Insider Selling: John E. Major Sells 1,000 Shares of Broadcom Stock (BRCM)
Broadcom (NASDAQ:BRCM) Director John E. Major sold 1,000 shares of the company’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $37.09, for a total value of $37,090.00. Following the completion of the transaction, the director now directly owns 42,925 shares of the company’s stock, valued at approximately $1,592,088. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
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 analyst has rated the stock with a sell rating, fifteen have given a hold rating and nineteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $37.65.
Broadcom (NASDAQ:BRCM) traded up 0.32% on Friday, hitting $37.73. The stock had a trading volume of 3,043,166 shares. Broadcom has a 52-week low of $23.25 and a 52-week high of $38.85. The stock’s 50-day moving average is $35.3 and its 200-day moving average is $31.39. The company has a market cap of $22.072 billion and a P/E ratio of 55.23.
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. Analysts expect that Broadcom will post $2.56 EPS for the current fiscal year.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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