Broadcom Stock Gains Momentum with a 0.7% Rise Amidst Trading

During a busy trading session on Friday, Broadcom Inc. (NASDAQ:AVGO) experienced a modest climb of 0.7%. The stock's value soared as high as $1,413.23 before settling at $1,411.09 by mid-day. Remarkably, trading volume was down 90% from its average, with only about 275,407 shares exchanged hands when compared to the usual 2,770,944. The previous day's closing price stood at $1,401.27.

Analyst Ratings Changes

Analysts have been vocal about their forecasts for Broadcom. Benchmark maintained a 'buy' rating and increased their target price to $1,720.00. Conversely, Cantor Fitzgerald raised their target from $1,300.00 to $1,600.00, also assigning the stock an 'overweight' rating. Rosenblatt Securities and Susquehanna respectively reiterated their 'buy' ratings with targets of $1,500.00 and $1,550.00. In a new move, Jefferies Financial Group initiated coverage, recommending a 'buy' and setting a target of $1,550.00. The stock has received a mix of 'hold' and 'buy' ratings from a total of 26 analysts, suggesting a 'Moderate Buy' consensus with an average price target of $1,341.16, according to MarketBeat.

Broadcom Price Performance

The statistics showcase Broadcom's solid market posture. It boasts a 50-day moving average of $1,338.08 and a 200-day moving average of $1,232.12. Financial ratios also tell a positive story with a debt-to-equity ratio at 1.05, a quick ratio of 1.24, and a current ratio of 1.34. Broadcom's market cap stands impressively at $651.87 billion, with a P/E ratio of 52.14, a P/E/G ratio of 2.80, and a beta of 1.17.

Recent Earnings Report

The recent earnings report from Broadcom brought encouraging news, as the semiconductor manufacturer posted earnings per share (EPS) of $10.99, exceeding expectations by $2.04. With a robust revenue of $11.96 billion, Broadcom's results represent a 34.2% climb over the previous year, and the firm is predicted to reach an EPS of 36.06 for the current financial year.

Insider Activity at Broadcom

The insider trading filings reveal that Director Eddy W. Hartenstein sold 3,150 shares at an average price of $1,290.34, post-sale owning 4,643 shares valued around $5,991,048.62. Furthermore, Director Kenneth Hao sold 9,160 shares at $1,388.13 each. After these sales, insiders have sold a total of 29,920 shares worth approximately $40,306,667 in the past ninety days.

Hedge Funds Weigh In On Broadcom

Turning our gaze to institutional investments, a myriad of hedge funds have modified their stakes in AVGO. Notable moves include Horizon Family Wealth Inc. upping their share by 1.3% and Tucker Asset Management LLC increasing their holdings by 12.5%. Buckley Wealth Management, Legend Financial Advisors Inc., and Ascent Wealth Partners LLC also made minor adjustments to their Broadcom investments during recent quarters. Collectively, institutional investors and hedge funds own 76.43% of Broadcom's stock.

About Broadcom

Broadcom Inc. is a robust contender in the semiconductor industry, designing and offering sophisticated semiconductor devices worldwide. The company operates through two main segments: Semiconductor Solutions and Infrastructure Software, illustrating a wide-spanning presence in the tech sector.

Broadcom, Stock, Trading