Broadcom Inc. (NASDAQ: AVGO) saw its shares rise 3.2% on Wednesday, reaching a high of $1,384.98 before closing at $1,373.82. The trading volume was lower than average, with 659,272 shares changing hands compared to the daily average of 2,775,002 shares. The stock had closed at $1,330.82 the previous day.
Several analysts have provided ratings and price targets for Broadcom. Rosenblatt Securities reiterated a “buy” rating with a price target of $1,500.00, while Susquehanna raised the price target to $1,550.00 and gave the stock a “positive” rating. Other analysts, such as Melius Research, JPMorgan Chase & Co., and Evercore ISI, also issued positive ratings and price targets for the company. In total, three analysts rated the stock as a hold and twenty-three rated it as a buy, leading to an overall average rating of “Moderate Buy” with a consensus price target of $1,341.16.
Broadcom’s stock performance includes a 50-day moving average of $1,333.05 and a 200-day moving average of $1,224.99. The company has a strong financial position with a debt-to-equity ratio of 1.05, current ratio of 1.34, and quick ratio of 1.24. In terms of market capitalization, Broadcom stands at $649.54 billion with a price-to-earnings ratio of 51.39 and a beta of 1.17.
The company recently reported its quarterly earnings, surpassing analysts’ expectations with earnings per share of $10.99. The revenue for the quarter was $11.96 billion, higher than estimates of $11.79 billion. Broadcom’s return on equity was 47.71% with a net margin of 29.93%. Analysts predict an EPS of 36.06 for the current year.
In insider trading news, Directors Justine’s Page and Kenneth Hao sold shares of Broadcom in separate transactions. Insider selling totaled 29,920 shares worth $40,306,667 in the last three months, with insiders holding 2.00% of the company’s shares.
On the institutional front, several investors have made changes to their holdings in Broadcom. Stuart Chaussee & Associates Inc., Legend Financial Advisors Inc., PSI Advisors LLC, BKM Wealth Management LLC, and Richardson Capital Management LLC all acquired or increased positions in the company.
Broadcom Inc. focuses on designing, developing, and supplying semiconductor devices globally, operating in two segments – semiconductor solutions and infrastructure software.
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Overall, Broadcom continues to show positive performance, receiving favorable ratings from analysts and attracting interest from investors and insiders alike.
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