AVGO (Broadcom Inc.) may reap gains as insiders became active recently


Broadcom Inc.’s recent filing unveils that its Director FERNANDEZ RAUL J unloaded Company’s shares for reported $0.67 million on Dec 14. In the deal valued at $575.00 per share,1,170 shares were sold. As a result of this transaction, FERNANDEZ RAUL J now holds 1,953 shares worth roughly $ 1.16 million.

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Then, DELLY GAYLA J sold 200 shares, generating $115,912 in total proceeds. Upon selling the shares at $579.56, the Director now owns 3,264 shares.

Before that, PAGE JUSTINE sold 170 shares. Broadcom Inc. shares valued at $97,726 were divested by the Director at a price of $574.86 per share. As a result of the transaction, PAGE JUSTINE now holds 2,981 shares, worth roughly $1.77 million.

Exane BNP Paribas initiated its Broadcom Inc. [AVGO] rating to an Outperform in a research note published on Tuesday, February 28, 2023; the price target was $660. PT values the company’s stock at a premium of 9.96 to its Tuesday closing price. A number of analysts have revised their coverage, including Truist’s analysts, who remained covering the stock and in late January has reiterated a ‘”a Buy”‘ rating for it. Cowen also remained covering AVGO and reiterated its “Market perform” recommendation on December 09, 2022. UBS maintained its rating on March 04, 2022. It rated AVGO as “a Buy”.

Price Performance Review of AVGO

On Tuesday, Broadcom Inc. [NASDAQ:AVGO] saw its stock jump 1.51% to $594.29. On the same session, the stock had its day’s lowest price of $582.18, but rose to a high of $598.5756. Over the last five days, the stock has gained 2.19%. Broadcom Inc. shares have risen nearly 6.29% since the year began. Nevertheless, the stocks have risen 1.07% over the past one year. While a 52-week high of $645.31 was reached on 02/07/23, a 52-week low of $415.07 was recorded on 01/10/23. SMA at 50 days reached $579.12, while 200 days put it at $527.57. A total of 2.78 million shares were traded, compared to the trading of 1.54 million shares in the previous session.

Levels Of Support And Resistance For AVGO Stock

The 24-hour chart illustrates a support level at 584.79, which if violated will result in even more drops to 575.29. On the upside, there is a resistance level at 601.18. A further resistance level may holdings at 608.08. The Relative Strength Index (RSI) on the 14-day chart is 53.43, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -7.07, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 48.19%. Stochastics %K at 31.37% indicates the stock is a holding.

How much short interest is there in Broadcom Inc.?

A steep rise in short interest was recorded in Broadcom Inc. stocks on Jan 12, 2023, growing by 0.15 million shares to a total of 5.73 million shares. Yahoo Finance data shows the prior-month short interest on Dec 14, 2022 was 5.58 million shares. There was a rise of 2.62%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 1.85% of the overall stock float, the days-to-cover ratio (short ratio) rose to 2.17.

Broadcom Inc. [AVGO] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 37,297,132 shares, or roughly 8.93% of the outstanding AVGO shares. In other words, the investor’s shares have risen by 1,372,231 from its previous 13-F filing of 35924901.0. Additionally, Capital Research & Management Co increased 1.59% of its stake after which the total value it holdings stand at $17,681,656,975, while Capital Research & Management Co reduced -7.12% of its stake to hold $17.18 billion in the firm. Over the last quarter, Capital Research & Management Co purchased 590,526 shares of Broadcom Inc., while BlackRock Fund Advisors bought 85,424 shares. At present, SSgA Funds Management, Inc. is holding 15,837,291 shares valued at $9.26 billion. Geode Capital Management LLC owned 7,438,270 shares of the company at the time of its most recent 13F filing, worth $4.35 billion.

According to FactSet, Broadcom Inc.’s share price will average $665.48 in the next year, based on opinions of analysts polled by the firm. This is up nearly 15.3 percent from its previous closing price of $585.45. Analysts expect Broadcom Inc. stock to reach the higher price of $775.00, while the lowest price estimate is $540.00. However, 25 analysts have rated AVGO stock as a Buy in their predictions for 2023. The most recent change occurred on March 04, 2022 when Truist resumed its ‘”a Buy”‘ rating for the stock and retained the price target to $686.


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