Ceva (NASDAQ:CEVA) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Ceva (NASDAQ:CEVA) reported an EPS of ($0.14) for the quarter, missing estimates by $0.19.
• The company has a negative net margin of 6.11% and a negative return on equity of 1.75%.
• Analysts have mixed ratings, with target prices ranging from $30.00 to $40.00, and an average consensus price target of $35.60.

Ceva (NASDAQ:CEVA - Get Free Report) released its quarterly earnings results on Monday. The semiconductor company reported $0.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.02, Briefing.com reports. The firm had revenue of $25.68 million for the quarter, compared to the consensus estimate of $25.33 million. Ceva had a negative return on equity of 3.04% and a negative net margin of 9.48%. The company's revenue for the quarter was down 9.5% on a year-over-year basis. During the same period last year, the business posted $0.17 EPS.

Ceva Trading Down 1.1%

NASDAQ CEVA traded down $0.27 on Thursday, hitting $24.10. 307,550 shares of the company traded hands, compared to its average volume of 283,972. The company has a market capitalization of $575.51 million, a price-to-earnings ratio of -57.38 and a beta of 1.25. The business's 50 day moving average price is $22.06 and its 200-day moving average price is $25.34. Ceva has a 52-week low of $18.31 and a 52-week high of $38.94.

Institutional Investors Weigh In On Ceva

A number of institutional investors and hedge funds have recently bought and sold shares of the business. American Century Companies Inc. raised its holdings in Ceva by 3.1% during the second quarter. American Century Companies Inc. now owns 53,354 shares of the semiconductor company's stock valued at $1,173,000 after acquiring an additional 1,619 shares during the period. Invesco Ltd. raised its holdings in Ceva by 8.5% during the second quarter. Invesco Ltd. now owns 161,116 shares of the semiconductor company's stock valued at $3,541,000 after acquiring an additional 12,657 shares during the period. Norges Bank bought a new stake in Ceva during the second quarter valued at about $495,000. Qube Research & Technologies Ltd raised its holdings in Ceva by 243.9% during the second quarter. Qube Research & Technologies Ltd now owns 93,103 shares of the semiconductor company's stock valued at $2,046,000 after acquiring an additional 66,032 shares during the period. Finally, Squarepoint Ops LLC raised its holdings in Ceva by 835.6% during the second quarter. Squarepoint Ops LLC now owns 86,150 shares of the semiconductor company's stock valued at $1,894,000 after acquiring an additional 76,942 shares during the period. 85.37% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on CEVA. Oppenheimer dropped their price target on Ceva from $40.00 to $33.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Barclays lowered their target price on Ceva from $40.00 to $30.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $40.00 target price on shares of Ceva in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $35.60.

Ceva Company Profile

CEVA, Inc provides silicon and software IP solutions to semiconductor and original equipment manufacturer (OEM) companies worldwide. Its 5G mobile and infrastructure products include Ceva-XC vector digital signal processors (DSPs) for 5G handsets, 5G RAN, and general-purpose baseband processing; PentaG-RAN, an open ran platform for base station and radio; and PentaG2 - 5G NR modem platform for UE, as well as for non-handset 5G vertical markets, such as fixed wireless access, industry 4.0, robotics, and AR/VR devices.