Broadcom, the chip maker, continues to flourish in 2023, with its stock (ticker: AVGO) surging by 51% this year. In comparison, the S&P 500 index has risen by only 16%. Achieving a closing price of $844.60 on Tuesday, the shares remain close to their all-time high of $923.67, reached on Aug. 31. The company's strong earnings reports and its association with artificial intelligence have made it an attractive investment.
Director Harry L. You recently made a substantial purchase of Broadcom stock on the open market. On Sept. 15, he acquired 1,000 shares, paying an average price of $858.96 per share for a total of $860,000. Combining these new shares with his existing holdings, which consist mainly of restricted stock units, You now boasts a total of 3,510 Broadcom shares. It is worth noting that this purchase represents his first open-market transaction. You's professional background includes serving as the co-CEO of dMY Squared Technology Group (DMYY) and as a former chief financial officer at Oracle (ORCL).
This acquisition follows a similar move made by director Check Kian Low, who purchased 11,000 Broadcom shares for $9.6 million on Sept. 6. Like You, this marked Low's first purchase on the open market.
"Inside Scoop" is our regular feature that focuses on stock transactions made by insiders such as corporate executives, board members, prominent figures, and even politicians and major shareholders. Due to their insider status, these individuals are obligated to report their stock trades to the Securities and Exchange Commission and other regulatory bodies.