Broadcom (NASDAQ:AVGO) Given New $260.00 Price Target at Morgan Stanley

Broadcom (NASDAQ:AVGO) had its price objective hoisted by Morgan Stanley from $246.00 to $260.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price objective suggests a potential upside of 37.86% from the company’s previous close.

Other analysts have also issued research reports about the company. Jefferies Financial Group boosted their price target on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday, December 13th. Piper Sandler increased their price target on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Barclays lifted their price objective on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a report on Friday. Finally, Rosenblatt Securities restated a “buy” rating and issued a $250.00 price target on shares of Broadcom in a report on Friday. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Trading Up 5.1 %

NASDAQ AVGO traded up $9.15 during trading hours on Friday, hitting $188.60. 41,734,588 shares of the company were exchanged, compared to its average volume of 29,632,516. The stock has a market cap of $884.03 billion, a PE ratio of 152.54, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. Broadcom has a 52 week low of $119.76 and a 52 week high of $251.88. The stock has a 50-day moving average price of $223.22 and a 200 day moving average price of $192.55. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. Broadcom’s revenue was up 51.2% on a year-over-year basis. During the same period last year, the company earned $0.98 earnings per share. Analysts forecast that Broadcom will post 5.38 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Harry L. You sold 6,540 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the sale, the director now directly owns 30,450 shares in the company, valued at approximately $7,308,000. The trade was a 17.68 % 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 40,000 shares of Broadcom stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the sale, the insider now directly owns 696,730 shares in the company, valued at approximately $161,627,425.40. This trade represents a 5.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 191,278 shares of company stock worth $44,964,800 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Broadcom

Hedge funds have recently bought and sold shares of the business. Copia Wealth Management acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $194,000. IronOak Wealth LLC. purchased a new position in Broadcom during the fourth quarter worth about $3,035,000. Elite Financial Inc. purchased a new position in Broadcom in the fourth quarter worth approximately $231,000. TFR Capital LLC. acquired a new stake in Broadcom during the fourth quarter worth $2,217,000. Finally, Smith Shellnut Wilson LLC ADV lifted its stake in shares of Broadcom by 4.2% in the 4th quarter. Smith Shellnut Wilson LLC ADV now owns 4,585 shares of the semiconductor manufacturer’s stock valued at $1,063,000 after purchasing an additional 183 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

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.