RiverPark Advisors LLC decreased its position in shares of Broadcom Ltd (NASDAQ:AVGO) by 21.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,000 shares of the semiconductor manufacturer’s stock after selling 1,100 shares during the quarter. RiverPark Advisors LLC’s holdings in Broadcom were worth $1,028,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. grew its stake in shares of Broadcom by 2.1% during the 4th quarter. BlackRock Inc. now owns 24,924,233 shares of the semiconductor manufacturer’s stock worth $6,403,033,000 after purchasing an additional 508,470 shares during the period. Jennison Associates LLC grew its stake in shares of Broadcom by 8.1% during the 4th quarter. Jennison Associates LLC now owns 5,583,858 shares of the semiconductor manufacturer’s stock worth $1,434,493,000 after purchasing an additional 418,420 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Broadcom by 0.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 5,309,909 shares of the semiconductor manufacturer’s stock worth $1,287,864,000 after purchasing an additional 36,356 shares during the period. Geode Capital Management LLC grew its stake in shares of Broadcom by 3.4% during the 4th quarter. Geode Capital Management LLC now owns 4,141,614 shares of the semiconductor manufacturer’s stock worth $1,061,670,000 after purchasing an additional 135,437 shares during the period. Finally, Coatue Management LLC grew its stake in shares of Broadcom by 28.2% during the 4th quarter. Coatue Management LLC now owns 3,735,957 shares of the semiconductor manufacturer’s stock worth $959,768,000 after purchasing an additional 821,739 shares during the period. 89.52% of the stock is currently owned by institutional investors and hedge funds.
In other news, CEO Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction on Friday, December 15th. The stock was sold at an average price of $259.68, for a total transaction of $5,193,600.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Charlie B. Kawwas sold 1,051 shares of Broadcom stock in a transaction on Monday, December 18th. The stock was sold at an average price of $264.38, for a total value of $277,863.38. The disclosure for this sale can be found here. Insiders sold a total of 84,481 shares of company stock worth $21,805,795 in the last 90 days. 3.32% of the stock is currently owned by insiders.
A number of equities research analysts have recently commented on the stock. BMO Capital Markets assumed coverage on shares of Broadcom in a research note on Monday, November 20th. They set an “outperform” rating and a $330.00 price objective on the stock. Canaccord Genuity raised their price objective on shares of Broadcom from $100.00 to $325.00 and gave the stock a “buy” rating in a research note on Wednesday, January 31st. Nomura reaffirmed a “buy” rating on shares of Broadcom in a research note on Tuesday, November 14th. Drexel Hamilton reaffirmed a “buy” rating and set a $302.00 price objective on shares of Broadcom in a research note on Thursday, December 7th. Finally, Vetr raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $291.95 price target on the stock in a research note on Monday, November 13th. Two research analysts have rated the stock with a hold rating, thirty-three have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $306.75.
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Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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