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Broadcom (NASDAQ:BRCM) was the recipient of a significant drop in short interest in the month of May. As of May 30th, there was short interest totalling 11,066,875 shares, a drop of 13.6% from the May 15th total of 12,810,746 shares, American Banking and Market News reports. Based on an average daily volume of 5,129,203 shares, the days-to-cover ratio is currently 2.2 days. Approximately 2.1% of the shares of the company are short sold.

In other Broadcom news, CEO Scott A. Mcgregor sold 125,000 shares of the stock on the open market in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $38.11, for a total transaction of $4,763,750.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

A number of research firms have recently commented on BRCM. Analysts at TheStreet upgraded shares of Broadcom to a “buy” rating in a research note on Monday. Separately, analysts at Canaccord Genuity set a $46.00 price target on shares of Broadcom in a research note on Friday. Finally, analysts at Canaccord Genuity initiated coverage on shares of Broadcom in a research note on Tuesday, June 10th. They set a “buy” rating and a $42.00 price target on the stock. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $37.41.

Broadcom (NASDAQ:BRCM) opened at 38.66 on Tuesday. Broadcom has a one year low of $23.25 and a one year high of $38.85. The stock has a 50-day moving average of $32.6 and a 200-day moving average of $30.49. The company has a market cap of $22.616 billion and a price-to-earnings ratio of 56.31.

Broadcom (NASDAQ:BRCM) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.06. The company had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter in the previous year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, analysts predict that Broadcom will post $2.56 earnings per share for the current fiscal year.

Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.

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