Eddy W. Hartenstein, a director at Broadcom Inc. (NASDAQ:AVGO), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Hartenstein sold 4,000 shares of Broadcom's common stock on January 8, 2025. The shares were sold at an average price of approximately $229.64, resulting in a total transaction value of $918,548. The sale comes as Broadcom, now valued at over $1 trillion, has delivered an impressive 115% return over the past year. According to InvestingPro, analysts maintain a strong buy consensus on the stock, which currently trades above its Fair Value.
This transaction follows a ten-for-one stock split by Broadcom, which took effect after market close on July 12, 2024. Post-transaction, Hartenstein holds 46,400 shares indirectly through the Hartenstein family trust, where he serves as trustee. Additionally, he directly owns 1,890 restricted stock units. The semiconductor giant has maintained dividend payments for 15 consecutive years and boasts a strong financial health score. For deeper insights into Broadcom's valuation and growth prospects, including 18 additional ProTips, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Broadcom Inc., a leading semiconductor device manufacturer, recently issued $3 billion in senior notes, a move aimed at bolstering its financial structure. The company is also experiencing significant growth in its AI revenue streams, with fiscal fourth-quarter 2024 earnings showing revenues of $14.1 billion and earnings per share (EPS) of $1.42. This exceeded expectations, largely due to stronger AI revenue. Analyst firms such as UBS and Bernstein SocGen Group have expressed optimism about Broadcom's AI revenue prospects. UBS increased the price target for Broadcom shares, while Bernstein SocGen maintained an Outperform rating on the company, highlighting a potential AI revenue opportunity ranging from $60 billion to $90 billion by 2027. These are recent developments and further updates are expected.
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