Cavium Inc. (CAVM) Sees Unusually-High Trading Volume
Shares of Cavium Inc. (NASDAQ:CAVM) saw unusually-high trading volume on Monday . Approximately 2,823,000 shares changed hands during mid-day trading, an increase of 133% from the previous session’s volume of 1,210,704 shares.The stock last traded at $56.28 and had previously closed at $56.71.
CAVM has been the topic of a number of research analyst reports. Wedbush restated an “outperform” rating and set a $68.00 price target on shares of Cavium in a research note on Wednesday, June 15th. Needham & Company LLC restated a “buy” rating and set a $66.00 price target (down previously from $107.20) on shares of Cavium in a research note on Wednesday, July 27th. Pacific Crest lowered Cavium from an “overweight” rating to an “overweight” rating in a research note on Thursday, June 16th. Jefferies Group lowered Cavium from a “buy” rating to a “hold” rating in a research note on Thursday, June 16th. Finally, Barclays PLC restated 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, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $59.72.
The company’s 50-day moving average is $49.70 and its 200-day moving average is $51.21. The stock’s market capitalization is $3.26 billion.
Cavium (NASDAQ:CAVM) last released its quarterly earnings results on Tuesday, July 26th. The semiconductor provider reported $0.29 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.29. The firm had revenue of $107.20 million for the quarter, compared to analysts’ expectations of $106.70 million. During the same quarter in the prior year, the business earned $0.41 EPS. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, analysts predict that Cavium Inc. will post $1.45 earnings per share for the current year.
In related news, VP Arthur D. Chadwick bought 10,000 shares of the stock in a transaction on Tuesday, August 16th. The shares were bought at an average cost of $51.94 per share, for a total transaction of $519,400.00. Following the purchase, the vice president now owns 102,845 shares of the company’s stock, valued at approximately $5,341,769.30. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Muhammad Raghib Hussain bought 20,000 shares of the stock in a transaction on Tuesday, August 16th. The stock was bought at an average price of $51.86 per share, for a total transaction of $1,037,200.00. The disclosure for this purchase can be found here.
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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