Avago Technologies Sets New 52-Week High Following Better-Than-Expected Earnings (AVGO)
Avago Technologies (NASDAQ:AVGO)’s share price reached a new 52-week high on Friday following a stronger than expected earnings report, American Banking News reports. The stock traded as high as $84.80 and last traded at $83.00, with a volume of 4,258,650 shares. The stock had previously closed at $76.36.
The company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.21. 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 previous year, the company posted $0.74 earnings per share. The company’s revenue for the quarter was up 99.8% on a year-over-year basis.
A number of research firms have recently commented on AVGO. Analysts at DA Davidson reiterated a “neutral” rating on shares of Avago Technologies in a research note on Friday. They now have a $84.00 price target on the stock, up previously from $75.00. Separately, analysts at Morgan Stanley reiterated a “positive” rating on shares of Avago Technologies in a research note on Friday. Finally, analysts at Pacific Crest raised their price target on shares of Avago Technologies to $90.00 in a research note on Friday. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $83.88.
The stock’s 50-day moving average is $73.06 and its 200-day moving average is $67.58. The company has a market cap of $20.898 billion and a P/E ratio of 32.11.
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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