Broadcom (NASDAQ:AVGO) Trading Down 2% – What’s Next?

Broadcom Inc. (NASDAQ:AVGO) dropped 2% during mid-day trading on Tuesday . The stock traded as low as $174.33 and last traded at $175.38. Approximately 4,643,352 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 28,849,055 shares. The stock had previously closed at $178.94.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Cantor Fitzgerald boosted their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Citigroup raised their price objective on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday. The Goldman Sachs Group lifted their price objective on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, William Blair initiated coverage on Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating for the company. Three equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $198.09.

Broadcom Price Performance

The stock has a fifty day moving average of $173.47 and a 200-day moving average of $163.58. The firm has a market capitalization of $855.65 billion, a P/E ratio of 159.30, a PEG ratio of 2.11 and a beta of 1.13. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the transaction, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. This represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several large investors have recently bought and sold shares of the business. NCP Inc. increased its holdings in Broadcom by 615.4% in the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after purchasing an additional 400 shares during the last quarter. Galvin Gaustad & Stein LLC acquired a new stake in shares of Broadcom in the 2nd quarter valued at approximately $213,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in shares of Broadcom by 931.4% in the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 22,000 shares of the semiconductor manufacturer’s stock valued at $35,322,000 after acquiring an additional 19,867 shares during the period. Fiduciary Financial Group LLC bought a new position in Broadcom during the 2nd quarter worth approximately $2,922,000. Finally, Silver Lake Advisory LLC acquired a new position in Broadcom during the second quarter valued at approximately $865,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.