Oaktop Capital Management II L.P. Invests $21.05 Million in Ceva, Inc. $CEVA

Oaktop Capital Management II L.P. purchased a new position in shares of Ceva, Inc. (NASDAQ:CEVA) in the second quarter, Holdings Channel.com reports. The fund purchased 446,377 shares of the semiconductor company’s stock, valued at approximately $21,051,000. Ceva makes up approximately 0.9% of Oaktop Capital Management II L.P.’s portfolio, making the stock its 8th largest position.

Several other institutional investors and hedge funds have also modified their holdings of CEVA. Hantz Financial Services Inc. lifted its holdings in shares of Ceva by 77.6% in the fourth quarter. Hantz Financial Services Inc. now owns 1,446 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 632 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Ceva in the 2nd quarter valued at approximately $49,000. Tower Research Capital LLC TRC grew its holdings in shares of Ceva by 422.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company’s stock valued at $60,000 after purchasing an additional 2,208 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Ceva by 771.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company’s stock valued at $63,000 after purchasing an additional 2,107 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Ceva by 47.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,758 shares of the semiconductor company’s stock worth $145,000 after purchasing an additional 2,172 shares in the last quarter. 85.37% of the stock is currently owned by institutional investors.

Ceva Stock Performance

Ceva stock opened at $32.71 on Tuesday. The firm has a market cap of $920.79 million, a price-to-earnings ratio of -81.77 and a beta of 1.99. Ceva, Inc. has a 52-week low of $17.02 and a 52-week high of $51.60. The firm has a 50 day moving average price of $40.16 and a two-hundred day moving average price of $31.18.

Ceva (NASDAQ:CEVA) last posted its quarterly earnings data on Monday, August 10th. The semiconductor company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Ceva had a negative net margin of 9.48% and a negative return on equity of 3.15%. The company had revenue of $29.03 million for the quarter, compared to analyst estimates of $28.19 million. During the same period in the prior year, the firm posted $0.07 EPS. The company’s quarterly revenue was up 13.0% on a year-over-year basis. As a group, equities research analysts predict that Ceva, Inc. will post -0.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CEVA shares. Benchmark reissued a “hold” rating on shares of Ceva in a research note on Tuesday, August 11th. UBS Group boosted their target price on shares of Ceva from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Stifel Nicolaus upped their price target on shares of Ceva from $42.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Rosenblatt Securities upped their price target on shares of Ceva from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Finally, TD Cowen cut their price objective on Ceva from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Nine research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $40.60.

Ceva 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.