KeyCorp Reiterates Buy Rating for Cavium, Inc. (CAVM)
Cavium, Inc. (NASDAQ:CAVM)‘s stock had its “buy” rating reissued by analysts at KeyCorp in a note issued to investors on Tuesday. They currently have a $80.00 price objective on the semiconductor provider’s stock. KeyCorp’s target price would indicate a potential upside of 14.43% from the stock’s previous close.
CAVM has been the subject of a number of other reports. Bank of America Corporation reiterated a “buy” rating on shares of Cavium in a research note on Sunday, October 1st. Canaccord Genuity reiterated a “hold” rating on shares of Cavium in a research note on Friday, August 4th. BidaskClub downgraded Cavium from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Raymond James Financial, Inc. reiterated an “outperform” rating and set a $75.00 price objective on shares of Cavium in a research note on Thursday, September 14th. Finally, Barclays PLC upgraded Cavium from an “equal weight” rating to an “overweight” rating in a research note on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the stock. Cavium presently has an average rating of “Buy” and a consensus target price of $78.13.
Cavium (NASDAQ:CAVM) traded down 2.038% during trading on Tuesday, hitting $68.485. 40,590 shares of the stock were exchanged. The company has a 50-day moving average price of $66.20 and a 200 day moving average price of $66.77. Cavium has a 1-year low of $50.81 and a 1-year high of $76.26. The firm’s market capitalization is $4.71 billion.
Cavium (NASDAQ:CAVM) last announced its quarterly earnings data on Wednesday, August 2nd. The semiconductor provider reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.02. The company had revenue of $242.09 million during the quarter, compared to the consensus estimate of $238.93 million. Cavium had a positive return on equity of 5.94% and a negative net margin of 22.82%. The firm’s revenue was up 125.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.29 EPS. Equities analysts predict that Cavium will post $2.79 earnings per share for the current fiscal year.
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In other news, COO Muhammad Raghib Hussain sold 20,000 shares of the company’s stock in a transaction that occurred 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 legal filing with the SEC, which can be accessed through the SEC website. 4.65% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. US Bancorp DE raised its holdings in Cavium by 85.1% during the 1st quarter. US Bancorp DE now owns 1,888 shares of the semiconductor provider’s stock valued at $135,000 after buying an additional 868 shares during the period. Solaris Asset Management LLC raised its holdings in Cavium by 43.4% during the 2nd quarter. Solaris Asset Management LLC now owns 2,295 shares of the semiconductor provider’s stock valued at $143,000 after buying an additional 695 shares during the period. BNP Paribas Arbitrage SA raised its holdings in Cavium by 107.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 2,579 shares of the semiconductor provider’s stock valued at $160,000 after buying an additional 1,335 shares during the period. FNY Partners Fund LP raised its holdings in Cavium by 1.2% during the 1st quarter. FNY Partners Fund LP now owns 3,400 shares of the semiconductor provider’s stock valued at $243,000 after buying an additional 40 shares during the period. Finally, Tudor Investment Corp ET AL purchased a new stake in Cavium during the 2nd quarter valued at $228,000. 98.19% of the stock is currently owned by institutional investors and hedge funds.
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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