Traders Sell Avago Technologies Ltd. (AVGO) on Strength (AVGO)
Traders sold shares of Avago Technologies Ltd. (NASDAQ:AVGO) on strength during trading on Thursday. $56.33 million flowed into the stock on the tick-up and $79.63 million flowed out of the stock on the tick-down, for a money net flow of $23.30 million out of the stock. Of all equities tracked, Avago Technologies had the 17th highest net out-flow for the day. Avago Technologies traded up $2.88 for the day and closed at $166.99
Several equities analysts have recently weighed in on AVGO shares. Cowen and Company lifted their price objective on Avago Technologies from $190.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, June 3rd. Zacks Investment Research upgraded Avago Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, June 8th. Vetr cut Avago Technologies from a “strong-buy” rating to a “buy” rating and set a $160.00 price objective on the stock. in a report on Tuesday, May 10th. SunTrust Banks Inc. lifted their price objective on Avago Technologies from $189.00 to $211.00 and gave the company a “buy” rating in a report on Friday, June 3rd. Finally, Bank of America Corp. reiterated a “sell” rating on shares of Avago Technologies in a report on Friday, April 15th. Four analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $183.01.
The firm’s market capitalization is $66.05 billion. The firm has a 50 day moving average of $157.97 and a 200 day moving average of $147.72.
Avago Technologies (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 2nd. The semiconductor manufacturer reported $2.53 EPS for the quarter, topping the Zacks’ consensus estimate of $2.38 by $0.15. The business had revenue of $3.56 billion for the quarter. The company’s revenue for the quarter was up 116.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.13 EPS. Analysts predict that Avago Technologies Ltd. will post $10.94 earnings per share for the current year.
In related news, SVP Bryan Ingram sold 31,487 shares of Avago Technologies stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $157.04, for a total transaction of $4,944,718.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Charlie B. Kawwas sold 4,776 shares of Avago Technologies stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $165.94, for a total value of $792,529.44. The disclosure for this sale can be found here.
A number of hedge funds have modified their holdings of AVGO. Cypress Funds LLC acquired a new stake in shares of Avago Technologies during the fourth quarter worth approximately $13,064,000. Principal Financial Group Inc. increased its stake in Avago Technologies by 2.5% in the fourth quarter. Principal Financial Group Inc. now owns 363,425 shares of the semiconductor manufacturer’s stock worth $52,751,000 after buying an additional 9,021 shares in the last quarter. Aberdeen Asset Management PLC UK increased its stake in Avago Technologies by 46.7% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 58,880 shares of the semiconductor manufacturer’s stock worth $7,380,000 after buying an additional 18,748 shares in the last quarter. Westfield Capital Management Co. LP increased its stake in Avago Technologies by 47.3% in the fourth quarter. Westfield Capital Management Co. LP now owns 684,901 shares of the semiconductor manufacturer’s stock worth $99,413,000 after buying an additional 219,813 shares in the last quarter. Finally, Alta Park Capital LP purchased a new stake in Avago Technologies during the fourth quarter worth about $1,161,000.
Broadcom Limited is a semiconductor company. The Company offers a range of products in end-markets, including wired infrastructure, wireless communications, enterprise storage, and industrial and others. The Company’s products are used in various applications, including data center networking, home connectivity, broadband access, telecommunications equipment, smartphones and base stations, data center servers and storage, factory automation, power generation and alternative energy systems, and displays.
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