Ceva (NASDAQ:CEVA) Raised to “Moderate Buy” at Needham & Company LLC

Ceva (NASDAQ:CEVA) was upgraded by research analysts at Needham & Company LLC to a “moderate buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other brokerages have also recently weighed in on CEVA. UBS Group upped their price objective on Ceva from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Roth Mkm reiterated a “buy” rating and issued a $40.00 target price on shares of Ceva in a research note on Monday, May 11th. Stifel Nicolaus set a $42.00 price target on shares of Ceva in a research report on Tuesday, May 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Ceva in a report on Wednesday, April 8th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Ceva in a research report on Friday, May 8th. They issued a “neutral” rating and a $30.00 price objective on the stock. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Ceva Stock Up 5.3%

Shares of NASDAQ:CEVA opened at $48.45 on Monday. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of -107.67 and a beta of 2.00. Ceva has a 52 week low of $17.02 and a 52 week high of $51.25. The firm has a 50 day moving average of $33.84 and a 200 day moving average of $25.66.

Ceva (NASDAQ:CEVA) last posted its earnings results on Monday, May 11th. The semiconductor company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The company had revenue of $27.02 million during the quarter, compared to analyst estimates of $26.12 million. Ceva had a negative return on equity of 3.42% and a negative net margin of 10.47%.Ceva’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.06 earnings per share. On average, sell-side analysts expect that Ceva will post -0.21 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hantz Financial Services Inc. increased its position in Ceva by 77.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,446 shares of the semiconductor company’s stock valued at $31,000 after buying an additional 632 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Ceva by 422.2% in the second quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company’s stock worth $60,000 after acquiring an additional 2,208 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Ceva by 771.8% during the third quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company’s stock worth $63,000 after acquiring an additional 2,107 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Ceva by 47.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,758 shares of the semiconductor company’s stock worth $145,000 after acquiring an additional 2,172 shares during the last quarter. Finally, Intech Investment Management LLC increased its holdings in shares of Ceva by 15.4% during the fourth quarter. Intech Investment Management LLC now owns 9,415 shares of the semiconductor company’s stock valued at $203,000 after acquiring an additional 1,258 shares in the last quarter. 85.37% of the stock is currently owned by hedge funds and other institutional investors.

About Ceva

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.