Ceva (NASDAQ:CEVA) Stock Price Target Lowered at UBS Group

Key Points

• UBS Group lowered Ceva’s price target from $48 to $40 while maintaining a “buy” rating, implying approximately 42% upside from the stock’s $28.10 price.
• Analyst sentiment remains broadly positive, with Ceva holding a consensus “Moderate Buy” rating and an average target price of $38.80, despite several firms recently reducing their targets.
• Ceva shares fell 4.8% in Monday trading. The company recently exceeded quarterly earnings and revenue expectations, with revenue rising 13% year over year, though it continues to report negative net margins.

Ceva (NASDAQ:CEVA - Get Free Report) had its price target reduced by analysts at UBS Group from $48.00 to $40.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a "buy" rating on the semiconductor company's stock. UBS Group's price target would indicate a potential upside of 42.35% from the stock's current price.

Other equities research analysts also recently issued research reports about the stock. Oppenheimer cut their target price on shares of Ceva from $42.00 to $38.00 and set an "outperform" rating for the company in a research report on Tuesday, August 11th. Wall Street Zen upgraded Ceva from a "hold" rating to a "buy" rating in a research note on Saturday. Needham & Company LLC cut their price objective on Ceva from $55.00 to $43.00 and set a "buy" rating for the company in a report on Monday, August 10th. Benchmark raised Ceva from a "hold" rating to a "strong-buy" rating in a report on Monday, September 14th. Finally, TD Cowen reduced their price objective on Ceva from $45.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $38.80.

Ceva Trading Down 4.8%

CEVA traded down $1.42 during trading on Monday, hitting $28.10. 434,282 shares of the company's stock traded hands, compared to its average volume of 642,805. The company's 50 day simple moving average is $30.50 and its two-hundred day simple moving average is $30.49. Ceva has a 12-month low of $17.02 and a 12-month high of $51.60. The stock has a market capitalization of $791.01 million, a price-to-earnings ratio of -70.25 and a beta of 1.98.

Ceva (NASDAQ:CEVA - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The semiconductor company reported $0.08 EPS for the quarter, beating the consensus estimate 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 company had revenue of $29.03 million for the quarter, compared to analysts' expectations of $28.19 million. During the same period last year, the firm posted $0.07 earnings per share. Ceva's revenue was up 13.0% compared to the same quarter last year. On average, equities analysts expect that Ceva will post -0.17 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CEVA. Sterling Capital Management LLC lifted its holdings in Ceva by 492.6% during the third quarter. Sterling Capital Management LLC now owns 877 shares of the semiconductor company's stock valued at $31,000 after purchasing an additional 729 shares in the last quarter. Global Retirement Partners LLC bought a new position in Ceva in the 2nd quarter worth $49,000. Integrated Wealth Concepts LLC purchased a new stake in Ceva in the 2nd quarter worth $52,000. State of Alaska Department of Revenue purchased a new stake in Ceva in the 3rd quarter worth $62,000. Finally, SBI Securities Co. Ltd. raised its holdings 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 period. 85.37% of the stock is currently 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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