In a year that has seen Broadcom (NASDAQ:AVGO)'s stock value surge significantly, two high-profile insiders, Harry L. You and Check Kian Low, have made substantial purchases. The semiconductor manufacturing company's shares have risen by 51% in 2023, outperforming the S&P 500 index's 16% increase.
On Tuesday, Broadcom's stock, traded under the ticker AVGO, closed at $844.60, close to its record intraday price of $923.67 on August 31st. This impressive performance is supported by robust earnings reports and the company's perceived position in the artificial intelligence sector.
Harry L. You, a director of Broadcom and co-CEO of dMY Squared Technology Group (DMYY), made his first open-market purchase of Broadcom shares on last Thursday. He acquired 1,000 shares at an average price of $858.96 each, amounting to a total investment of $860,000. Including restricted stock units, You now hold 3,510 shares of Broadcom.
Earlier in September, Check Kian Low, another director at Broadcom, also made his inaugural open market purchase. On Tuesday last week, he invested $9.6 million to acquire 11,000 shares at an average price of $872.03 each.
These purchases were publicly disclosed in compliance with regulations requiring insiders such as corporate executives and board members to report their stock trades to the Securities and Exchange Commission or other regulatory bodies.
This trend of insider purchases at Broadcom comes during a year when the company has been performing exceptionally well in the stock market.
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