Bridgeway Capital Increases Investment in Broadcom by 6.9%
Bridgeway Capital Management LLC has increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 6.9% during the first quarter of 2023. According to the firm’s latest 13F filing with the U.S. Securities and Exchange Commission (SEC), Bridgeway now holds 152,653 shares of the semiconductor manufacturer after acquiring an additional 9,887 shares in this period. This investment represents approximately 0.6% of Bridgeway’s total holdings, making Broadcom its ninth largest investment, valued at around $25.56 million.
The move comes amidst a broader trend, as several institutional investors and hedge funds have also adjusted their positions in Broadcom recently. Notably, Nuveen LLC purchased a new stake valued at $6.65 billion during the first quarter, indicating significant interest in the semiconductor sector. Price T Rowe Associates Inc. increased its holdings by 37.8%, now owning approximately 65.51 million shares worth around $10.97 billion.
In another substantial move, GAMMA Investing LLC expanded its position by 18,179.3%, acquiring 17.28 million shares valued at approximately $2.89 billion. The Goldman Sachs Group Inc. also raised its stake by 16.7%, now holding 31.85 million shares worth around $5.33 billion, while Deutsche Bank AG increased its investment by 36.9%, owning 15.76 million shares valued at approximately $2.64 billion. Overall, institutional investors and hedge funds own about 76.43% of Broadcom’s stock.
Broadcom’s Market Performance and Analyst Ratings
As of the latest trading session, Broadcom’s shares opened at $298.24. The company boasts a market capitalization of $1.40 trillion and has shown resilience with a P/E ratio of 111.70 and a beta of 1.16. Over the past year, the stock has fluctuated between a low of $134.90 and a high of $317.35. Its fifty-day simple moving average stands at $289.30, while the two-hundred-day average is $235.55.
In terms of analyst coverage, Broadcom has recently received favorable ratings from various financial institutions. On June 6, Susquehanna raised its price target for Broadcom from $280.00 to $300.00, assigning a “positive” rating. Similarly, Bank of America increased its target from $240.00 to $300.00, also giving it a “buy” rating. Other notable upgrades include HSBC Global Research, which elevated its rating from “hold” to “strong-buy,” and JPMorgan Chase & Co., which boosted its target from $250.00 to $325.00.
Currently, the consensus among analysts suggests a strong preference for the stock, with three investment analysts rating it as a “Strong Buy,” twenty-six issuing a “Buy” rating, and one analyst recommending a “Hold.” According to data from MarketBeat.com, Broadcom maintains an average rating of “Buy” with a consensus price target of approximately $302.58.
Insider Trading Activity
In recent insider trading activities, Gayla J. Delly, a director at Broadcom, sold 3,000 shares on June 26 at an average price of $265.13, totalling around $795,390. Following this transaction, Delly holds 33,352 shares, valued at approximately $8.84 million, reflecting an 8.25% decrease in ownership.
Additionally, Kirsten M. Spears, the Chief Financial Officer, sold 36,350 shares on June 24 at an average price of $261.27, amounting to about $9.5 million. After this sale, Spears retains 325,587 shares, valued at around $85.07 million, marking a 10.04% decrease in her shareholding. Over the past three months, insiders have sold a total of 830,516 shares worth approximately $217.29 million, which constitutes 2.00% of the company’s total shares.
Broadcom Inc. specializes in designing and supplying semiconductor devices, focusing on complex digital and mixed-signal complementary metal oxide semiconductor products and analog III-V based products. The company operates in two primary segments: Semiconductor Solutions and Infrastructure Software. For investors and analysts monitoring Broadcom, the recent activity and market performance may set the stage for future growth in this dynamic sector.
