Ceva (NASDAQ:CEVA) Sees Large Volume Increase Following Strong Earnings

Key Points

• Ceva shares rose on heavy volume after the company reported stronger-than-expected quarterly results, with 510,801 shares traded, up 11% from the prior session.
• The semiconductor IP licensor posted EPS of $0.04, beating analyst estimates of $0.02, while quarterly revenue increased 11.6% year over year.
• Wall Street remains cautiously optimistic overall, with analysts rating CEVA a Moderate Buy and setting an average price target of $32.13.

Ceva, Inc. (NASDAQ:CEVA - Get Free Report) saw strong trading volume on Monday after the company announced better than expected quarterly earnings. 510,801 shares traded hands during trading, an increase of 11% from the previous session's volume of 460,814 shares.The stock last traded at $34.5270 and had previously closed at $36.97.

The semiconductor company reported $0.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.02. Ceva had a negative net margin of 9.71% and a negative return on equity of 3.15%. During the same period in the previous year, the company posted $0.06 EPS. The firm's quarterly revenue was up 11.6% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

CEVA has been the topic of a number of research reports. Weiss Ratings restated a "sell (d-)" rating on shares of Ceva in a report on Wednesday, April 8th. Rosenblatt Securities restated a "buy" rating and issued a $40.00 price objective on shares of Ceva in a report on Thursday, March 12th. UBS Group lifted their price target on Ceva from $27.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, May 4th. Stifel Nicolaus began coverage on Ceva in a report on Tuesday, February 10th. They set a "buy" rating and a $30.00 price target on the stock. Finally, JPMorgan Chase & Co. began coverage on Ceva in a report on Friday. They set a "neutral" rating and a $30.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $32.13.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Silverberg Bernstein Capital Management LLC raised its holdings in shares of Ceva by 0.3% during the 1st quarter. Silverberg Bernstein Capital Management LLC now owns 140,617 shares of the semiconductor company's stock worth $2,627,000 after acquiring an additional 470 shares during the period. Centaurus Financial Inc. increased its position in shares of Ceva by 2.6% during the 3rd quarter. Centaurus Financial Inc. now owns 21,905 shares of the semiconductor company's stock worth $579,000 after purchasing an additional 550 shares during the last quarter. Hantz Financial Services Inc. increased its position in shares of Ceva by 77.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,446 shares of the semiconductor company's stock worth $31,000 after purchasing an additional 632 shares during the last quarter. Sanctuary Advisors LLC increased its position in shares of Ceva by 7.1% during the 4th quarter. Sanctuary Advisors LLC now owns 10,230 shares of the semiconductor company's stock worth $220,000 after purchasing an additional 674 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Ceva by 4.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,465 shares of the semiconductor company's stock worth $514,000 after purchasing an additional 775 shares during the last quarter. Hedge funds and other institutional investors own 85.37% of the company's stock.

Ceva Stock Performance

The business has a 50-day moving average of $21.87 and a 200-day moving average of $22.53. The stock has a market capitalization of $951.92 million, a price-to-earnings ratio of -78.66 and a beta of 1.94.

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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