Mystic Asset Management Inc. Makes New $17.37 Million Investment in Broadcom Inc. $AVGO

Mystic Asset Management Inc. purchased a new stake in Broadcom Inc. (NASDAQ:AVGO) during the second quarter, Holdings Channel reports. The fund purchased 45,974 shares of the semiconductor manufacturer’s stock, valued at approximately $17,367,000. Broadcom comprises 3.7% of Mystic Asset Management Inc.’s portfolio, making the stock its 4th largest position.

Several other large investors have also recently made changes to their positions in the stock. Cornerstone Advisors LLC acquired a new position in Broadcom in the 2nd quarter valued at about $92,522,000. Bank of America Corp DE lifted its position in shares of Broadcom by 1.5% during the first quarter. Bank of America Corp DE now owns 58,737,097 shares of the semiconductor manufacturer’s stock worth $18,179,719,000 after purchasing an additional 894,564 shares in the last quarter. Bartlett & CO. Wealth Management LLC lifted its position in shares of Broadcom by 129.3% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 110,048 shares of the semiconductor manufacturer’s stock worth $34,061,000 after purchasing an additional 62,050 shares in the last quarter. First Bank & Trust boosted its stake in shares of Broadcom by 17.2% in the second quarter. First Bank & Trust now owns 10,503 shares of the semiconductor manufacturer’s stock valued at $3,968,000 after purchasing an additional 1,545 shares during the period. Finally, Fifth Lane Capital LP boosted its stake in shares of Broadcom by 77.8% in the fourth quarter. Fifth Lane Capital LP now owns 4,000 shares of the semiconductor manufacturer’s stock valued at $1,384,000 after purchasing an additional 1,750 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Up 0.4%

Shares of NASDAQ:AVGO opened at $370.34 on Tuesday. Broadcom Inc. has a fifty-two week low of $287.17 and a fifty-two week high of $495.00. The firm’s 50 day moving average price is $384.64 and its 200 day moving average price is $376.70. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. The stock has a market cap of $1.76 trillion, a price-to-earnings ratio of 61.72, a price-to-earnings-growth ratio of 0.70 and a beta of 1.45.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The company had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $22.13 billion. During the same quarter in the previous year, the business posted $1.58 EPS. The firm’s revenue was up 47.9% on a year-over-year basis. As a group, equities research analysts predict that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Justine Page sold 1,602 shares of the business’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $373.86, for a total transaction of $598,923.72. Following the completion of the transaction, the director owned 17,426 shares in the company, valued at approximately $6,514,884.36. The trade was a 8.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction on Friday, July 10th. The shares were sold at an average price of $401.33, for a total value of $10,033,250.00. Following the completion of the transaction, the insider directly owned 194,989 shares in the company, valued at $78,254,935.37. This trade represents a 11.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 61,644 shares of company stock valued at $24,016,214 in the last 90 days. Company insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AVGO shares. Benchmark upped their target price on shares of Broadcom from $485.00 to $545.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. DA Davidson raised their price target on shares of Broadcom from $375.00 to $400.00 and gave the company a “neutral” rating in a research report on Thursday, June 4th. Evercore restated an “outperform” rating and issued a $582.00 price target on shares of Broadcom in a research note on Tuesday, May 19th. Zacks Research lowered Broadcom from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 21st. Finally, BMO Capital Markets began coverage on Broadcom in a research note on Thursday, August 20th. They issued an “outperform” rating and a $455.00 price objective on the stock. Twenty-nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $491.97.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Wall Street expects exceptional growth, with consensus estimates calling for approximately $29.43 billion in revenue and $3.24 in EPS, representing year-over-year growth of roughly 84.5% and 91.7%, respectively. BakerAvenue strategist King Lip has called AVGO a “top pick” ahead of the report. Broadcom stock dubbed a top pick ahead of Q3 earnings
• Positive Sentiment: Broadcom announced VMware AI Factory, which is designed to reduce private AI deployment from weeks to hours, pool GPU capacity, and provide model governance and cost controls. The initiative supports more than 150 AI models and broadens Broadcom’s opportunity in enterprise AI infrastructure. Broadcom Announces VMware AI Factory
• Positive Sentiment: New AgentMinder, VMware vDefend and Avi Load Balancer capabilities target identity, Zero Trust security, monitoring and governance for autonomous AI agents. These offerings could strengthen Broadcom’s VMware software platform and help enterprises deploy sensitive AI workloads in private clouds. Broadcom Delivers End-to-End Security for Agentic AI
• Positive Sentiment: Broadcom also launched TrueSource, a commercially supported portfolio of verified open-source software covering Spring, Java, Python, Node.js, PostgreSQL, MySQL and other data technologies. The offering may create additional recurring enterprise software revenue while addressing growing software supply-chain security concerns. Broadcom Strengthens Spring Security with TrueSource
• Neutral Sentiment: Options traders are positioning for a substantial post-earnings move, increasing volatility risk in either direction. The stock’s reaction will likely depend more on forward AI semiconductor revenue and VMware guidance than on the quarter’s headline results. How Much Traders See Broadcom Stock Moving After Earnings
• Negative Sentiment: Expectations are elevated, creating downside risk if results or guidance disappoint. Broadcom also trades at a premium valuation, while reported insider activity shows overwhelmingly more sales than purchases over the past six months.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.