Yahoo Finance Broadcom's (AVGO) Symantec Completes Australian Assessment
Broadcom AVGO has announced a significant milestone for its Symantec cybersecurity solutions, with Symantec Endpoint Security, Symantec Network Protection, and Symantec Data Loss Prevention (DLP) Cloud completing the Information Security Registered Assessors Program (IRAP) assessment.
This rigorous evaluation, administered by the Australian Cyber Security Centre (ACSC), ensures that these technologies meet the highest security standards required by the Australian government.
In an era where ransomware and cyberattacks are increasingly sophisticated and frequent, the need for robust cybersecurity solutions is critical. The ACSC recently highlighted the threat posed by the LockBit ransomware group, underscoring the urgency for public sector entities to adopt stringent security measures.
The IRAP assessment reviewed the “robustness, compliance, and effectiveness” of Symantec’s core security solutions, confirming their capability to protect critical and sensitive information within governmental institutions.
This achievement positions Symantec’s solutions as critical tools in the defense against cyber threats, ensuring that Australian government entities are well-equipped to protect their vital information and infrastructure.
Broadcom Inc. Price and Consensus
Broadcom Inc. price-consensus-chart | Broadcom Inc. Quote
Robust Portfolio, Strong Partner Base Aid AVGO’s Prospects
Symantec Enterprise Cloud portfolio covers endpoint, network, information and email security for both on-premises and cloud-based deployments.
Symantec Endpoint Security solution offers comprehensive protection for both traditional and mobile devices throughout the entire attack chain. Symantec Network Protection features a cloud-native architecture, advanced secure web gateway and CASB controls, ensuring robust security capabilities for web, public and private cloud applications. Symantec DLP Cloud provides a single control point for configuring DLP policies that secure SaaS apps, control web access and identify shadow IT.
Broadcom has been benefiting from the growing demand for AI infrastructure and the strong deployment of generative AI. Its solutions are suitable for addressing the needs of an increasing AI workload and the growing need for fast networking in data centers.
In the second quarter of fiscal 2024, AVGO doubled shipments of PCI Express switches and NICs in the AI backend fabric. AI sales surged an astounding 280% year over year and are now expected to be more than $11 billion for fiscal 2024.
A solid portfolio is helping in expanding clientele that includes the likes of Alphabet GOOGL and Meta Platforms META. Broadcom’s strong partner base, which includes Microsoft, is noteworthy.
Alphabet is one of the large customers of Broadcom’s application-specific integrated chips (ASICs). These chips are designed to support AI and machine learning and make these tasks more efficient. Meta Platforms has also become an important customer as it is using AVGO’s ASICs to develop Metaverse hardware.
In the second quarter of fiscal 2024, sales of the PAM-5 and Jericho 3, which Broadcom deployed successfully in close collaboration with partners like Arista Networks, Dell, Juniper and Supermicro, doubled year over year.
For fiscal 2024, AVGO expects revenues of $50 billion (up from previous guidance of $50 million) and adjusted EBITDA margin of 61% (up from 60%). The rise reflects the growing dominance of AVGO in the AI infrastructure market.
The Zacks Consensus Estimate for fiscal 2024 is pegged at $51.26 billion, suggesting growth of 43.12% year over year. The consensus estimate for earnings is pegged at $47.39 per share, up 0.7% over the past 30 days, indicating 12.17% year-over-year growth.
Zacks Rank & A Key Stock to Consider
Broadcom currently has a Zacks Rank #3 (Hold).
AVGO shares have returned 62.1% year to date, outperforming the Zacks Computer & Technology sector’s growth of 26.1%.
NVIDIA NVDA, with a Zacks Rank #1 (Strong Buy), is a better-ranked stock in the broader sector. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVDA shares have returned 173.8% year to date. Long-term earnings growth is currently pegged at 37.57%.
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