Eagle Asset Management Inc. trimmed its position in shares of Cavium, Inc. (NASDAQ:CAVM) by 41.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 809,000 shares of the semiconductor provider’s stock after selling 575,305 shares during the quarter. Eagle Asset Management Inc. owned 1.19% of Cavium worth $50,263,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Nationwide Fund Advisors raised its position in shares of Cavium by 31.2% in the first quarter. Nationwide Fund Advisors now owns 52,589 shares of the semiconductor provider’s stock valued at $3,769,000 after buying an additional 12,494 shares during the last quarter. Profund Advisors LLC raised its position in shares of Cavium by 14.2% in the first quarter. Profund Advisors LLC now owns 14,457 shares of the semiconductor provider’s stock valued at $1,036,000 after buying an additional 1,793 shares during the last quarter. Strs Ohio increased its position in Cavium by 5.6% during the first quarter. Strs Ohio now owns 11,300 shares of the semiconductor provider’s stock worth $809,000 after purchasing an additional 600 shares during the last quarter. Russell Investments Group Ltd. increased its position in Cavium by 25.7% during the first quarter. Russell Investments Group Ltd. now owns 401,484 shares of the semiconductor provider’s stock worth $28,769,000 after purchasing an additional 82,125 shares during the last quarter. Finally, IFP Advisors Inc increased its position in Cavium by 6.9% during the first quarter. IFP Advisors Inc now owns 1,559 shares of the semiconductor provider’s stock worth $112,000 after purchasing an additional 101 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.
In other news, COO Muhammad Raghib Hussain sold 20,000 shares of the business’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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 4.65% of the company’s stock.
CAVM has been the subject of several research analyst reports. Longbow Research initiated coverage on shares of Cavium in a research report on Friday, June 9th. They set a “buy” rating and a $85.00 price target for the company. BidaskClub downgraded shares of Cavium from a “buy” rating to a “hold” rating in a research note on Wednesday, June 14th. Pacific Crest reiterated an “equal weight” rating on shares of Cavium in a research note on Thursday, June 22nd. Jefferies Group LLC upgraded shares of Cavium from a “hold” rating to a “buy” rating and increased their price objective for the company from $73.00 to $79.00 in a research note on Monday, July 10th. Finally, Canaccord Genuity reiterated a “hold” rating and set a $66.00 price objective on shares of Cavium in a research note on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $77.00.
Cavium, Inc. (NASDAQ CAVM) traded up 3.95% during trading on Friday, hitting $66.55. 1,735,583 shares of the stock traded hands. The stock’s market cap is $4.58 billion. The firm’s 50-day moving average is $61.59 and its 200 day moving average is $67.21. Cavium, Inc. has a 52 week low of $50.81 and a 52 week high of $76.26.
Cavium (NASDAQ:CAVM) last issued its earnings results on Wednesday, August 2nd. The semiconductor provider reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.02. The business 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 for the quarter was up 125.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.29 earnings per share. Equities research analysts forecast that Cavium, Inc. will post $2.79 earnings per share for the current fiscal year.
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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