Credit Suisse Group Initiates Coverage on Broadcom (AVGO)

Broadcom Beats Quarterly Sales, Earnings Targets; Shares Tick Up

The stock's average target of $204.75 is -22.41% below today's ($263.89) share price.

Broadcom raked in revenue of $4.84 billion during the period, ahead of $4.14 billion it brought in a year ago. The forecast includes sales from its recent acquisition of Brocade Communications Systems Inc.

The takeover bid turned hostile earlier this week when Broadcom nominated candidates to overhaul Qualcomm's board of directors after the company rejected its unsolicited offer. The company reported the earnings of $4.1/Share in the last quarter where the estimated EPS by analysts was $4.03/share. Broadcom has an average rating of "Buy" and a consensus target price of $291.42. Amundi Pioneer Asset Management Inc. owned about 0.35% of Broadcom worth $345,146,000 at the end of the most recent reporting period. Deutsche Bank maintained the shares of AVGO in report on Friday, September 2 with "Buy" rating. Wells Fargo & Co reiterated a "market perform" rating and set a $222.50 target price (up previously from $165.00) on shares of Broadcom in a research report on Friday, March 3rd. Five investment analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has given a strong buy rating to the company's stock. Cowen & Co maintained it with "Buy" rating and $26000 target in Thursday, August 10 report. Cibc Ww Markets Corporation has invested 0.25% in Broadcom Limited (NASDAQ:AVGO).

They expect $3.94 EPS, up 23.86% or $0.94 from last year's $3 per share. Broadcom Ltd has a 52-week low of $142.27 and a 52-week high of $242.89. The company has market cap of $113.52 billion. The company has a current ratio of 4.48, a quick ratio of 3.84 and a debt-to-equity ratio of 0.60. Balasa Dinverno Foltz Lc holds 1,640 shares. The stock was sold at an average price of $244.01, for a total value of $7,320,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 65,000 shares of the company's stock in a transaction on Monday, March 6th. The stock was sold at an average price of $267.34, for a total transaction of $693,747.30. The disclosure for this sale can be found here.

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If we look at the Volatility of the company, Week Volatility is 4.02%, whereas Month Volatility is at 2.71%.

Hedge funds have recently made changes to their positions in the business. Finally, TRUE Private Wealth Advisors raised its holdings in Broadcom by 5.1% during the second quarter. These holdings make up 59.69% of the company's outstanding shares. Tower Research Capital LLC TRC increased its position in shares of Broadcom by 473.0% during 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, Cetera Advisors LLC purchased a new stake in shares of Broadcom in the third quarter worth $382,000. Institutional investors own 91.85% of the company's stock.

TRADEMARK VIOLATION NOTICE: This story was posted by Week Herald and is the sole property of of Week Herald. Texas-based Scott & Selber has invested 2.33% in Broadcom Limited (NASDAQ:AVGO).

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