Ceva (NASDAQ:CEVA) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Ceva (NASDAQ:CEVA) announced its quarterly earnings results on Monday. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01, Briefing.com reports. The firm had revenue of $28.38 million for the quarter, compared to analyst estimates of $28.04 million. Ceva had a negative net margin of 9.48% and a negative return on equity of 3.04%. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 EPS.

Ceva Price Performance

Shares of CEVA stock opened at $26.08 on Wednesday. The stock has a market cap of $622.84 million, a PE ratio of -62.09 and a beta of 1.32. The stock has a 50-day moving average of $26.51 and a 200-day moving average of $23.65. Ceva has a one year low of $18.31 and a one year high of $38.94.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CEVA shares. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 target price on shares of Ceva in a report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Ceva in a research report on Tuesday, October 14th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.50.

Institutional Investors Weigh In On Ceva

Hedge funds have recently bought and sold shares of the company. American Century Companies Inc. boosted its position in shares of Ceva by 3.1% during the second quarter. American Century Companies Inc. now owns 53,354 shares of the semiconductor company’s stock worth $1,173,000 after purchasing an additional 1,619 shares in the last quarter. Norges Bank acquired a new stake in Ceva during the 2nd quarter worth $495,000. Invesco Ltd. raised its stake in Ceva by 8.5% during the 2nd quarter. Invesco Ltd. now owns 161,116 shares of the semiconductor company’s stock worth $3,541,000 after buying an additional 12,657 shares during the period. Qube Research & Technologies Ltd lifted its holdings in Ceva by 243.9% during the second quarter. Qube Research & Technologies Ltd now owns 93,103 shares of the semiconductor company’s stock worth $2,046,000 after acquiring an additional 66,032 shares in the last quarter. Finally, Squarepoint Ops LLC grew its stake in Ceva by 835.6% in the second quarter. Squarepoint Ops LLC now owns 86,150 shares of the semiconductor company’s stock valued at $1,894,000 after acquiring an additional 76,942 shares during the period. 85.37% of the stock is currently owned by institutional investors and hedge funds.

Ceva Company Profile

CEVA, Inc provides silicon and software IP solutions to semiconductor and original equipment manufacturer (OEM) companies worldwide. Its 5G mobile and infrastructure products include Ceva-XC vector digital signal processors (DSPs) for 5G handsets, 5G RAN, and general-purpose baseband processing; PentaG-RAN, an open ran platform for base station and radio; and PentaG2 – 5G NR modem platform for UE, as well as for non-handset 5G vertical markets, such as fixed wireless access, industry 4.0, robotics, and AR/VR devices.