Ceva (NASDAQ:CEVA) Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Ceva from “Hold” to “Buy,” adding to a generally positive analyst outlook. The stock has a “Moderate Buy” consensus rating and a $39.60 average price target.
• Ceva reported quarterly EPS of $0.08, beating estimates by $0.01, while revenue of $29.03 million exceeded forecasts and increased 13% year over year.
• Shares opened at $29.52, with a 52-week range of $17.02 to $51.60; institutional investors own approximately 85.37% of the company.

Ceva (NASDAQ:CEVA - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday, Wall Street Zen reports.

CEVA has been the topic of several other research reports. TD Cowen cut their price target on Ceva from $45.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, October 19th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ceva in a research note on Friday, October 2nd. Needham & Company LLC dropped their target price on shares of Ceva from $55.00 to $43.00 and set a "buy" rating on the stock in a report on Monday, August 10th. Oppenheimer dropped their target price on shares of Ceva from $42.00 to $38.00 and set an "outperform" rating on the stock in a report on Tuesday, August 11th. Finally, Benchmark raised shares of Ceva from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $39.60.

Ceva Price Performance

Shares of NASDAQ:CEVA opened at $29.52 on Friday. Ceva has a 52-week low of $17.02 and a 52-week high of $51.60. The business's 50 day moving average is $30.50 and its 200 day moving average is $30.49.

Ceva (NASDAQ:CEVA - Get Free Report) last issued its earnings results on Monday, August 10th. The semiconductor company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.01. Ceva had a negative return on equity of 3.15% and a negative net margin of 9.48%. The business had revenue of $29.03 million during the quarter, compared to analyst estimates of $28.19 million. During the same period in the previous year, the company posted $0.07 EPS. Ceva's revenue was up 13.0% on a year-over-year basis. On average, sell-side analysts forecast that Ceva will post -0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CEVA. Sterling Capital Management LLC boosted its holdings in shares of Ceva by 492.6% in the 3rd quarter. Sterling Capital Management LLC now owns 877 shares of the semiconductor company's stock valued at $31,000 after buying an additional 729 shares in the last quarter. Global Retirement Partners LLC bought a new position in shares of Ceva during the 2nd quarter worth approximately $49,000. Integrated Wealth Concepts LLC bought a new position in shares of Ceva during the 2nd quarter worth approximately $52,000. State of Alaska Department of Revenue bought a new position in shares of Ceva during the 3rd quarter worth approximately $62,000. Finally, SBI Securities Co. Ltd. lifted its position in Ceva by 771.7% during the third quarter. SBI Securities Co. Ltd. now owns 1,970 shares of the semiconductor company's stock valued at $70,000 after acquiring an additional 1,744 shares during the last quarter. 85.37% of the stock is owned by institutional investors.

Ceva Company Profile

Ceva, Inc is a semiconductor intellectual property (IP) company that develops and licenses technology used in connected devices. Rather than manufacturing chips, the company provides processor cores, software, and system-level IP that semiconductor companies and original equipment manufacturers can incorporate into their own products.

Its portfolio includes digital signal processor (DSP) cores and platforms for wireless communications, artificial intelligence, computer vision, audio and voice processing, imaging, and sensor applications.

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