Broadcom Inc. (NASDAQ: AVGO) saw a 2% drop in its stock price during Friday’s trading session, reaching as low as $1,678.60 before closing at $1,699.13. Trading volume was lower than average, with 2,416,850 shares exchanged compared to the daily average of 3,033,666 shares. Analysts on Wall Street have given a positive outlook on AVGO, with price targets being raised by various firms and a consensus rating of “Moderate Buy.” The company is set to undergo a 10-1 stock split on Monday, July 15, following a strong quarterly earnings report on June 12, where it exceeded EPS estimates and reported increased revenue year over year.
The 50-day and 200-day SMA for Broadcom’s stock are $1,402.28 and $1,282.37, respectively. With a market capitalization of $772.08 billion, PE ratio of 71.34, and a beta of 1.17, the company’s financial figures point to a strong position in the market. Additionally, a recent announcement of a quarterly dividend payout and insider selling activity have been reported.
In terms of institutional trading, hedge funds and other investors have shown interest in Broadcom shares, with purchases and sales being made recently. The company’s focus on semiconductor solutions and infrastructure software has attracted investor attention. Overall, Broadcom Inc. has been making moves in the market garnering interest from analysts and investors alike.
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