Broadcom (NASDAQ:AVGO) Stock Price Up 5.3% – Here’s What Happened

Broadcom Inc. (NASDAQ:AVGO)’s share price rose 5.3% on Monday . The company traded as high as $180.68 and last traded at $179.53. Approximately 27,830,828 shares traded hands during trading, an increase of 47% from the average daily volume of 18,927,820 shares. The stock had previously closed at $170.47.

Analysts Set New Price Targets

Several analysts have issued reports on AVGO shares. Citigroup increased their target price on shares of Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. lifted their price objective on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Mizuho upped their target price on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Rosenblatt Securities dropped their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Finally, Hsbc Global Res raised Broadcom to a “hold” rating in a report on Tuesday, December 3rd. Three equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $198.09.

Broadcom Trading Down 4.0 %

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 firm has a 50-day moving average of $173.14 and a 200-day moving average of $163.05. The firm has a market capitalization of $802.45 billion, a P/E ratio of 149.40, a price-to-earnings-growth ratio of 2.11 and a beta of 1.13.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were 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 directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in AVGO. Castleview Partners LLC grew its stake in Broadcom by 1,030.8% in the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 134 shares during the period. Pin Oak Investment Advisors Inc. boosted its holdings in shares of Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 135 shares in the last quarter. JDM Financial Group LLC boosted its holdings in shares of Broadcom by 1,323.1% during the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 172 shares in the last quarter. Tsfg LLC grew its position in shares of Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after buying an additional 204 shares during the period. Finally, Cedar Wealth Management LLC increased its stake in shares of Broadcom by 900.0% in the 3rd quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock worth $41,000 after acquiring an additional 216 shares in the last quarter. 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.