Sands Capital Management LLC Purchases 422,457 Shares of Broadcom Inc. $AVGO

Sands Capital Management LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 29.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 1,843,327 shares of the semiconductor manufacturer’s stock after purchasing an additional 422,457 shares during the quarter. Broadcom makes up approximately 1.5% of Sands Capital Management LLC’s investment portfolio, making the stock its 24th largest position. Sands Capital Management LLC’s holdings in Broadcom were worth $508,113,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Sawyer & Company Inc grew its position in shares of Broadcom by 62.1% during the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after acquiring an additional 36 shares during the period. Longfellow Investment Management Co. LLC purchased a new position in Broadcom during the second quarter valued at $27,000. Legend Financial Advisors Inc. bought a new stake in Broadcom during the second quarter valued at about $28,000. LGT Financial Advisors LLC bought a new stake in Broadcom during the second quarter valued at about $31,000. Finally, New England Capital Financial Advisors LLC purchased a new stake in Broadcom in the second quarter worth about $31,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AVGO. Wells Fargo & Company lifted their price objective on Broadcom from $255.00 to $345.00 and gave the company an “equal weight” rating in a research report on Friday, September 5th. Rosenblatt Securities raised their target price on shares of Broadcom from $340.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, September 5th. Evercore ISI upped their price target on shares of Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. KeyCorp set a $460.00 price objective on shares of Broadcom in a research note on Monday, October 13th. Finally, Macquarie initiated coverage on shares of Broadcom in a research report on Monday, September 15th. They set an “outperform” rating and a $420.00 price objective on the stock. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $383.00.

Broadcom Price Performance

Shares of Broadcom stock opened at $381.57 on Wednesday. The firm has a market cap of $1.80 trillion, a PE ratio of 97.34, a PEG ratio of 1.32 and a beta of 1.19. The stock has a 50 day moving average of $353.95 and a 200 day moving average of $309.46. The company has a current ratio of 1.50, a quick ratio of 1.37 and a debt-to-equity ratio of 0.86. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $403.00.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.03. The business had revenue of $15.95 billion for the quarter, compared to analysts’ expectations of $15.82 billion. Broadcom had a return on equity of 36.60% and a net margin of 31.59%.The company’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.24 EPS. On average, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 368,797 shares of the stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $337.91, for a total value of $124,620,194.27. Following the completion of the transaction, the director owned 37,722,534 shares of the company’s stock, valued at approximately $12,746,821,463.94. This trade represents a 0.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $339.58, for a total value of $33,958,000.00. Following the sale, the chief executive officer owned 725,638 shares in the company, valued at approximately $246,412,152.04. This trade represents a 12.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have bought 3,550 shares of company stock valued at $1,227,869 and have sold 665,271 shares valued at $225,483,192. Company insiders own 2.00% of the company’s stock.

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.