Traders Purchase Large Volume of Put Options on Broadcom Limited (AVGO)
Broadcom Limited (NASDAQ:AVGO) saw some unusual options trading on Thursday. Stock traders bought 20,934 put options on the company. This represents an increase of 480% compared to the typical volume of 3,612 put options.
Broadcom Limited (AVGO) opened at 245.59 on Friday. The stock has a market cap of $99.96 billion, a P/E ratio of 187.04 and a beta of 1.05. Broadcom Limited has a 12 month low of $158.75 and a 12 month high of $259.36. The company’s 50-day moving average price is $249.87 and its 200-day moving average price is $232.19.
Broadcom Limited (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.03 by $0.07. The firm had revenue of $4.47 billion for the quarter, compared to analyst estimates of $4.46 billion. Broadcom Limited had a net margin of 3.12% and a return on equity of 27.01%. The firm’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.89 earnings per share. Equities analysts forecast that Broadcom Limited will post $15.78 earnings per share for the current year.
In other Broadcom Limited news, insider Kirsten M. Spears sold 1,306 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $254.15, for a total value of $331,919.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Bryan Ingram sold 30,000 shares of the stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $253.41, for a total value of $7,602,300.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 41,306 shares of company stock valued at $10,380,120. 3.60% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of AVGO. iAB Financial Bank raised its position in Broadcom Limited by 45.1% in the first quarter. iAB Financial Bank now owns 1,690 shares of the semiconductor manufacturer’s stock valued at $370,000 after buying an additional 525 shares during the period. BTIM Corp. acquired a new position in Broadcom Limited during the first quarter valued at about $219,000. Comerica Bank raised its position in Broadcom Limited by 1.3% in the first quarter. Comerica Bank now owns 106,595 shares of the semiconductor manufacturer’s stock valued at $23,780,000 after buying an additional 1,375 shares during the period. Wesbanco Bank Inc. raised its position in Broadcom Limited by 1.6% in the first quarter. Wesbanco Bank Inc. now owns 118,971 shares of the semiconductor manufacturer’s stock valued at $26,050,000 after buying an additional 1,853 shares during the period. Finally, Icon Advisers Inc. Co. raised its position in Broadcom Limited by 4.0% in the first quarter. Icon Advisers Inc. Co. now owns 76,030 shares of the semiconductor manufacturer’s stock valued at $16,648,000 after buying an additional 2,900 shares during the period. Hedge funds and other institutional investors own 90.94% of the company’s stock.
AVGO has been the subject of a number of research analyst reports. Morgan Stanley reiterated an “overweight” rating and issued a $265.00 price target (up from $245.00) on shares of Broadcom Limited in a research note on Thursday, May 25th. Deutsche Bank AG increased their price target on Broadcom Limited from $275.00 to $295.00 and gave the company a “buy” rating in a research note on Friday. Pacific Crest reiterated an “overweight” rating and issued a $260.00 price target on shares of Broadcom Limited in a research note on Wednesday, May 31st. B. Riley reiterated an “avgo (” rating and issued a $305.00 price target on shares of Broadcom Limited in a research note on Monday, August 21st. Finally, Zacks Investment Research cut Broadcom Limited from a “buy” rating to a “hold” rating in a research note on Tuesday, May 2nd. Two equities research analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and three have issued a strong buy rating to the stock. Broadcom Limited presently has a consensus rating of “Buy” and a consensus price target of $267.94.
About Broadcom Limited
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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