Red Wave Investments LLC Grows Holdings in Broadcom Inc. (NASDAQ:AVGO)

Red Wave Investments LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 844.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,701 shares of the semiconductor manufacturer's stock after purchasing an additional 4,203 shares during the quarter. Red Wave Investments LLC's holdings in Broadcom were worth $811,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. FMR LLC lifted its position in Broadcom by 1,121.3% during the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer's stock valued at $15,594,088,000 after purchasing an additional 82,998,328 shares during the period. Jennison Associates LLC lifted its holdings in shares of Broadcom by 842.4% in the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer's stock valued at $6,209,758,000 after buying an additional 32,178,542 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Broadcom by 975.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer's stock worth $5,833,894,000 after buying an additional 30,674,902 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Broadcom by 962.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer's stock worth $5,519,591,000 after acquiring an additional 28,985,434 shares during the period. Finally, Fisher Asset Management LLC raised its position in Broadcom by 938.8% during the third quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer's stock valued at $4,040,430,000 after acquiring an additional 21,168,095 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on AVGO shares. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a research note on Friday, September 6th. TD Cowen upgraded shares of Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. Hsbc Global Res upgraded shares of Broadcom to a "hold" rating in a research report on Tuesday. Benchmark restated a "buy" rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Finally, Cantor Fitzgerald upped their price target on Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a report on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $195.96.

Broadcom Price Performance

Shares of AVGO stock traded down $0.09 during trading hours on Thursday, reaching $170.47. The company had a trading volume of 18,450,936 shares, compared to its average volume of 28,994,131. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The company has a market capitalization of $796.19 billion, a price-to-earnings ratio of 148.23, a PEG ratio of 1.98 and a beta of 1.13. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The stock has a fifty day moving average of $172.87 and a 200-day moving average of $162.51.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company's revenue for the quarter was up 47.3% on a year-over-year basis. During the same period last year, the company earned $0.95 EPS. On average, equities analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Insider Activity at Broadcom

In other news, Director Gayla J. Delly sold 750 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now owns 34,750 shares of the company's stock, valued at $6,064,917.50. This represents a 2.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of the firm's stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the sale, the insider now owns 399,460 shares of the company's stock, valued at $70,744,366. This represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by company insiders.

Broadcom 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.