TIAA CREF Investment Management LLC Lowers Stake in Cavium, Inc. (CAVM)
TIAA CREF Investment Management LLC cut its stake in shares of Cavium, Inc. (NASDAQ:CAVM) by 55.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 142,399 shares of the semiconductor provider’s stock after selling 178,953 shares during the period. TIAA CREF Investment Management LLC owned 0.21% of Cavium worth $8,847,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Seven Eight Capital LP purchased a new stake in shares of Cavium during the 2nd quarter valued at $1,826,000. Symphony Asset Management LLC purchased a new stake in shares of Cavium during the 2nd quarter valued at $780,000. Oak Ridge Investments LLC grew its stake in shares of Cavium by 3.3% during the 2nd quarter. Oak Ridge Investments LLC now owns 405,772 shares of the semiconductor provider’s stock valued at $25,211,000 after buying an additional 12,802 shares during the period. Capital Fund Management S.A. purchased a new stake in shares of Cavium during the 2nd quarter valued at $4,161,000. Finally, AXA grew its stake in shares of Cavium by 17.5% during the 2nd quarter. AXA now owns 47,000 shares of the semiconductor provider’s stock valued at $2,920,000 after buying an additional 7,000 shares during the period. 98.38% of the stock is owned by institutional investors.
Cavium, Inc. (NASDAQ CAVM) opened at 69.27 on Monday. Cavium, Inc. has a 12-month low of $50.81 and a 12-month high of $76.26. The firm’s market cap is $4.76 billion. The company’s 50 day moving average is $64.39 and its 200 day moving average is $66.95.
Cavium (NASDAQ:CAVM) last announced its quarterly earnings results on Wednesday, August 2nd. The semiconductor provider reported $0.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.02. Cavium had a negative net margin of 22.82% and a positive return on equity of 5.94%. The company had revenue of $242.09 million for the quarter, compared to analyst estimates of $238.93 million. During the same quarter in the prior year, the business posted $0.29 EPS. Cavium’s quarterly revenue was up 125.8% on a year-over-year basis. On average, equities analysts anticipate that Cavium, Inc. will post $2.79 earnings per share for the current year.
Several analysts have recently issued reports on the stock. BidaskClub raised shares of Cavium from a “sell” rating to a “hold” rating in a research note on Wednesday, August 16th. Canaccord Genuity reissued a “hold” rating and set a $66.00 price objective on shares of Cavium in a research note on Tuesday, August 15th. Zacks Investment Research cut shares of Cavium from a “hold” rating to a “strong sell” rating in a research note on Monday, August 7th. Pacific Crest reissued an “equal weight” rating on shares of Cavium in a research note on Thursday, June 22nd. Finally, KeyCorp raised shares of Cavium from a “sector weight” rating to an “overweight” rating and set a $80.00 price objective for the company in a research note on Monday, October 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $78.13.
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In other news, COO Muhammad Raghib Hussain sold 20,000 shares of the stock in a transaction on Thursday, August 17th. The shares were 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 accessible through the SEC website. Corporate insiders own 4.65% of the company’s stock.
Cavium Company Profile
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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