Ceva, Inc. (NASDAQ:CEVA) Receives $42.80 Average PT from Brokerages

Ceva, Inc. (NASDAQ:CEVA) has been given a consensus rating of “Moderate Buy” by the twelve research firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $42.80.

A number of equities analysts have weighed in on the stock. Benchmark initiated coverage on shares of Ceva in a research report on Wednesday, July 15th. They set a “hold” rating for the company. Rosenblatt Securities lifted their target price on shares of Ceva from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. JPMorgan Chase & Co. began coverage on shares of Ceva in a research note on Friday, May 8th. They set a “neutral” rating and a $30.00 target price for the company. Needham & Company LLC began coverage on shares of Ceva in a research report on Monday, June 15th. They set a “buy” rating and a $55.00 price target for the company. Finally, Oppenheimer raised their price target on shares of Ceva from $30.00 to $42.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th.

Hedge Funds Weigh In On Ceva

Hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC boosted its stake in shares of Ceva by 2,735.2% in the fourth quarter. Millennium Management LLC now owns 595,599 shares of the semiconductor company’s stock worth $12,817,000 after acquiring an additional 574,592 shares during the last quarter. Defiance ETFs LLC purchased a new stake in shares of Ceva during the fourth quarter worth approximately $10,420,000. Handelsbanken Fonder AB raised its stake in Ceva by 92.6% in the 4th quarter. Handelsbanken Fonder AB now owns 684,465 shares of the semiconductor company’s stock valued at $14,730,000 after purchasing an additional 329,047 shares during the last quarter. Neuberger Berman Group LLC raised its stake in Ceva by 44.1% in the 4th quarter. Neuberger Berman Group LLC now owns 998,824 shares of the semiconductor company’s stock valued at $21,505,000 after purchasing an additional 305,540 shares during the last quarter. Finally, HRT Financial LP purchased a new position in Ceva in the 4th quarter valued at $5,182,000. Hedge funds and other institutional investors own 85.37% of the company’s stock.

Ceva Trading Down 3.2%

Shares of CEVA opened at $35.17 on Tuesday. The firm has a market cap of $979.80 million, a P/E ratio of -78.16 and a beta of 1.96. Ceva has a 12 month low of $17.02 and a 12 month high of $51.60. The stock’s 50 day moving average is $43.05 and its two-hundred day moving average is $30.12.

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

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.