Broadcom Inc (NASDAQ:AVGO) on Thursday announced that its Symantec Cloud Secure Web Gateway solution received Federal Risk and Authorization Management Program (FedRAMP) authorization.

What To Know: Broadcom's newly FedRAMP authorized service is available as part of Symantec Gov Cloud – Web Protection to deliver one solution with flexible deployment options. Symantec Cloud SWG delivers comprehensive, cloud-hosted security for U.S. federal agencies adopting a Security Service Edge architecture.

Broadcom said the solution enables U.S. federal agencies to migrate security services from on-premises data centers to cloud-native services cost-effectively without sacrificing security or designing new workflows.

"Numerous U.S. Federal agencies rely on Symantec security solutions to protect mission-critical data, resources, and thousands of users," said Rob Greer, vice president and general manager of the Enterprise Security Group at Broadcom.

"With Symantec's Cloud SWG solution now achieving FedRAMP Authorized status, these agencies know their security needs are met and they can transition to the cloud at their own pace. We are excited about this achievement that shows our commitment to securing federal agencies and ensuring the highest protection standards are met."

Is AVGO A Good Stock To Buy?

An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages  – like Broadcom's page for example – there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.

These are known as capital allocation programs. Broadcom does pay a dividend, which yields 1.85% per year as of the closing price on Jun. 20, 2024. Feel free to search Benzinga's dividend calendar for the next company that is due to pay a dividend and determine what kind of yield you can earn for holding a share of the company.

Buyback programs are obviously different and highly variable. A company can approve a buyback program and purchase shares as it sees fit over the course of time in which the buyback was authorized. Looking through the latest news on Broadcom will often yield whether or not the company has approved a buyback program recently. Buyback programs usually serve as a support for share prices, serving as a backstop for demand.

AVGO Price Action: Broadcom shares were down 3.54% at $1,738.69 at the time of publication, according to Benzinga Pro.