Broadcom stock has far outperformed the S&P 500 so far this year.
Gabby Jones/Bloomberg
Broadcom has seen a second large insider stock purchase this calendar year, even as shares of the chip maker have been having a banner 2023.
Broadcom stock (ticker: AVGO) has surged 51% so far this year, compared with a 16% rise in the S&P 500 index. With Tuesday’s closing price of $844.60, shares remain near a record intraday price of $923.67 set on Aug. 31. Earnings reports have been strong, and some observers see the company as a play on artificial intelligence.
Director Harry L. You paid $860,000 on Sept. 15 for 1,000 Broadcom shares, an average price of $858.96 each. He now owns 3,510 Broadcom shares, including restricted stock units, according to a form You filed with the Securities and Exchange Commission.
He declined to comment on his Broadcom stock purchase, which was You’s first on the open market. Shares obtained from grants of restricted stock units comprise most of his Broadcom stake. You is the co-CEO of dMY Squared Technology Group (DMYY), and is a former Oracle (ORCL) chief financial officer.
You’s acquisition follows director Check Kian Low’s Sept. 6 $9.6 million purchase of 11,000 shares at an average price of $872.03. Low’s purchase was also his first on the open market.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BarronsEdLin.
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