200,000 Shares in Broadcom Inc. $AVGO Purchased by Ardmore Road Asset Management LP

Ardmore Road Asset Management LP bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) in the 2nd quarter, Holdings Channel.com reports. The fund bought 200,000 shares of the semiconductor manufacturer’s stock, valued at approximately $55,130,000. Broadcom comprises approximately 4.6% of Ardmore Road Asset Management LP’s investment portfolio, making the stock its 7th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Broadcom by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after buying an additional 6,222,802 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Broadcom by 2.1% in the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock worth $29,827,649,000 after acquiring an additional 2,226,585 shares during the last quarter. Norges Bank purchased a new stake in shares of Broadcom in the second quarter valued at $18,579,549,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Broadcom by 37.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock valued at $10,968,270,000 after acquiring an additional 17,985,046 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in Broadcom during the 1st quarter worth about $6,649,117,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AVGO. UBS Group restated a “buy” rating and issued a $472.00 target price (up from $415.00) on shares of Broadcom in a report on Monday. Weiss Ratings reissued a “buy (b-)” rating on shares of Broadcom in a research note on Monday. Susquehanna reiterated a “positive” rating and issued a $450.00 price target (up from $400.00) on shares of Broadcom in a report on Thursday. Barclays set a $450.00 price objective on Broadcom and gave the stock an “overweight” rating in a report on Tuesday, October 14th. Finally, The Goldman Sachs Group set a $435.00 target price on Broadcom and gave the company a “buy” rating in a research note on Tuesday, November 25th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $391.04.

Broadcom Stock Performance

NASDAQ AVGO opened at $390.24 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.50 and a quick ratio of 1.37. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $403.00. The firm has a market capitalization of $1.84 trillion, a P/E ratio of 99.55, a P/E/G ratio of 1.30 and a beta of 1.19. The business’s 50-day simple moving average is $356.79 and its 200-day simple moving average is $311.56.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 EPS for the quarter, beating the consensus estimate of $1.66 by $0.03. The firm had revenue of $15.95 billion for the quarter, compared to analyst estimates of $15.82 billion. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. Broadcom’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.24 earnings per share. Equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 100,000 shares of the stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total value of $33,958,000.00. Following the completion of the sale, the chief executive officer directly owned 725,638 shares in the company, valued at approximately $246,412,152.04. This represents a 12.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $331.14, for a total value of $264,912.00. Following the completion of the transaction, the director directly owned 21,382 shares in the company, valued at $7,080,435.48. This trade represents a 3.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have acquired 3,550 shares of company stock valued at $1,227,869 and have sold 665,271 shares valued at $225,483,192. 2.00% of the stock is currently owned by insiders.

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.