Short Interest in Broadcom Inc (AVGO) Drops By 20.3%

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Broadcom Inc (NASDAQ:AVGO) was the target of a significant decline in short interest in January. As of January 31st, there was short interest totalling 6,848,721 shares, a decline of 20.3% from the January 15th total of 8,589,975 shares. Currently, 1.7% of the company’s stock are short sold. Based on an average trading volume of 3,077,327 shares, the days-to-cover ratio is presently 2.2 days.

In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Tuesday, January 15th. The stock was sold at an average price of $254.99, for a total value of $5,099,800.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Donald Macleod sold 5,223 shares of the business’s stock in a transaction on Monday, January 7th. The stock was sold at an average price of $233.65, for a total value of $1,220,353.95. The disclosure for this sale can be found here. Insiders sold 79,723 shares of company stock worth $20,347,374 over the last three months. Corporate insiders own 3.30% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at about $2,768,560,000. Advisors Asset Management Inc. lifted its holdings in shares of Broadcom by 4.7% in the 2nd quarter. Advisors Asset Management Inc. now owns 31,254 shares of the semiconductor manufacturer’s stock valued at $7,583,000 after buying an additional 1,407 shares during the period. Schroder Investment Management Group acquired a new position in shares of Broadcom in the 2nd quarter valued at about $5,876,000. Bank of New York Mellon Corp acquired a new position in shares of Broadcom in the 2nd quarter valued at about $1,127,357,000. Finally, First Hawaiian Bank acquired a new position in shares of Broadcom in the 3rd quarter valued at about $1,316,000. 89.34% of the stock is owned by institutional investors.

Shares of AVGO opened at $281.32 on Thursday. Broadcom has a one year low of $197.46 and a one year high of $282.16. The company has a quick ratio of 3.41, a current ratio of 3.90 and a debt-to-equity ratio of 0.66. The stock has a market cap of $113.79 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 1.24 and a beta of 0.72.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 6th. The semiconductor manufacturer reported $5.85 EPS for the quarter, topping the Zacks’ consensus estimate of $5.58 by $0.27. Broadcom had a return on equity of 29.03% and a net margin of 58.80%. The company had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.40 billion. During the same quarter in the previous year, the firm posted $4.59 EPS. The firm’s revenue was up 12.4% compared to the same quarter last year. As a group, equities research analysts expect that Broadcom will post 18.59 earnings per share for the current year.

AVGO has been the topic of several analyst reports. BidaskClub raised Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, November 8th. Deutsche Bank reissued a “buy” rating and issued a $310.00 target price on shares of Broadcom in a report on Thursday, November 8th. started coverage on Broadcom in a report on Thursday, November 8th. They set a “buy” rating and a $310.00 price target on the stock. B. Riley raised Broadcom from a “neutral” rating to a “buy” rating and upped their price target for the company from $250.00 to $300.00 in a report on Monday, December 3rd. Finally, Credit Suisse Group reaffirmed a “buy” rating and set a $300.00 price target on shares of Broadcom in a report on Wednesday, December 5th. Nine equities research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $288.93.

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About Broadcom

Broadcom Inc designs, develops, and supplies a range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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