Broadcom CEO Hock E Tan sells $10.8 million in inventory

Hock E Tan, President and CEO of Broadcom Inc. (NASDAQ:AVGO), bought 45,000 shares of the corporate’s widespread inventory on December 24, based on a latest SEC submitting. The shares have been bought at a mean worth of $239.96, amounting to a complete transaction worth of roughly $10.8 million. Following this sale, Tan holds 842,836 shares straight.

Moreover, the submitting reported a transaction involving the disposition of 130,000 shares, categorized beneath a special transaction kind, with no financial trade concerned. After these transactions, Tan’s direct possession stands at 712,836 shares. An extra 1,131,910 shares are held not directly by a belief.

In different latest information, Broadcom Restricted has been the focal point for its robust efficiency and optimistic future prospects, particularly within the synthetic intelligence (AI) market. UBS has elevated Broadcom’s worth goal to $270, whereas Bernstein SocGen Group raised theirs to $250, each sustaining a constructive score on the inventory. These changes observe a major rise within the firm’s AI revenues, which reached $12.2 billion in fiscal 12 months 2024, a threefold year-over-year enhance. The corporate anticipates these revenues to develop to $17-18 billion in fiscal 12 months 2025, marking a 40% year-over-year enhance.

Additional, JPMorgan and Goldman Sachs have additionally raised their worth targets for Broadcom, sustaining their Obese and Purchase rankings respectively. These revisions are primarily based on the corporate’s robust AI income progress and the forecasted growth of the AI semiconductor serviceable accessible market to between $60 billion and $90 billion by fiscal 12 months 2027.

Broadcom’s latest earnings report revealed revenues of $14.1 billion and earnings per share of $1.42 for the fiscal fourth quarter of 2024. The corporate’s semiconductor revenues of $8.2 billion exceeded expectations, largely pushed by stronger AI income. Nonetheless, the software program phase underperformed, reporting $5.8 billion in income.

These latest developments spotlight Broadcom’s robust monetary well being and progress prospects, notably within the AI sector, prompting a number of monetary corporations to boost their worth targets.

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