Ceva (NASDAQ:CEVA) Shares Up 12.6% – Time to Buy?

Ceva, Inc. (NASDAQ:CEVA)’s stock price was up 12.6% during mid-day trading on Monday . The stock traded as high as $45.42 and last traded at $45.0090. Approximately 1,028,603 shares were traded during mid-day trading, an increase of 95% from the average daily volume of 527,497 shares. The stock had previously closed at $39.98.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CEVA shares. UBS Group boosted their price objective on Ceva from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. JPMorgan Chase & Co. assumed coverage on Ceva in a research report on Friday, May 8th. They issued a “neutral” rating and a $30.00 price target on the stock. Roth Mkm reiterated a “buy” rating and set a $40.00 price target on shares of Ceva in a report on Monday, May 11th. TD Cowen increased their price objective on Ceva from $24.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Ceva in a research note on Wednesday, April 8th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $39.44.

Ceva Price Performance

The stock has a market cap of $1.25 billion, a price-to-earnings ratio of -100.01 and a beta of 2.00. The stock’s 50 day simple moving average is $27.83 and its two-hundred day simple moving average is $23.80.

Ceva (NASDAQ:CEVA) last released its quarterly earnings data on Monday, May 11th. The semiconductor company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%. The company had revenue of $27.02 million during the quarter, compared to the consensus estimate of $26.12 million. During the same period last year, the firm earned $0.06 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, analysts predict that Ceva, Inc. will post -0.21 earnings per share for the current year.

Institutional Investors Weigh In On Ceva

Several institutional investors and hedge funds have recently made changes to their positions in CEVA. Millennium Management LLC raised 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 valued at $12,817,000 after acquiring an additional 574,592 shares during the last quarter. Defiance ETFs LLC acquired a new position in Ceva during the 4th quarter worth about $10,420,000. Penserra Capital Management LLC acquired a new stake in Ceva in the 3rd quarter valued at about $11,410,000. Handelsbanken Fonder AB raised its stake in shares of Ceva by 1,287.5% in the third quarter. Handelsbanken Fonder AB now owns 355,418 shares of the semiconductor company’s stock worth $9,387,000 after acquiring an additional 329,802 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its position in shares of Ceva by 44.1% during the fourth quarter. Neuberger Berman Group LLC now owns 998,824 shares of the semiconductor company’s stock worth $21,505,000 after purchasing an additional 305,540 shares in the last quarter. Institutional investors and hedge funds own 85.37% of the company’s stock.

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.