Cavium Inc. (NASDAQ:CAVM)’s share price rose 9.1% during mid-day trading on Wednesday . The stock traded as high as $51.21 and last traded at $47.73, with a volume of 4,007,804 shares changing hands. The stock had previously closed at $43.73.

CAVM has been the subject of several recent analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $68.00 target price on shares of Cavium in a report on Wednesday, June 15th. Needham & Company LLC reiterated a “buy” rating and issued a $66.00 price objective (down previously from $107.20) on shares of Cavium in a research note on Wednesday. Pacific Crest downgraded Cavium from an “overweight” rating to an “overweight” rating in a research note on Thursday, June 16th. Jefferies Group downgraded Cavium from a “buy” rating to a “hold” rating in a research note on Thursday, June 16th. Finally, Barclays PLC reiterated a “buy” rating on shares of Cavium in a research note on Saturday, May 14th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company. Cavium has an average rating of “Hold” and a consensus target price of $60.87.

The stock’s market cap is $2.69 billion. The company’s 50-day moving average price is $41.57 and its 200-day moving average price is $51.66.

Cavium (NASDAQ:CAVM) last released its quarterly earnings data on Tuesday, July 26th. The semiconductor provider reported $0.29 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.29. The business earned $107.20 million during the quarter, compared to analyst estimates of $106.70 million. During the same quarter in the previous year, the company earned $0.41 EPS. The firm’s revenue was up 5.2% compared to the same quarter last year. Equities analysts forecast that Cavium Inc. will post $1.33 EPS for the current year.

Other hedge funds have recently added to or reduced their stakes in the company. Employees Retirement System of Texas raised its stake in Cavium by 18.8% in the fourth quarter. Employees Retirement System of Texas now owns 38,000 shares of the semiconductor provider’s stock valued at $2,497,000 after buying an additional 6,000 shares in the last quarter. Standard Life Investments LTD raised its stake in Cavium by 16.5% in the fourth quarter. Standard Life Investments LTD now owns 3,195,333 shares of the semiconductor provider’s stock valued at $209,997,000 after buying an additional 452,331 shares in the last quarter. Mutual of America Capital Management LLC raised its stake in Cavium by 0.7% in the fourth quarter. Mutual of America Capital Management LLC now owns 72,545 shares of the semiconductor provider’s stock valued at $4,767,000 after buying an additional 474 shares in the last quarter. Thornburg Investment Management Inc. purchased a new stake in Cavium during the fourth quarter valued at approximately $10,703,000. Finally, Rhumbline Advisers raised its stake in Cavium by 4.8% in the fourth quarter. Rhumbline Advisers now owns 59,408 shares of the semiconductor provider’s stock valued at $3,904,000 after buying an additional 2,725 shares in the last quarter.

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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