Broadcom (NASDAQ:AVGO) Given New $240.00 Price Target at Bank of America

Broadcom (NASDAQ:AVGO - Get Free Report) had its price objective lowered by equities researchers at Bank of America from $260.00 to $240.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the semiconductor manufacturer's stock. Bank of America's price target points to a potential upside of 40.36% from the company's previous close.

AVGO has been the topic of several other research reports. Rosenblatt Securities reiterated a "buy" rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Barclays upped their target price on shares of Broadcom from $205.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Morgan Stanley raised their price target on shares of Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Mizuho reduced their price objective on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Finally, Citigroup dropped their price target on Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and an average target price of $231.28.

Broadcom Stock Down 2.1 %

NASDAQ:AVGO traded down $3.62 during trading hours on Wednesday, reaching $170.99. The company had a trading volume of 22,452,143 shares, compared to its average volume of 31,393,581. The business's 50-day simple moving average is $189.84 and its two-hundred day simple moving average is $195.90. Broadcom has a twelve month low of $119.76 and a twelve month high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market cap of $803.99 billion, a price-to-earnings ratio of 139.47, a P/E/G ratio of 2.29 and a beta of 1.05.

Broadcom declared that its Board of Directors has approved a stock buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Justine Page sold 800 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. The trade was a 3.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock valued at $131,065,542 in the last quarter. Corporate insiders own 2.00% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Howard Capital Management Group LLC increased its stake in shares of Broadcom by 2,219.8% during the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer's stock valued at $524,000 after buying an additional 2,908 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Broadcom by 1,019.4% during the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock valued at $1,238,966,000 after buying an additional 6,540,800 shares during the period. Invst LLC lifted its holdings in Broadcom by 928.6% in the third quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer's stock valued at $522,000 after acquiring an additional 2,730 shares during the period. McIlrath & Eck LLC boosted its holdings in shares of Broadcom by 793.3% in the third quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer's stock worth $69,000 after buying an additional 357 shares during the last quarter. Finally, Passumpsic Savings Bank grew its position in shares of Broadcom by 900.9% during the 3rd quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer's stock valued at $2,743,000 after acquiring an additional 14,315 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Company Profile

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.