Ceva (NASDAQ:CEVA) Price Target Cut to $35.00 by Analysts at UBS Group

Ceva (NASDAQ:CEVA) had its price target dropped by equities researchers at UBS Group from $40.00 to $35.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. UBS Group‘s price objective points to a potential upside of 44.09% from the company’s current price.

A number of other equities research analysts also recently weighed in on the stock. Rosenblatt Securities raised their target price 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. Wall Street Zen cut shares of Ceva from a “buy” rating to a “hold” rating in a research note on Sunday. Needham & Company LLC decreased their price target on shares of Ceva from $43.00 to $30.00 and set a “buy” rating on the stock in a report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Ceva in a report on Friday, October 2nd. Finally, TD Cowen lowered their price objective on shares of Ceva from $45.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, October 19th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.20.

Ceva Price Performance

Shares of CEVA traded down $0.55 during trading hours on Tuesday, hitting $24.29. The company’s stock had a trading volume of 433,731 shares, compared to its average volume of 644,492. The business has a 50 day simple moving average of $30.44 and a two-hundred day simple moving average of $30.61. Ceva has a 52-week low of $17.02 and a 52-week high of $51.60. The company has a market cap of $683.76 million, a price-to-earnings ratio of -60.65 and a beta of 1.98.

Ceva (NASDAQ:CEVA) last announced its quarterly earnings results on Monday, November 9th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). The firm had revenue of $29.06 million during the quarter, compared to analysts’ expectations of $32.71 million. Ceva had a negative return on equity of 3.15% and a negative net margin of 9.48%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.11 earnings per share. Research analysts predict that Ceva will post -0.17 earnings per share for the current year.

Hedge Funds Weigh In On Ceva

Several institutional investors have recently modified their holdings of the company. Tidal Investments LLC raised its position in Ceva by 202.0% in the 2nd quarter. Tidal Investments LLC now owns 58,121 shares of the semiconductor company’s stock worth $2,741,000 after purchasing an additional 38,876 shares during the period. Bank of America Corp DE bought a new stake in Ceva in the second quarter worth $4,482,000. Hsbc Holdings PLC purchased a new stake in Ceva during the fourth quarter valued at about $777,000. BlackRock Inc. purchased a new stake in Ceva during the second quarter valued at about $113,995,000. Finally, Deutsche Bank AG purchased a new stake in Ceva during the second quarter valued at about $33,941,000. 85.37% of the stock is currently owned by institutional investors.

Trending Headlines about Ceva

Here are the key news stories impacting Ceva this week:

• Positive Sentiment: Management expects Q4 revenue of $34 million to $38 million, citing higher smartphone-modem royalties. In Q3, royalty revenue grew 18% sequentially and AI licensing revenue reached a record, offering potential support for future growth. Ceva Q4 revenue outlook
• Negative Sentiment: Q3 results fell short of expectations: EPS was $0.13 versus $0.19 expected, while revenue of $29.06 million was below the roughly $32.7 million consensus. Revenue was up 2.4% year over year, but the shortfall is a near-term negative. Ceva Q3 financial results
• Negative Sentiment: Several analysts cut their price targets after the results, including Needham ($43 to $30), Oppenheimer ($38 to $35) and Stifel ($50 to $40). They retained buy or outperform ratings, but the reductions suggest more cautious expectations. Needham rating and target

About Ceva

CEVA, Inc. develops and licenses semiconductor intellectual property and software for connected and intelligent devices. Rather than manufacturing chips, the company provides technology that semiconductor companies and other customers can incorporate into their own products. Its portfolio includes digital signal processors and platforms for wireless connectivity, including cellular, Wi-Fi, Bluetooth and ultra-wideband, as well as technologies for audio, imaging, computer vision, sensor processing and edge artificial intelligence.