Ceva (NASDAQ:CEVA) Reaches New 1-Year High - What's Next?

Key Points

• Ceva hit a new 52-week high intraday at $34.87 (last $34.66) on Thursday, with about 1.035 million shares traded.
• Analyst sentiment is a Moderate Buy (seven Buys, one Sell) with an average target of $32.43 and recent price targets ranging up to $42 after upgrades.
• Ceva reported $0.18 EPS (in line with estimates) and $31.29M revenue (+7.1% YoY) but still shows a negative net margin (-9.71%) and a projected fiscal-year EPS of -$0.25, while institutional investors now hold roughly 85% of the stock with several large recent purchases.

Ceva, Inc. (NASDAQ:CEVA - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $34.87 and last traded at $34.66, with a volume of 1035536 shares changing hands. The stock had previously closed at $33.72.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CEVA. Rosenblatt Securities reiterated a "buy" rating and set a $40.00 price objective on shares of Ceva in a report on Thursday, March 12th. Stifel Nicolaus began coverage on shares of Ceva in a report on Tuesday, February 10th. They set a "buy" rating and a $30.00 price objective for the company. UBS Group lifted their price objective on shares of Ceva from $27.00 to $42.00 and gave the company a "buy" rating in a report on Monday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Ceva in a report on Wednesday, April 8th. Finally, Oppenheimer reiterated an "outperform" rating and set a $30.00 price objective (down from $33.00) on shares of Ceva in a report on Wednesday, February 18th. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $32.43.

Ceva Price Performance

The firm has a market capitalization of $965.63 million, a PE ratio of -80.60 and a beta of 1.94. The firm's fifty day moving average is $21.59 and its two-hundred day moving average is $22.48.

Ceva (NASDAQ:CEVA - Get Free Report) last released its quarterly earnings results on Tuesday, February 17th. The semiconductor company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. Ceva had a negative net margin of 9.71% and a negative return on equity of 3.15%. The business had revenue of $31.29 million for the quarter, compared to analysts' expectations of $31.03 million. During the same period in the previous year, the company earned $0.11 earnings per share. The firm's revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, equities research analysts predict that Ceva, Inc. will post -0.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CEVA. Millennium Management LLC boosted its holdings in Ceva by 2,735.2% during the fourth quarter. Millennium Management LLC now owns 595,599 shares of the semiconductor company's stock worth $12,817,000 after purchasing an additional 574,592 shares during the last quarter. Defiance ETFs LLC purchased a new position in Ceva during the fourth quarter worth about $10,420,000. Penserra Capital Management LLC purchased a new position in Ceva during the third quarter worth about $11,410,000. Handelsbanken Fonder AB boosted its holdings in Ceva by 1,287.5% during the third quarter. Handelsbanken Fonder AB now owns 355,418 shares of the semiconductor company's stock worth $9,387,000 after purchasing an additional 329,802 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in Ceva by 44.1% during the fourth quarter. Neuberger Berman Group LLC now owns 998,824 shares of the semiconductor company's stock worth $21,505,000 after purchasing an additional 305,540 shares during the last quarter. 85.37% of the stock is currently 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.

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