Broadcom Chairman Sells $2,862,750 in Stock (BRCM)
Broadcom (NASDAQ:BRCM) Chairman Henry Samueli sold 75,000 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $38.17, for a total value of $2,862,750.00. Following the completion of the transaction, the chairman now directly owns 521,145 shares in the company, valued at approximately $19,892,105. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Broadcom (NASDAQ:BRCM) traded down 0.31% on Monday, hitting $38.07. 5,348,067 shares of the company’s stock traded hands. Broadcom has a 52 week low of $23.25 and a 52 week high of $40.74. The stock’s 50-day moving average is $37.90 and its 200-day moving average is $32.79. The company has a market cap of $22.499 billion and a P/E ratio of 34.88.
Broadcom (NASDAQ:BRCM) last announced its earnings results on Tuesday, July 22nd. The company reported $0.65 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.61 by $0.04. The company had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter last year, the company posted $0.70 earnings per share. Broadcom’s revenue was down 2.3% compared to the same quarter last year. On average, analysts predict that Broadcom will post $2.84 earnings per share for the current fiscal year.
A number of analysts have recently weighed in on BRCM shares. Analysts at Bernstein raised their price target on shares of Broadcom from $44.00 to $46.00 in a research note on Wednesday, July 23rd. They now have an “outperform” rating on the stock. Separately, analysts at Susquehanna raised their price target on shares of Broadcom from $40.00 to $45.00 in a research note on Wednesday, July 23rd. They now have a “positive” rating on the stock. Finally, analysts at Topeka Capital Markets raised their price target on shares of Broadcom from $40.00 to $45.00 in a research note on Wednesday, July 23rd. They now have a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-two have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $41.18.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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