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Director You Harry L. of Broadcom Inc (NASDAQ:AVGO), a semiconductor giant with impressive gross profit margins of 77%, recently purchased shares of the company’s common stock in a series of transactions, totaling $1227870. The timing is notable as the stock has surged 20% in the past week, trading near its 52-week high of $372.97.
According to a Form 4 filing with the Securities and Exchange Commission, You acquired a total of 3,550 shares of Broadcom Inc. The purchases occurred between September 8 and September 10, with prices ranging from $339.385 to $363.375 per share. According to InvestingPro, analysts maintain a strong buy consensus on the stock, which currently appears overvalued based on its Fair Value analysis.
Specifically, on September 8, You bought 2,050 shares at $344.7794 each. This was followed by the acquisition of 1,000 shares on September 9 at $339.385 per share, and another 500 shares on September 10 at $363.375 per share.
Following these transactions, You directly owns 35,602 shares of Broadcom Inc., including 1,602 restricted stock units.
In other recent news, Broadcom has been the focus of several analyst upgrades following its latest quarterly results, highlighting the company’s growth in artificial intelligence (AI) infrastructure. CFRA raised its price target for Broadcom to $380, citing the expansion of the company’s AI semiconductor business and the addition of a fourth customer expected to generate $10 billion in sales in the coming quarters. Similarly, Truist Securities increased its price target to $365, noting a significant uptick in Broadcom’s AI infrastructure backlog. TD Cowen also raised its target to $370, attributing the increase to strong results and guidance related to Broadcom’s tensor processing unit business. Piper Sandler set its price target at $375, emphasizing robust year-over-year growth and new XPU orders worth approximately $10 billion. Meanwhile, BMO Capital Markets highlighted Celestica’s potential role as a key supplier for OpenAI, which could benefit from Broadcom’s involvement in designing AI chips. These developments underscore Broadcom’s expanding presence in the AI market and its strategic partnerships.
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