Ceva (NASDAQ:CEVA) Upgraded to “Moderate Buy” at Needham & Company LLC

Needham & Company LLC upgraded shares of Ceva (NASDAQ:CEVA) to a moderate buy rating in a report issued on Monday,Zacks.com reports.

Several other research firms have also recently weighed in on CEVA. Oppenheimer boosted their price objective on Ceva from $30.00 to $42.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. JPMorgan Chase & Co. began coverage on Ceva in a research note on Friday, May 8th. They set a “neutral” rating and a $30.00 target price on the stock. Roth Mkm reissued a “buy” rating and issued a $40.00 price target on shares of Ceva in a report on Monday, May 11th. UBS Group raised their price objective on shares of Ceva from $42.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ceva in a research report on Wednesday, April 8th. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $41.00.

Ceva Trading Up 5.3%

CEVA opened at $48.45 on Monday. Ceva has a 1-year low of $17.02 and a 1-year high of $51.25. The company has a market cap of $1.35 billion, a price-to-earnings ratio of -107.67 and a beta of 2.00. The company’s fifty day moving average price is $33.84 and its two-hundred day moving average price is $25.66.

Ceva (NASDAQ:CEVA) last posted its earnings results on Monday, May 11th. The semiconductor company reported $0.04 earnings per share 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 for the quarter, compared to analyst estimates of $26.12 million. During the same quarter in the prior year, the business posted $0.06 EPS. The firm’s revenue was up 11.6% compared to the same quarter last year. As a group, equities analysts forecast that Ceva will post -0.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Millennium Management LLC raised its holdings in Ceva by 2,735.2% during the 4th 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 period. Defiance ETFs LLC purchased a new position in shares of Ceva in the fourth quarter valued at $10,420,000. Handelsbanken Fonder AB grew its position 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 valued at $9,387,000 after purchasing an additional 329,802 shares in the last quarter. Neuberger Berman Group LLC raised its stake in shares of Ceva by 44.1% during 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 period. Finally, HRT Financial LP purchased a new stake in Ceva during the 4th quarter worth about $5,182,000. 85.37% of the stock is currently 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.