Cavium Inc. (CAVM) Coverage Initiated at Susquehanna
Research analysts at Susquehanna started coverage on shares of Cavium Inc. (NASDAQ:CAVM) in a research report issued to clients and investors on Tuesday. The firm set a “positive” rating and a $65.00 price target on the semiconductor provider’s stock. Susquehanna’s target price would indicate a potential upside of 15.41% from the stock’s previous close.
A number of other brokerages have also weighed in on CAVM. TheStreet raised Cavium from a “sell” rating to a “hold” rating in a report on Friday, September 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $66.00 price objective on shares of Cavium in a report on Thursday, August 25th. JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of Cavium in a report on Tuesday, September 13th. Pacific Crest reaffirmed a “hold” rating and issued a $50.50 price objective on shares of Cavium in a report on Wednesday, August 17th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $61.00 price objective (down previously from $67.00) on shares of Cavium in a report on Tuesday, June 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $60.03.
Cavium (NASDAQ:CAVM) traded down 1.44% during midday trading on Tuesday, hitting $56.32. The company had a trading volume of 812,815 shares. Cavium has a 52-week low of $35.90 and a 52-week high of $73.95. The stock’s market cap is $3.26 billion. The stock’s 50-day moving average price is $53.10 and its 200-day moving average price is $50.74.
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Cavium (NASDAQ:CAVM) last issued its quarterly earnings results on Tuesday, July 26th. The semiconductor provider reported $0.29 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.29. The firm had revenue of $107.20 million for the quarter, compared to analysts’ expectations of $106.70 million. Cavium had a positive return on equity of 4.39% and a negative net margin of 1.94%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 EPS. On average, equities research analysts expect that Cavium will post $1.44 EPS for the current fiscal year.
In other Cavium news, VP Arthur D. Chadwick purchased 20,000 shares of the business’s stock in a transaction on Thursday, August 25th. The stock was bought at an average cost of $55.33 per share, for a total transaction of $1,106,600.00. Following the acquisition, the vice president now owns 122,845 shares of the company’s stock, valued at approximately $6,797,013.85. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Arthur D. Chadwick purchased 10,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The stock was acquired at an average price of $51.94 per share, with a total value of $519,400.00. Following the completion of the acquisition, the vice president now directly owns 102,845 shares in the company, valued at approximately $5,341,769.30. The disclosure for this purchase can be found here. 4.63% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Summit Creek Advisors LLC increased its position in shares of Cavium by 33.4% in the first quarter. Summit Creek Advisors LLC now owns 109,394 shares of the semiconductor provider’s stock valued at $6,691,000 after buying an additional 27,374 shares during the period. Quantitative Systematic Strategies LLC increased its position in shares of Cavium by 37.4% in the first quarter. Quantitative Systematic Strategies LLC now owns 24,500 shares of the semiconductor provider’s stock valued at $1,507,000 after buying an additional 6,675 shares during the period. Pacad Investment Ltd. acquired a new position in shares of Cavium during the first quarter valued at $428,000. BlackRock Inc. increased its position in shares of Cavium by 124.8% in the first quarter. BlackRock Inc. now owns 3,728 shares of the semiconductor provider’s stock valued at $228,000 after buying an additional 2,070 shares during the period. Finally, Massmutual Trust Co. FSB ADV acquired a new position in shares of Cavium during the first quarter valued at $226,000. Institutional investors own 93.97% of the company’s stock.
Cavium, Inc is a provider of semiconductor processors, which enables processing for wired and wireless networking, communications, storage, cloud, wireless, security, video and connected home and office applications. The Company’s products include OCTEON, OCTEON Fusion, OCTEON XL, LiquidIO, NITROX, NEURON Search, ThunderX, Xpliant and XPA.
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