Avago Technologies Reaches New 12-Month High at $73.62 (AVGO)
Shares of Avago Technologies (NASDAQ:AVGO) hit a new 52-week high on Tuesday , Stock Ratings Network.com reports. The company traded as high as $73.62 and last traded at $73.55, with a volume of 942,336 shares traded. The stock had previously closed at $72.07.
A number of research firms have recently commented on AVGO. Analysts at Zacks reiterated an “outperform” rating on shares of Avago Technologies in a research note on Friday, May 30th. They now have a $85.00 price target on the stock. Separately, analysts at Raymond James reiterated an “outperform” rating on shares of Avago Technologies in a research note on Friday, May 30th. They now have a $83.00 price target on the stock, up previously from $65.00. Finally, analysts at Goldman Sachs raised their price target on shares of Avago Technologies to $78.00 in a research note on Friday, May 30th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $73.21.
The stock has a 50-day moving average of $70.54 and a 200-day moving average of $61.94. The company has a market cap of $18.635 billion and a price-to-earnings ratio of 30.31. Avago Technologies also was the recipient of a significant decrease in short interest in June. As of June 13th, there was short interest totalling 4,175,347 shares, a decrease of 20.8% from the May 30th total of 5,269,211 shares. Approximately 1.7% of the company’s stock are sold short. Based on an average daily volume of 1,973,289 shares, the short-interest ratio is currently 2.1 days.
Avago Technologies (NASDAQ:AVGO) last announced its earnings results 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 $3.99 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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