Credit Suisse Group Initiates Coverage on Broadcom (AVGO)

Equities research analysts at Credit Suisse Group initiated coverage on shares of Broadcom (NASDAQ:AVGO) in a research report issued to clients and investors on Wednesday. The firm set an “outperform” rating on the semiconductor manufacturer’s stock.

A number of other research analysts have also issued reports on the stock. Raymond James Financial reiterated a “buy” rating and issued a $335.00 price objective on shares of Broadcom in a report on Monday. B. Riley reiterated a “buy” rating and issued a $315.00 price objective on shares of Broadcom in a report on Monday. Oppenheimer raised their price objective on shares of Broadcom from $275.00 to $300.00 and gave the company an “outperform” rating in a report on Monday. KeyCorp reiterated an “overweight” rating and issued a $320.00 price objective (up previously from $290.00) on shares of Broadcom in a report on Monday. Finally, BidaskClub lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Saturday. Five equities research analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $291.42.

Broadcom (NASDAQ AVGO) opened at $261.65 on Wednesday. The stock has a market cap of $107,547.45, a P/E ratio of 19.92, a P/E/G ratio of 1.27 and a beta of 1.05. Broadcom has a fifty-two week low of $163.45 and a fifty-two week high of $285.68. The company has a quick ratio of 3.84, a current ratio of 4.48 and a debt-to-equity ratio of 0.60.

In other news, SVP Bryan Ingram sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $244.01, for a total transaction of $7,320,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Charlie B. Kawwas sold 1,788 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $247.28, for a total transaction of $442,136.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 104,383 shares of company stock valued at $25,949,184. Insiders own 3.60% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AllSquare Wealth Management LLC acquired a new stake in Broadcom in the 3rd quarter valued at $113,000. Mountain Capital Investment Advisors Inc acquired a new stake in Broadcom in the 2nd quarter valued at $113,000. Shine Investment Advisory Services Inc. acquired a new stake in Broadcom in the 2nd quarter valued at $116,000. Tower Research Capital LLC TRC grew its position in Broadcom by 473.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 573 shares of the semiconductor manufacturer’s stock valued at $134,000 after purchasing an additional 473 shares during the period. Finally, Carroll Financial Associates Inc. grew its position in Broadcom by 59.0% in the 3rd quarter. Carroll Financial Associates Inc. now owns 593 shares of the semiconductor manufacturer’s stock valued at $144,000 after purchasing an additional 220 shares during the period. 88.99% of the stock is owned by institutional investors and hedge funds.

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Broadcom Company Profile

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.

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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