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Broadcom (AVGO) made headlines earlier in the week due to insider selling that has raised investor concerns. The company’s CEO, Hock Tan, began the new year by offloading stock worth $24.3 million, selling 70,000 shares at $347.3. He now holds 908,474 shares in total. CFO Kirsten Spears and Chief Legal Officer Mark Brazeal also sold stock worth $10 million.
While insider selling like this always raises concerns, it isn’t something out of the ordinary. In fact, during the same week that these company officials were selling, analysts were encouraging people to buy. For example, Mizuho came up with a target price upgrade, while Cathie Wood of ARK Invest added more than $10 million worth of shares. She took advantage of a dip in AI stocks last week, which shows how investors are still keeping a close eye on the stock and waiting for the right opportunity to buy.
