Sanford C. Bernstein Reiterates $340.00 Price Target for Broadcom (NASDAQ:AVGO)

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Broadcom (NASDAQ:AVGO) received a $340.00 price objective from equities research analysts at Sanford C. Bernstein in a note issued to investors on Friday, TipRanks reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Sanford C. Bernstein’s target price would indicate a potential upside of 17.11% from the stock’s current price.

A number of other brokerages have also weighed in on AVGO. SunTrust Banks raised their price target on shares of Broadcom from $307.00 to $322.00 and gave the company a “buy” rating in a report on Friday. Jefferies Financial Group reissued a “buy” rating and issued a $350.00 price target (up previously from $324.00) on shares of Broadcom in a report on Friday. Deutsche Bank lowered their price target on shares of Broadcom from $330.00 to $315.00 and set a “buy” rating for the company in a report on Friday, June 14th. Raymond James reissued a “hold” rating on shares of Broadcom in a report on Friday, June 14th. Finally, Loop Capital lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Friday. Ten equities research analysts have rated the stock with a hold rating and thirty have issued a buy rating to the company’s stock. Broadcom presently has a consensus rating of “Buy” and an average price target of $311.71.

Shares of NASDAQ:AVGO traded down $10.26 during trading on Friday, reaching $290.32. The stock had a trading volume of 5,929,649 shares, compared to its average volume of 1,808,186. Broadcom has a 52 week low of $208.23 and a 52 week high of $323.20. The business’s 50-day moving average price is $282.92 and its 200 day moving average price is $286.84. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.26 and a quick ratio of 1.13. The stock has a market capitalization of $119.65 billion, a PE ratio of 15.42, a P/E/G ratio of 1.47 and a beta of 0.88.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.10 by ($0.11). Broadcom had a net margin of 13.44% and a return on equity of 33.21%. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter last year, the firm posted $4.98 EPS. The business’s revenue was up 8.9% on a year-over-year basis. Analysts forecast that Broadcom will post 17.23 EPS for the current year.

In related news, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $264.00, for a total value of $5,280,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Bryan Ingram sold 11,922 shares of the business’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total transaction of $3,321,230.76. The disclosure for this sale can be found here. Insiders sold a total of 85,388 shares of company stock valued at $23,607,682 in the last three months. 3.30% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Endurance Wealth Management Inc. lifted its position in Broadcom by 8.4% in the 2nd quarter. Endurance Wealth Management Inc. now owns 7,575 shares of the semiconductor manufacturer’s stock valued at $2,181,000 after acquiring an additional 585 shares in the last quarter. Parsons Capital Management Inc. RI lifted its position in Broadcom by 13.2% during the 2nd quarter. Parsons Capital Management Inc. RI now owns 1,646 shares of the semiconductor manufacturer’s stock worth $474,000 after buying an additional 192 shares in the last quarter. 9258 Wealth Management LLC lifted its position in Broadcom by 5.8% during the 2nd quarter. 9258 Wealth Management LLC now owns 1,558 shares of the semiconductor manufacturer’s stock worth $449,000 after buying an additional 85 shares in the last quarter. Cookson Peirce & Co. Inc. lifted its position in Broadcom by 63.0% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 60,830 shares of the semiconductor manufacturer’s stock worth $17,511,000 after buying an additional 23,514 shares in the last quarter. Finally, Advisors Capital Management LLC lifted its position in Broadcom by 47.9% during the 2nd quarter. Advisors Capital Management LLC now owns 186,166 shares of the semiconductor manufacturer’s stock worth $53,590,000 after buying an additional 60,275 shares in the last quarter. 84.63% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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