Insider Selling: Henry Samueli Sells 100,000 Shares of Broadcom Stock (BRCM)
Broadcom (NASDAQ:BRCM) Chairman Henry Samueli unloaded 100,000 shares of Broadcom stock on the open market in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $37.48, for a total transaction of $3,748,000.00. Following the sale, the chairman now directly owns 521,145 shares of the company’s stock, valued at approximately $19,532,515. The sale was disclosed in a document filed with the SEC, which is available at this link.
Shares of Broadcom (NASDAQ:BRCM) traded up 0.32% on Thursday, hitting $37.73. The stock had a trading volume of 3,043,166 shares. Broadcom has a 1-year low of $23.25 and a 1-year high of $38.85. The stock has a 50-day moving average of $35.08 and a 200-day moving average of $31.30. The company has a market cap of $22.072 billion and a price-to-earnings ratio of 55.23. Broadcom also was the recipient of a significant growth in short interest during the month of June. As of June 13th, there was short interest totalling 12,570,380 shares, a growth of 13.6% from the May 30th total of 11,066,875 shares. Based on an average trading volume of 16,507,458 shares, the short-interest ratio is currently 0.8 days. Approximately 2.4% of the company’s shares are sold short.
Broadcom (NASDAQ:BRCM) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.51 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.65 earnings per share. The company’s quarterly revenue was down 1.0% on a year-over-year basis. Analysts expect that Broadcom will post $2.56 EPS for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at Benchmark Co. downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, June 17th. They now have a $40.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at TheStreet upgraded shares of Broadcom to a “buy” rating in a research note on Monday, June 16th. Finally, analysts at Canaccord Genuity set a $46.00 price target on shares of Broadcom in a research note on Friday, June 13th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and nineteen have assigned a buy rating to the company’s stock. Broadcom presently has an average rating of “Buy” and an average target price of $37.65.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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