After Merrill Lynch and Susquehanna gave Broadcom (NASDAQ: AVGO) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Rick Schafer assigned a Buy rating to Broadcom yesterday and set a price target of $350.00. The company’s shares closed last Tuesday at $310.72, close to its 52-week high of $331.58.
According to TipRanks.com, Schafer is a top 100 analyst with an average return of 18.4% and a 75.7% success rate. Schafer covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Akoustis Technologies, and NXP Semiconductors.
Broadcom has an analyst consensus of Strong Buy, with a price target consensus of $343.22, representing a 10.7% upside. In a report issued on June 2, Rosenblatt Securities also reiterated a Buy rating on the stock with a $350.00 price target.
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Based on Broadcom’s latest earnings release for the quarter ending April 30, the company reported a quarterly revenue of $5.74 billion and net profit of $563 million. In comparison, last year the company earned revenue of $5.52 billion and had a net profit of $691 million.
Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AVGO in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Broadcom, Inc. is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions, Infrastructure Software and IP licensing. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications. The Infrastructure Software segment provides a portfolio of mainframe, enterprise and storage area networking solutions. The IP licensing segment licenses a portion of its broad IP portfolio. The company was founded in 1961 and is headquartered in San Jose, CA.
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