Broadcom (NASDAQ:AVGO) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Broadcom (NASDAQ:AVGO - Get Free Report) had its target price upped by stock analysts at Morgan Stanley from $233.00 to $265.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the semiconductor manufacturer's stock. Morgan Stanley's price target would suggest a potential upside of 20.02% from the company's previous close.

A number of other brokerages have also recently issued reports on AVGO. Truist Financial raised their price objective on Broadcom from $205.00 to $245.00 and gave the company a "buy" rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft lifted their price target on Broadcom from $190.00 to $240.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Cantor Fitzgerald increased their price objective on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. Susquehanna upped their price target on shares of Broadcom from $200.00 to $225.00 and gave the company a "positive" rating in a report on Friday, December 13th. Finally, Bank of America raised their price target on shares of Broadcom from $215.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $221.88.

Broadcom Price Performance

NASDAQ:AVGO traded up $2.47 during mid-day trading on Friday, reaching $220.79. The stock had a trading volume of 130,945,109 shares, compared to its average volume of 30,518,268. The stock has a market capitalization of $1.03 trillion, a P/E ratio of 191.82, a P/E/G ratio of 2.15 and a beta of 1.13. The firm has a 50 day moving average price of $178.71 and a two-hundred day moving average price of $167.05. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom has a one year low of $104.15 and a one year high of $251.88.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same period in the previous year, the business posted $0.98 EPS. The business's quarterly revenue was up 51.2% on a year-over-year basis. As a group, analysts expect that Broadcom will post 3.79 earnings per share for the current year.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 150,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This trade represents a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares of the company's stock, valued at approximately $6,064,917.50. This trade represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 242,420 shares of company stock valued at $42,701,286 over the last ninety days. Insiders own 2.00% of the company's stock.

Institutional Trading of Broadcom

A number of hedge funds have recently bought and sold shares of AVGO. Independent Solutions Wealth Management LLC increased its position in shares of Broadcom by 846.9% during the 3rd quarter. Independent Solutions Wealth Management LLC now owns 49,136 shares of the semiconductor manufacturer's stock valued at $8,476,000 after purchasing an additional 43,947 shares during the last quarter. Syntax Research Inc. grew its position in Broadcom by 882.8% during the third quarter. Syntax Research Inc. now owns 6,899 shares of the semiconductor manufacturer's stock valued at $1,190,000 after buying an additional 6,197 shares during the period. SMART Wealth LLC purchased a new stake in Broadcom during the third quarter valued at approximately $662,000. Lord Abbett & CO. LLC raised its position in Broadcom by 762.8% in the third quarter. Lord Abbett & CO. LLC now owns 2,181,786 shares of the semiconductor manufacturer's stock worth $376,358,000 after acquiring an additional 1,928,907 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its stake in shares of Broadcom by 624.8% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 138,687 shares of the semiconductor manufacturer's stock worth $23,889,000 after acquiring an additional 119,553 shares during the last quarter. Hedge funds and other institutional investors own 76.43% 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.