Westpac Banking Corp Buys Shares of 9,979 Cavium Inc. (CAVM)
Westpac Banking Corp bought a new position in Cavium Inc. (NASDAQ:CAVM) during the second quarter, Holdings Channel reports. The fund bought 9,979 shares of the semiconductor provider’s stock, valued at approximately $385,000.
A number of other institutional investors also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV acquired a new stake in shares of Cavium during the first quarter worth about $226,000. Prudential Financial Inc. raised its position in shares of Cavium by 5.4% in the second quarter. Prudential Financial Inc. now owns 5,892 shares of the semiconductor provider’s stock worth $227,000 after buying an additional 300 shares during the last quarter. BlackRock Inc. raised its position in shares of Cavium by 124.8% in the first quarter. BlackRock Inc. now owns 3,728 shares of the semiconductor provider’s stock worth $228,000 after buying an additional 2,070 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Cavium during the second quarter worth $256,000. Finally, Princeton Alpha Management LP purchased a new position in shares of Cavium during the second quarter worth $286,000. 93.93% of the stock is currently owned by institutional investors.
Shares of Cavium Inc. (NASDAQ:CAVM) opened at 57.64 on Friday. Cavium Inc. has a 1-year low of $35.90 and a 1-year high of $73.95. The stock’s 50 day moving average is $55.83 and its 200 day moving average is $50.59. The company’s market cap is $3.34 billion.
Cavium (NASDAQ:CAVM) last released its quarterly earnings results on Tuesday, July 26th. The semiconductor provider reported $0.29 earnings per share for the quarter, hitting the consensus estimate of $0.29. Cavium had a negative net margin of 1.94% and a positive return on equity of 4.39%. The firm earned $107.20 million during the quarter, compared to the consensus estimate of $106.70 million. During the same quarter in the prior year, the firm earned $0.41 EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, analysts predict that Cavium Inc. will post $1.44 earnings per share for the current year.
CAVM has been the subject of a number of research analyst reports. JPMorgan Chase & Co. restated an “overweight” rating on shares of Cavium in a research report on Tuesday, September 13th. Wedbush restated an “outperform” rating and set a $68.00 price objective on shares of Cavium in a research report on Wednesday, June 15th. Zacks Investment Research upgraded Cavium from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research report on Tuesday, September 27th. Brean Capital restated a “buy” rating and set a $57.00 price objective (down previously from $60.00) on shares of Cavium in a research report on Thursday, July 28th. Finally, Susquehanna initiated coverage on Cavium in a research report on Tuesday, September 20th. They set a “positive” rating and a $65.00 price objective for the company. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $61.03.
In related news, VP Arthur D. Chadwick purchased 20,000 shares of Cavium stock in a transaction that occurred on Thursday, August 25th. The stock was purchased at an average price of $55.33 per share, for a total transaction of $1,106,600.00. Following the transaction, the vice president now directly owns 122,845 shares in the company, valued at $6,797,013.85. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, VP Arthur D. Chadwick acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The shares were acquired at an average cost of $51.94 per share, with a total value of $519,400.00. Following the purchase, the vice president now owns 102,845 shares in the company, valued at approximately $5,341,769.30. The disclosure for this purchase can be found here. Corporate insiders own 4.63% of the company’s stock.
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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