Ceva (NASDAQ:CEVA) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• Ceva reported quarterly EPS of $0.04, beating analyst expectations by $0.02. Revenue also rose 11.6% year over year, though the company remained unprofitable with a negative net margin and negative return on equity.
• Several analysts are increasingly bullish on the stock, with UBS raising its price target to $42 and multiple firms maintaining buy or outperform ratings. The current consensus rating is Moderate Buy with an average target price of $32.13.
• Institutional interest remains strong, with 85.37% of shares held by hedge funds and other institutions. Recent filings showed new or expanded positions from firms including Ghisallo Capital Management, ExodusPoint, and Barclays.

Ceva (NASDAQ:CEVA - Get Free Report) issued its quarterly earnings data on Monday. The semiconductor company reported $0.04 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.02, Briefing.com reports. Ceva had a negative net margin of 9.71% and a negative return on equity of 3.15%. The firm's revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.06 earnings per share.

Ceva Stock Performance

NASDAQ:CEVA opened at $36.97 on Monday. Ceva has a twelve month low of $17.02 and a twelve month high of $37.07. The company has a market cap of $1.03 billion, a PE ratio of -85.97 and a beta of 1.94. The company's 50 day moving average is $21.87 and its two-hundred day moving average is $22.53.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. UBS Group raised their price target on shares of Ceva from $27.00 to $42.00 and gave the company a "buy" rating in a report on Monday, May 4th. Oppenheimer reissued an "outperform" rating and set a $30.00 target price (down from $33.00) on shares of Ceva in a research report on Wednesday, February 18th. Stifel Nicolaus initiated coverage on shares of Ceva in a report on Tuesday, February 10th. They issued a "buy" rating and a $30.00 price target on the stock. Rosenblatt Securities reaffirmed a "buy" rating and set a $40.00 price target on shares of Ceva in a research report on Thursday, March 12th. Finally, JPMorgan Chase & Co. assumed coverage on Ceva in a report on Friday. They set a "neutral" rating and a $30.00 price objective for the company. Seven analysts have rated the stock with 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 currently has a consensus rating of "Moderate Buy" and an average target price of $32.13.

Institutional Investors Weigh In On Ceva

A number of large investors have recently made changes to their positions in the stock. Ghisallo Capital Management LLC purchased a new position in Ceva in the 4th quarter worth $3,228,000. ExodusPoint Capital Management LP purchased a new position in shares of Ceva in the fourth quarter worth about $1,368,000. Barclays PLC lifted its holdings in shares of Ceva by 53.3% during the fourth quarter. Barclays PLC now owns 54,442 shares of the semiconductor company's stock worth $1,172,000 after purchasing an additional 18,928 shares during the period. Numerai GP LLC purchased a new stake in Ceva in the fourth quarter valued at approximately $1,042,000. Finally, Magnetar Financial LLC acquired a new position in Ceva in the 3rd quarter worth approximately $688,000. 85.37% of the stock is owned by hedge funds and other institutional investors.

About Ceva

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.