Broadcom (NASDAQ:AVGO) Downgraded by BidaskClub

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BidaskClub lowered shares of Broadcom (NASDAQ:AVGO) from a buy rating to a hold rating in a report released on Saturday, BidAskClub reports.

Several other brokerages also recently weighed in on AVGO. Rosenblatt Securities reaffirmed a buy rating and issued a $350.00 target price on shares of Broadcom in a report on Monday, June 10th. JPMorgan Chase & Co. lowered their target price on shares of Broadcom from $365.00 to $350.00 and set an overweight rating on the stock in a report on Friday, June 14th. Charter Equity downgraded shares of Broadcom from a buy rating to a market perform rating and set a $254.00 target price on the stock. in a report on Friday, June 14th. Deutsche Bank lowered their target price on shares of Broadcom from $330.00 to $315.00 and set a buy rating on the stock in a report on Friday, June 14th. Finally, DA Davidson lowered their target price on shares of Broadcom to $300.00 and set a buy rating on the stock in a report on Friday, June 14th. Nine equities research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $303.68.

Shares of Broadcom stock opened at $267.66 on Friday. Broadcom has a 1 year low of $202.77 and a 1 year high of $323.20. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.26 and a quick ratio of 1.13. The stock has a market cap of $110.88 billion, a P/E ratio of 15.08, a P/E/G ratio of 1.35 and a beta of 0.92. The stock’s fifty day simple moving average is $285.88.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $5.18 by $0.03. The business had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.70 billion. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The business’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.88 earnings per share. As a group, sell-side analysts anticipate that Broadcom will post 17.43 earnings per share for the current year.

In other Broadcom news, SVP Bryan Ingram sold 11,922 shares of Broadcom stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total transaction of $3,321,230.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $264.00, for a total transaction of $5,280,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,388 shares of company stock valued at $18,198,482. 3.30% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Outlook Wealth Advisors LLC raised its position in Broadcom by 773.5% during the first quarter. Outlook Wealth Advisors LLC now owns 856 shares of the semiconductor manufacturer’s stock worth $257,000 after acquiring an additional 758 shares during the last quarter. Gateway Investment Advisers LLC raised its position in shares of Broadcom by 177.0% in the first quarter. Gateway Investment Advisers LLC now owns 136,598 shares of the semiconductor manufacturer’s stock valued at $41,076,000 after buying an additional 87,288 shares during the last quarter. Verity & Verity LLC raised its position in shares of Broadcom by 104.8% in the first quarter. Verity & Verity LLC now owns 9,083 shares of the semiconductor manufacturer’s stock valued at $2,731,000 after buying an additional 4,647 shares during the last quarter. Shine Investment Advisory Services Inc. raised its position in shares of Broadcom by 16.4% in the first quarter. Shine Investment Advisory Services Inc. now owns 398 shares of the semiconductor manufacturer’s stock valued at $120,000 after buying an additional 56 shares during the last quarter. Finally, Arden Trust Co acquired a new position in shares of Broadcom in the second quarter valued at approximately $2,113,000. Institutional investors own 84.03% of the company’s stock.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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