Avago Technologies Sees Large Increase in Short Interest (AVGO)
Shares of Avago Technologies (NASDAQ:AVGO) were the target of a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 6,818,510 shares, a growth of 147.1% from the April 30th total of 2,759,952 shares, AnalystRatingsNetwork.com reports. Currently, 2.7% of the shares of the stock are short sold. Based on an average daily volume of 8,536,799 shares, the days-to-cover ratio is presently 0.8 days.
A number of research firms have recently commented on AVGO. Analysts at Oppenheimer raised their price target on shares of Avago Technologies to $82.00 in a research note on Wednesday. Separately, analysts at MKM Partners raised their price target on shares of Avago Technologies from $69.00 to $74.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Finally, analysts at Zacks upgraded shares of Avago Technologies from a “neutral” rating to an “outperform” rating in a research note on Thursday, May 15th. They now have a $72.30 price target on the stock. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $67.57.
Shares of Avago Technologies (NASDAQ:AVGO) opened at 70.79 on Friday. Avago Technologies has a one year low of $35.62 and a one year high of $71.28. The stock’s 50-day moving average is $65.25 and its 200-day moving average is $57.55. The company has a market cap of $17.685 billion and a P/E ratio of 31.59.
Avago Technologies (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, May 29th. The company reported $0.85 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.76 by $0.09. The company had revenue of $901.00 million for the quarter, compared to the consensus estimate of $679.59 million. During the same quarter last year, the company posted $0.61 earnings per share. Avago Technologies’s revenue was up 24.7% compared to the same quarter last year. On average, analysts predict that Avago Technologies will post $3.74 earnings per share for the current fiscal year.
Avago Technologies Limited is a designer, developer and global supplier of a range of analog semiconductor devices with a focus on III-V based products.
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