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Canaccord Genuity initiated coverage on shares of Cavium (NASDAQ:CAVM) in a research note issued on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $62.00 price target on the stock. Canaccord Genuity’s target price would suggest a potential upside of 21.07% from the stock’s previous close.

Cavium (NASDAQ:CAVM) traded up 1.62% on Tuesday, hitting $52.04. 727,987 shares of the company’s stock traded hands. Cavium has a one year low of $32.29 and a one year high of $52.20. The stock has a 50-day moving average of $45.02 and a 200-day moving average of $40.34. The company has a market cap of $2.750 billion and a price-to-earnings ratio of 1249.02.

Cavium (NASDAQ:CAVM) last released its earnings data on Wednesday, April 30th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.02. The company had revenue of $83.20 million for the quarter, compared to the consensus estimate of $81.63 million. On average, analysts predict that Cavium will post $1.41 earnings per share for the current fiscal year.

A number of other analysts have also recently weighed in on CAVM. Analysts at Topeka Capital Markets raised their price target on shares of Cavium from $45.00 to $54.00 in a research note on Thursday, June 5th. They now have a “hold” rating on the stock. Separately, analysts at Needham & Company LLC raised their price target on shares of Cavium from $48.00 to $56.00 in a research note on Wednesday, June 4th. They now have a “buy” rating on the stock. Finally, analysts at Barclays reiterated an “overweight” rating on shares of Cavium in a research note on Tuesday, May 27th. They now have a $65.00 price target on the stock, up previously from $45.00. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $49.91.

In other Cavium news, VP Anil Kumar Jain sold 3,400 shares of Cavium stock on the open market in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $49.90, for a total transaction of $169,660.00. The sale was disclosed in a document filed with the SEC, which is available at this link.

Cavium, Inc, formerly Cavium Networks, Inc, designs, develops and markets semiconductor processors for intelligent and secure networks.

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