UBS Group Has Lowered Expectations for Ceva (NASDAQ:CEVA) Stock Price

Ceva (NASDAQ:CEVA) had its price target lowered by investment analysts at UBS Group from $48.00 to $40.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. UBS Group‘s target price indicates a potential upside of 42.35% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Benchmark raised Ceva from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 14th. Needham & Company LLC reduced their price objective on Ceva from $55.00 to $43.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. Stifel Nicolaus boosted their price target on shares of Ceva from $42.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Wall Street Zen raised shares of Ceva from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Rosenblatt Securities upped their price target on shares of Ceva from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $38.80.

Ceva Stock Down 4.8%

CEVA stock traded down $1.42 during midday trading on Monday, hitting $28.10. The company’s stock had a trading volume of 434,282 shares, compared to its average volume of 642,805. The firm has a market capitalization of $791.01 million, a price-to-earnings ratio of -70.25 and a beta of 1.98. Ceva has a 12 month low of $17.02 and a 12 month high of $51.60. The company has a 50 day moving average of $30.50 and a two-hundred day moving average of $30.49.

Ceva (NASDAQ:CEVA) last released its earnings results on Monday, August 10th. The semiconductor company reported $0.08 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $29.03 million for the quarter, compared to the consensus estimate of $28.19 million. During the same quarter in the previous year, the firm earned $0.07 earnings per share. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. On average, analysts anticipate that Ceva will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ceva

A number of institutional investors and hedge funds have recently modified their holdings of CEVA. BlackRock Inc. bought a new position in shares of Ceva during the 2nd quarter valued at approximately $113,995,000. AWM Investment Company Inc. purchased a new position in Ceva during the second quarter worth $37,719,000. Deutsche Bank AG purchased a new position in Ceva during the second quarter worth $33,941,000. Oaktop Capital Management II L.P. bought a new position in Ceva during the second quarter valued at $21,051,000. Finally, Rice Hall James & Associates LLC increased its position in Ceva by 3.9% during the first quarter. Rice Hall James & Associates LLC now owns 419,388 shares of the semiconductor company’s stock valued at $7,834,000 after acquiring an additional 15,632 shares during the last quarter. Hedge funds and other institutional investors own 85.37% of the company’s stock.

About Ceva

Ceva, Inc is a semiconductor intellectual property (IP) company that develops and licenses technology used in connected devices. Rather than manufacturing chips, the company provides processor cores, software, and system-level IP that semiconductor companies and original equipment manufacturers can incorporate into their own products.

Its portfolio includes digital signal processor (DSP) cores and platforms for wireless communications, artificial intelligence, computer vision, audio and voice processing, imaging, and sensor applications.