Avago Technologies (AVGO) Announces Quarterly Results, Beats Estimates By $0.02 EPS
Tuesday, August 23, 2021 5:05 PM

Avago Technologies (AVGO) announced its quarterly results on Tuesday. The company reported $0.57 earnings per share for the quarter, beating the Thomson Reuters consensus estimate of $0.55 by $0.02. The company’s quarterly revenue was up 9.6% on a year-over-year basis.

On a related note, analysts at Kaufman Brothers cut their price target on shares of Avago Technologies from $40.00 to $37.00 in a research note to investors on Monday. They now have a "buy" rating on the stock. Also, analysts at Citigroup (NYSE: C) cut their price target on shares of Avago Technologies to $40.00 in a research note to investors on Friday, August 12nd. They now have a "buy" rating on the stock.

Shares of Avago Technologies (AVGO) traded up 5.86% during mid-day trading on Tuesday, hitting $29.26. Avago Technologies (AVGO) has a 52 week low of $18.41 and a 52 week high of $39.45. The stock's 50-day moving average is $33.51 and its 200-day moving average is $33.14. The company has a market cap of $7.220 billion and a price-to-earnings ratio of 12.71.

Avago Technologies Limited (Avago) is a designer, developer and global supplier of a range of analog semiconductor devices with a focus on III-V-based products. The Company’s product portfolio includes approximately 7,000 products in four primary target markets: wireless communications, wired infrastructure, industrial and automotive electronics, and consumer and computing peripherals. Applications for its products in these target markets include cellular phones, consumer appliances, data networking and telecommunications equipment, enterprise storage and servers, factory automation, displays, optical mice, and printers. The Company has a diversified customer base of approximately 40,000 customers, which it serves through its multi-channel sales and fulfillment system.

Stay on top of analysts' coverage with American Banking & Market News' daily email newsletter that provides a concise list of analysts' upgrades, analysts' downgrades and analysts' price target changes for each day.Click here to register.