in a research note on Thursday, January 11th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-four have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $301.58.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 EPS for the quarter, beating the consensus estimate of $4.52 by $0.07. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.84 billion. Broadcom had a net margin of 10.18% and a return on equity of 28.64%. The firm’s revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.47 EPS. equities analysts predict that Broadcom will post 17.41 earnings per share for the current fiscal year.
In related news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $265.21, for a total transaction of $5,304,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Charlie B. Kawwas sold 1,051 shares of the stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $264.38, for a total transaction of $277,863.38. The disclosure for this sale can be found here. Insiders have sold 64,079 shares of company stock valued at $16,765,043 in the last three months. 3.60% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Intellectus Partners LLC raised its holdings in shares of Broadcom by 6.0% in the second quarter. Intellectus Partners LLC now owns 1,681 shares of the semiconductor manufacturer’s stock worth $392,000 after buying an additional 95 shares during the last quarter. Balentine LLC raised its holdings in shares of Broadcom by 21.9% in the second quarter. Balentine LLC now owns 635 shares of the semiconductor manufacturer’s stock worth $148,000 after buying an additional 114 shares during the last quarter. Coldstream Capital Management Inc. raised its holdings in shares of Broadcom by 6.3% in the second quarter. Coldstream Capital Management Inc. now owns 2,608 shares of the semiconductor manufacturer’s stock worth $608,000 after buying an additional 155 shares during the last quarter. BKD Wealth Advisors LLC raised its holdings in shares of Broadcom by 8.7% in the fourth quarter. BKD Wealth Advisors LLC now owns 2,399 shares of the semiconductor manufacturer’s stock worth $616,000 after buying an additional 193 shares during the last quarter. Finally, Cetera Advisor Networks LLC raised its holdings in shares of Broadcom by 14.4% in the third quarter. Cetera Advisor Networks LLC now owns 1,541 shares of the semiconductor manufacturer’s stock worth $373,000 after buying an additional 194 shares during the last quarter. 88.46% of the stock is owned by institutional investors and hedge funds.
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Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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