Short Interest in Avago Technologies Drops By 22.6% (AVGO)
Avago Technologies (NASDAQ:AVGO) saw a significant decline in short interest in July. As of July 31st, there was short interest totalling 2,712,266 shares, a decline of 22.6% from the July 15th total of 3,503,131 shares, Stock Ratings Network.com reports. Based on an average trading volume of 2,293,979 shares, the short-interest ratio is presently 1.2 days. Approximately 1.1% of the shares of the stock are short sold.
A number of research firms have recently commented on AVGO. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of Avago Technologies in a research note on Monday, July 14th. They now have a $90.00 price target on the stock, up previously from $46.00. 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. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $73.47.
Avago Technologies (NASDAQ:AVGO) opened at 73.84 on Friday. Avago Technologies has a 1-year low of $35.89 and a 1-year high of $76.44. The stock has a 50-day moving average of $72.31 and a 200-day moving average of $66.06. The company has a market cap of $18.587 billion and a price-to-earnings ratio of 30.26.
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. Analysts expect that Avago Technologies will post $3.99 EPS 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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