Avago Technologies (AVGO) Posts Quarterly Earnings Results, Beats Estimates By $0.21 EPS
Avago Technologies (NASDAQ:AVGO) posted its quarterly earnings results on Thursday. The company reported $1.26 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.05 by $0.21, Analyst Ratings Network.com reports. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company posted $0.74 earnings per share. The company’s quarterly revenue was up 99.8% on a year-over-year basis.
A number of research firms have recently commented on AVGO. Analysts at MKM Partners raised their price target on shares of Avago Technologies from $75.00 to $84.00 in a research note on Tuesday. They now have a “buy” rating on the stock. On the ratings front, analysts at Zacks downgraded shares of Avago Technologies from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 21st. They now have a $79.00 price target on the stock. Finally, analysts at Morgan Stanley raised their price target on shares of Avago Technologies to $82.00 in a research note on Tuesday, August 19th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $76.11.
Avago Technologies (NASDAQ:AVGO) traded up 0.26% on Thursday, hitting $76.36. The stock had a trading volume of 1,832,869 shares. Avago Technologies has a 52-week low of $38.04 and a 52-week high of $77.21. The stock has a 50-day moving average of $73.00 and a 200-day moving average of $67.52. The company has a market cap of $19.221 billion and a P/E ratio of 32.03.
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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