Cavium, Inc. (CAVM) Announces Earnings Results
Cavium, Inc. (NASDAQ:CAVM) released its quarterly earnings results on Monday. The semiconductor provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02, Bloomberg Earnings reports. Cavium had a positive return on equity of 5.94% and a negative net margin of 22.82%. The firm had revenue of $251.99 million during the quarter, compared to the consensus estimate of $250.16 million. During the same quarter in the prior year, the firm posted $0.43 EPS. The business’s revenue was up 49.9% on a year-over-year basis.
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In related news, COO Muhammad Raghib Hussain sold 20,000 shares of Cavium stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $61.85, for a total transaction of $1,237,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 4.65% of the company’s stock.
A number of equities analysts have weighed in on CAVM shares. Loop Capital reaffirmed a “buy” rating and set a $81.00 price target on shares of Cavium in a research report on Tuesday, August 22nd. Jefferies Group LLC raised Cavium from a “hold” rating to a “buy” rating and upped their price target for the stock from $73.00 to $79.00 in a research report on Monday, July 10th. MKM Partners reiterated a “buy” rating and set a $81.00 price objective on shares of Cavium in a research note on Wednesday, August 16th. Bank of America Corporation reiterated a “buy” rating on shares of Cavium in a research note on Sunday, October 1st. Finally, KeyCorp reiterated a “buy” rating and set a $80.00 price objective on shares of Cavium in a research note on Tuesday, October 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the stock. Cavium has a consensus rating of “Buy” and a consensus price target of $78.13.
Cavium, Inc is a provider of integrated semiconductor processors that enable intelligent processing for wired and wireless infrastructure and cloud for networking, communications, storage and security applications. The Company’s products consist of multi-core processors for embedded and data center applications, network connectivity for server and switches, storage connectivity, and security processors for offload and appliance.
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