Avago Technologies Ltd (AVGO) reported quarterly earnings results on Thursday, Jun-2-2016. The company said it had a profit of $2.53 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.15. Analysts had a consensus of $2.38. The company posted revenue of $3562.00 million in the period, compared to analysts expectations of $3549.17 million. The company’s revenue was up 116.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.13 EPS.
Many Wall Street Analysts have commented on Avago Technologies Ltd. Credit Agricole Initiated Avago Technologies Ltd on May 17, 2016 to “Outperform”, Price Target of the shares are set at $165.Cowen Initiated Avago Technologies Ltd on Apr 18, 2016 to “Outperform”, Price Target of the shares are set at $190.
Avago Technologies Ltd opened for trading at $153.41 and hit $155.32 on the upside on Wednesday, eventually ending the session at $154.77, with a gain of 0.27% or 0.41 points. The heightened volatility saw the trading volume jump to 30,77,737 shares. Company has a market cap of $60,430 M.
In a different news, on Apr 19, 2016, Kirsten M. Spears (Principal Accounting Officer) sold 660 shares at $155.19 per share price. According to the SEC, on Apr 19, 2016, Patricia H Mccall (VP & General Counsel) sold 916 shares at $155.19 per share price. On Apr 19, 2016, Thomas H. Krause (Acting CFO &Principal Fin Ofcr) sold 1,308 shares at $155.19 per share price, according to the Form-4 filing with the securities and exchange commission.
Avago Technologies Limited (Avago) is a designer developer and global supplier of a range of analog semiconductor devices. The Company focuses on III-V based products and complex digital and mixed signal complementary metal oxide semiconductor (CMOS) based devices. The Company operates through four segments: wireless communications enterprise storage wired infrastructure and industrial & other. The wireless communications segment supports the wireless industry with a range of radio frequency (RF) semiconductor devices. The enterprise storage segment consists of LSI Corporation’s (LSI’s) storage products and PLX Technology Inc.’s (PLX’s) peripheral component interconnect express (PCIe) switches and bridges. The wired infrastructure segment supplies transceivers that receive and transmit information along optical fibers in the storage and Ethernet networking markets. The industrial & other segment provides a range of products for the general industrial and automotive markets.