Ceva (NASDAQ:CEVA) Sets New 12-Month High – Here’s What Happened

Ceva, Inc. (NASDAQ:CEVA)’s stock price reached a new 52-week high on Friday . The stock traded as high as $40.19 and last traded at $39.7750, with a volume of 169389 shares changing hands. The stock had previously closed at $38.44.

Analyst Upgrades and Downgrades

CEVA has been the subject of several research reports. Oppenheimer raised their price objective on shares of Ceva from $30.00 to $42.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Rosenblatt Securities raised their target price on shares of Ceva from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. TD Cowen raised their target price on shares of Ceva from $24.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. JPMorgan Chase & Co. started coverage on shares of Ceva in a report on Friday, May 8th. They issued a “neutral” rating and a $30.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ceva in a report on Wednesday, April 8th. Eight analysts have rated the stock with 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 company has a consensus rating of “Moderate Buy” and an average target price of $39.44.

Ceva Price Performance

The firm’s fifty day simple moving average is $25.22 and its 200 day simple moving average is $23.22. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -88.76 and a beta of 1.94.

Ceva (NASDAQ:CEVA) last announced its earnings results on Monday, May 11th. The semiconductor company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.02 by $0.02. The company had revenue of $27.02 million during the quarter, compared to analysts’ expectations of $26.12 million. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the company posted $0.06 earnings per share. Equities research analysts forecast that Ceva, Inc. will post -0.24 earnings per share for the current fiscal year.

Institutional Trading of Ceva

Hedge funds have recently made changes to their positions in the stock. Hantz Financial Services Inc. lifted its position in shares of Ceva by 77.6% in the fourth quarter. Hantz Financial Services Inc. now owns 1,446 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 632 shares in the last quarter. State of Wyoming purchased a new stake in shares of Ceva in the third quarter worth approximately $39,000. Tower Research Capital LLC TRC lifted its position in shares of Ceva by 422.2% in the second quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company’s stock worth $60,000 after purchasing an additional 2,208 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Ceva by 771.8% in the third quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company’s stock worth $63,000 after purchasing an additional 2,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Ceva by 47.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,758 shares of the semiconductor company’s stock worth $145,000 after purchasing an additional 2,172 shares in the last quarter. 85.37% of the stock is owned by hedge funds and other institutional investors.

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.