Bank of America Cuts Broadcom (NASDAQ:AVGO) Price Target to $240.00

Broadcom (NASDAQ:AVGO) had its target price cut by research analysts at Bank of America from $260.00 to $240.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Bank of America‘s price objective indicates a potential upside of 34.12% from the stock’s previous close.

AVGO has been the topic of a number of other reports. Truist Financial raised their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Rosenblatt Securities restated a “buy” rating and set a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. William Blair restated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Mizuho cut their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th. Finally, Morgan Stanley increased their price target on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $231.28.

Broadcom Stock Up 0.3 %

Shares of AVGO opened at $178.95 on Wednesday. The business’s fifty day moving average price is $193.40 and its two-hundred day moving average price is $196.03. The firm has a market capitalization of $841.41 billion, a price-to-earnings ratio of 145.96, a PEG ratio of 2.29 and a beta of 1.05. Broadcom has a 52 week low of $119.76 and a 52 week high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom announced that its board has authorized a share repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 718,976 shares of company stock valued at $130,917,542. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after acquiring an additional 3,018,294 shares during the period. FMR LLC raised its holdings in shares of Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock valued at $21,624,718,000 after purchasing an additional 2,873,809 shares during the period. Norges Bank bought a new position in Broadcom in the fourth quarter worth approximately $16,893,010,000. Finally, Northern Trust Corp lifted its holdings in shares of Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock worth $11,380,411,000 after purchasing an additional 5,258,925 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

About Broadcom

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.