Broadcom NASDAQ:AVGO disclosed insider stock sales totaling about $10.2 million, with two executives reducing their holdings through transactions reported in U.S. Securities and Exchange Commission filings dated July 10.
Chief Legal and Corporate Affairs Officer Mark David Brazeal sold 25,000 shares for about $9.48 million, while Director Gayla Delly sold 1,890 shares valued at roughly $728,000.
Despite the transactions, both executives continue to hold sizable positions in Broadcom, with Brazeal owning nearly 220,000 shares and Delly retaining more than 31,000 shares.
The filings came days after Broadcom NASDAQ:AVGO said it entered a multiyear agreement with Apple (AAPL) to manufacture more than 15 billion U.S.-made chips and invest $1.5 billion to expand its semiconductor facility in Fort Collins, Colorado.
Analysts have largely maintained positive views on Broadcom NASDAQ:AVGO despite the insider sales. They cited continued demand for the company's artificial intelligence chips and networking products from large cloud providers, along with its expanding relationship with Apple and ongoing AI chip development projects.