Broadcom (AVGO) Receives a Rating Update from a Top Analyst

Mizuho Securities analyst Vijay Rakesh reiterated a Buy rating on Broadcom today and set a price target of $480.00.

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Rakesh covers the Technology sector, focusing on stocks such as ARM Holdings PLC ADR, Micron, and Broadcom. According to TipRanks, Rakesh has an average return of 54.8% and a 69.72% success rate on recommended stocks.

In addition to Mizuho Securities, Broadcom also received a Buy from J.P. Morgan’s Harlan Sur in a report issued yesterday. However, on April 8, Seaport Global downgraded Broadcom (NASDAQ: AVGO) to a Hold.

Based on Broadcom’s latest earnings release for the quarter ending February 1, the company reported a quarterly revenue of $19.31 billion and a net profit of $7.35 billion. In comparison, last year the company earned a revenue of $14.92 billion and had a net profit of $5.5 billion

Based on the recent corporate insider activity of 69 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. Earlier this month, S. Ram Velaga, the President of AVGO sold 8,000.00 shares for a total of $2,964,160.00.