Ceva (NASDAQ:CEVA) Shares Up 8.9% – Here’s Why

Shares of Ceva, Inc. (NASDAQ:CEVA) rose 8.9% during trading on Wednesday . The stock traded as high as $27.18 and last traded at $27.05. Approximately 474,615 shares traded hands during mid-day trading, an increase of 19% from the average daily volume of 398,436 shares. The stock had previously closed at $24.84.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Ceva in a research note on Wednesday, April 8th. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price objective on shares of Ceva in a research note on Thursday, March 12th. Oppenheimer reissued an “outperform” rating and set a $30.00 price objective (down from $33.00) on shares of Ceva in a report on Wednesday, February 18th. Stifel Nicolaus assumed coverage on Ceva in a research note on Tuesday, February 10th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, TD Cowen assumed coverage on Ceva in a research report on Friday, March 20th. They set a “buy” rating and a $22.00 price target on the stock. Seven analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.29.

Ceva Trading Up 5.7%

The company’s fifty day moving average is $20.99 and its 200 day moving average is $22.50. The company has a market capitalization of $899.32 million, a P/E ratio of -75.07 and a beta of 1.93.

Ceva (NASDAQ:CEVA) last issued its earnings results on Tuesday, February 17th. The semiconductor company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. Ceva had a negative net margin of 9.71% and a negative return on equity of 3.15%. The business had revenue of $31.29 million for the quarter, compared to analysts’ expectations of $31.03 million. During the same quarter in the previous year, the firm posted $0.11 EPS. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts predict that Ceva, Inc. will post -0.25 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CEVA. Millennium Management LLC increased its position in shares of Ceva by 2,735.2% during the fourth quarter. Millennium Management LLC now owns 595,599 shares of the semiconductor company’s stock valued at $12,817,000 after buying an additional 574,592 shares during the period. Defiance ETFs LLC purchased a new position in Ceva during the fourth quarter valued at approximately $10,420,000. Penserra Capital Management LLC purchased a new position in Ceva during the third quarter valued at approximately $11,410,000. Handelsbanken Fonder AB increased its holdings in Ceva by 1,287.5% during the 3rd quarter. Handelsbanken Fonder AB now owns 355,418 shares of the semiconductor company’s stock worth $9,387,000 after acquiring an additional 329,802 shares during the period. Finally, Neuberger Berman Group LLC increased its holdings in Ceva by 44.1% during the 4th quarter. Neuberger Berman Group LLC now owns 998,824 shares of the semiconductor company’s stock worth $21,505,000 after acquiring an additional 305,540 shares during the period. Hedge funds and other institutional investors own 85.37% of the company’s stock.

Ceva Company Profile

Ceva, Inc (NASDAQ: CEVA) is a leading licensor of signal processing IP cores and platforms that enable intelligent, connected devices. The company designs a broad portfolio of digital signal processing (DSP) and AI processors, software development toolkits and reference frameworks for applications ranging from 5G wireless communications and Bluetooth connectivity to audio, computer vision, sensor fusion and edge AI. Its solutions target a variety of end markets including smartphones, automotive, IoT devices, smart home, industrial automation and wearable electronics.

Founded in 1999 as a spin-off from DSP Group, Ceva has built its reputation on delivering modular, power-efficient IP that can be customized to meet stringent performance, area and power requirements.