Ceva (NASDAQ:CEVA) Stock Price Target Cut by TD Cowen

Key Points

• TD Cowen cut Ceva’s price target from $45 to $35 while maintaining a “buy” rating, implying 21.61% potential upside from the prior close.
• Analyst sentiment remains generally positive, with Ceva carrying a consensus “Moderate Buy” rating and an average price target of $39.60.
• Ceva exceeded quarterly expectations, reporting $0.08 in EPS and $29.03 million in revenue, while institutional investors own 85.37% of the company’s stock.

Ceva (NASDAQ:CEVA - Get Free Report) had its price target reduced by stock analysts at TD Cowen from $45.00 to $35.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the semiconductor company's stock. TD Cowen's price target indicates a potential upside of 21.61% from the stock's previous close.

A number of other research analysts have also recently weighed in on CEVA. Rosenblatt Securities lifted their price objective on shares of Ceva from $45.00 to $49.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. Needham & Company LLC reduced 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. Wall Street Zen lowered shares of Ceva from a "buy" rating to a "hold" rating in a report on Saturday, October 10th. Benchmark raised shares of Ceva from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 14th. Finally, Stifel Nicolaus raised their price target on shares of Ceva from $42.00 to $50.00 and gave the company a "buy" rating in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $39.60.

Ceva Price Performance

Shares of Ceva stock opened at $28.78 on Monday. The stock has a market capitalization of $810.16 million, a price-to-earnings ratio of -71.95 and a beta of 1.93. The business has a 50-day moving average of $30.54 and a 200 day moving average of $34.40. Ceva has a 12 month low of $17.02 and a 12 month high of $51.60.

Ceva (NASDAQ:CEVA - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The semiconductor company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. The company had revenue of $29.03 million for the quarter, compared to analyst estimates of $28.19 million. Ceva had a negative net margin of 9.48% and a negative return on equity of 3.15%. The business's revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.07 earnings per share. Equities research analysts anticipate that Ceva will post -0.17 earnings per share for the current year.

Institutional Investors Weigh In On Ceva

A number of hedge funds have recently bought and sold shares of CEVA. State of Alaska Department of Revenue purchased a new position in Ceva in the third quarter worth approximately $62,000. Tidal Investments LLC grew its holdings in Ceva by 202.0% during the 2nd quarter. Tidal Investments LLC now owns 58,121 shares of the semiconductor company's stock worth $2,741,000 after acquiring an additional 38,876 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in shares of Ceva in the 2nd quarter valued at approximately $564,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Ceva in the 2nd quarter valued at approximately $52,000. Finally, Arizona State Retirement System purchased a new stake in shares of Ceva in the 2nd quarter valued at approximately $352,000. Institutional investors and hedge funds own 85.37% of the company's stock.

Ceva Company Profile

CEVA, Inc is a semiconductor intellectual property company that develops and licenses processor cores, connectivity platforms and sensing technologies. Its products are designed for integration into system-on-chip devices used in mobile, consumer, automotive, industrial and Internet of Things applications.

The company's portfolio includes digital signal processors and specialized processor architectures for artificial intelligence, computer vision, audio, imaging and communications. CEVA also offers intellectual property for wireless technologies such as 5G, Wi-Fi, Bluetooth and ultra-wideband, as well as platforms supporting sensor fusion and edge computing.

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