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Research analysts at Needham & Company LLC increased their target price on shares of Cavium (NASDAQ:CAVM) from $56.00 to $58.00 in a report released on Thursday. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 23.27% from the company’s current price.

Cavium (NASDAQ:CAVM) traded up 0.86% on Thursday, hitting $47.05. 1,455,824 shares of the company’s stock traded hands. Cavium has a 1-year low of $32.35 and a 1-year high of $53.32. The stock has a 50-day moving average of $48. and a 200-day moving average of $44.05. The company’s market cap is $2.503 billion.

Cavium (NASDAQ:CAVM) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. The company had revenue of $90.70 million for the quarter, compared to the consensus estimate of $90.04 million. During the same quarter in the previous year, the company posted $0.23 earnings per share. The company’s revenue for the quarter was up 22.2% on a year-over-year basis. Analysts expect that Cavium will post $1.44 EPS for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Topeka Capital Markets cut their price target on shares of Cavium from $54.00 to $52.00 in a research note on Thursday. They now have a “hold” rating on the stock. Separately, analysts at Deutsche Bank raised their price target on shares of Cavium from $38.00 to $45.00 in a research note on Thursday. They now have a “hold” rating on the stock. Finally, analysts at Jefferies Group raised their price target on shares of Cavium from $52.00 to $56.00 in a research note on Thursday. They now have a “buy” rating on the stock. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $52.97.

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

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