Ceva (NASDAQ:CEVA) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Ceva from “buy” to “hold.” Despite the cut, the analyst consensus remains “Moderate Buy,” with an average price target of $38.80.
• Ceva reported quarterly EPS of $0.08, topping the $0.07 estimate, while revenue of $29.03 million beat expectations and rose 13% year over year.
• The shares opened at $27.10 on Friday; the stock was reported up 10.3%. Its 52-week range is $17.02 to $51.60.

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

Several other research firms have also recently weighed in on CEVA. Rosenblatt Securities raised their target price on shares of Ceva from $45.00 to $49.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ceva in a research report on Friday, October 2nd. Oppenheimer cut their price target on shares of Ceva from $42.00 to $38.00 and set an "outperform" rating for the company in a research note on Tuesday, August 11th. Needham & Company LLC decreased their price objective on shares of Ceva from $55.00 to $43.00 and set a "buy" rating for the company in a research report on Monday, August 10th. Finally, Benchmark upgraded shares of Ceva from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 14th. One research 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 issued a Sell rating to the stock. According to MarketBeat, Ceva currently has a consensus rating of "Moderate Buy" and an average price target of $38.80.

Ceva Stock Up 10.3%

NASDAQ:CEVA opened at $27.10 on Friday. The firm has a market capitalization of $762.87 million, a price-to-earnings ratio of -67.75 and a beta of 1.98. The stock has a fifty day simple moving average of $30.48 and a 200 day simple moving average of $30.60. Ceva has a 1-year low of $17.02 and a 1-year 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 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. The firm had revenue of $29.03 million during the quarter, compared to analysts' expectations of $28.19 million. Ceva had a negative return on equity of 3.15% and a negative net margin of 9.48%. The business's quarterly revenue was up 13.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.07 earnings per share. Equities analysts predict that Ceva will post -0.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Sterling Capital Management LLC boosted its position in shares of Ceva by 492.6% in the third quarter. Sterling Capital Management LLC now owns 877 shares of the semiconductor company's stock valued at $31,000 after acquiring an additional 729 shares during the period. Global Retirement Partners LLC bought a new position in Ceva during the second quarter worth about $49,000. Integrated Wealth Concepts LLC bought a new position in Ceva during the second quarter worth about $52,000. State of Alaska Department of Revenue acquired a new stake in Ceva in the 3rd quarter worth about $62,000. Finally, SBI Securities Co. Ltd. raised its stake in Ceva by 771.7% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,970 shares of the semiconductor company's stock worth $70,000 after purchasing an additional 1,744 shares in the last quarter. Institutional investors own 85.37% of the company's stock.

About Ceva

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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