Ceva (NASDAQ:CEVA) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• Ceva reported quarterly EPS of $0.08, beating analysts’ consensus estimate of $0.07 by $0.01. Despite the beat, the company posted a negative net margin of 10.47% and negative return on equity of 3.42%.
• Wall Street’s outlook is generally positive: nine analysts rate the stock a Buy, two rate it Hold and one rates it Sell. The consensus rating is “Moderate Buy”, with an average price target of $42.80.
• Ceva shares opened at $38.67, versus a 12-month range of $17.02 to $51.60, while institutional investors and hedge funds own 85.37% of the outstanding stock.

Ceva (NASDAQ:CEVA - Get Free Report) announced its quarterly earnings data on Monday. The semiconductor company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.01, FiscalAI reports. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%.

Ceva Price Performance

Shares of CEVA opened at $38.67 on Monday. Ceva has a twelve month low of $17.02 and a twelve month high of $51.60. The stock has a market capitalization of $1.08 billion, a P/E ratio of -85.93 and a beta of 1.99. The company has a 50 day moving average of $42.03 and a 200-day moving average of $30.81.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. TD Cowen raised their price target on Ceva from $45.00 to $55.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. Roth Capital reiterated a "buy" rating and issued a $40.00 price objective on shares of Ceva in a report on Monday, May 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of Ceva in a research note on Monday, July 6th. Rosenblatt Securities raised their target price on Ceva from $40.00 to $45.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. Finally, UBS Group boosted their target price on Ceva from $42.00 to $48.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. Nine equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $42.80.

Institutional Investors Weigh In On Ceva

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its position in Ceva by 422.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company's stock worth $60,000 after buying an additional 2,208 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Ceva by 771.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company's stock valued at $63,000 after acquiring an additional 2,107 shares in the last quarter. Intech Investment Management LLC increased its position in shares of Ceva by 15.4% in the fourth quarter. Intech Investment Management LLC now owns 9,415 shares of the semiconductor company's stock valued at $203,000 after acquiring an additional 1,258 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Ceva by 52.7% in the third quarter. BNP Paribas Financial Markets now owns 7,907 shares of the semiconductor company's stock valued at $209,000 after acquiring an additional 2,730 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in Ceva during the fourth quarter worth about $233,000. 85.37% of the stock is currently owned by institutional investors and hedge funds.

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.

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