10 Best High Volume Stocks To Buy According to Hedge Funds

4. Broadcom Inc. (NASDAQ:AVGO)

Avg Volume: 33.88 million

Quarterly Revenue Growth: 47.27%

Number of Hedge Fund Holders: 130

Broadcom Inc. (NASDAQ:AVGO) is a global technology leader specializing in the design, development, and supply of a wide array of semiconductor, enterprise software, and security solutions.

TD Cowen has maintained a positive outlook on Broadcom Inc. (NASDAQ:AVGO), reaffirming a Buy rating and setting a price target of $210. Analysts noted the company’s strong performance in key growth sectors, such as Networking and AI, following its third fiscal quarter earnings call. They also highlighted that the integration of VMWare is progressing as planned, despite some ongoing softness in non-AI-related segments of the business.

For the third quarter of fiscal year 2024, Broadcom Inc. (NASDAQ:AVGO) reported a 47% year-over-year increase in consolidated net revenue, reaching $13.1 billion. The company raised its AI-related revenue forecast for the year to $12 billion, driven by strong demand from major cloud service providers.

Additionally, Broadcom Inc. (NASDAQ:AVGO) is poised to benefit from the rollout of Wi-Fi 7 in all new iPhone models, having announced a partnership with Tower Semiconductor to produce Wi-Fi 7 RF front-end modules (FEMs).

In the second quarter, 130 hedge funds held long positions in Broadcom Inc. (NASDAQ:AVGO), with a total stake valued at $20.04 billion.