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Broadcom (AVGO) Received its Third Buy in a Row

After Mizuho Securities and Oppenheimer gave Broadcom (NASDAQ: AVGO) a Buy rating last month, the company received another Buy, this time from Jefferies. Analyst Mark Lipacis maintained a Buy rating on Broadcom today and set a price target of $720.00. The company’s shares closed last Thursday at $578.60.

According to TipRanks.com, Lipacis is a top 25 analyst with an average return of 31.0% and a 70.8% success rate. Lipacis covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Tower Semiconductor, and NXP Semiconductors.

Broadcom has an analyst consensus of Strong Buy, with a price target consensus of $694.73, which is a 17.0% upside from current levels. In a report released today, KeyBanc also maintained a Buy rating on the stock with a $720.00 price target.

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Based on Broadcom’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $7.41 billion and net profit of $1.99 billion. In comparison, last year the company earned revenue of $6.47 billion and had a net profit of $1.32 billion.

Based on the recent corporate insider activity of 51 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 technology company offering semiconductor and infrastructure software solutions. It operates through two segments: Semiconductor Solutions (includes semiconductor solution product lines and IP licensing) and Infrastructure Software (Includes mainframe, BizOps and cyber security software solutions and FC SAN business). The company was founded in 1961 and is headquartered in San Jose, CA.

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