Ceva (NASDAQ:CEVA) Sets New 12-Month High - Still a Buy?

Key Points

• Ceva stock hit a new 52-week high — the shares traded as high as $30.88 and last at $30.64 on Friday, with about 75,247 shares changing hands.
• Analyst consensus is "Moderate Buy" — seven analysts rate the stock a Buy and one a Sell, with a consensus price target of $30.29 (individual targets range roughly $22 to $40).
• Mixed fundamentals: Ceva reported quarterly EPS of $0.18 (meeting estimates) and revenue rose 7.1% year-over-year, but the company has a negative net margin (-9.71%) and analysts forecast -$0.25 EPS for the current fiscal year.

Ceva, Inc. (NASDAQ:CEVA - Get Free Report)'s share price reached a new 52-week high during trading on Friday . The company traded as high as $30.88 and last traded at $30.6410, with a volume of 75247 shares changing hands. The stock had previously closed at $30.54.

Wall Street Analyst Weigh In

CEVA has been the subject of a number of research reports. TD Cowen initiated coverage on Ceva in a research report on Friday, March 20th. They set a "buy" rating and a $22.00 price objective for the company. Stifel Nicolaus initiated coverage on Ceva in a research report on Tuesday, February 10th. They set a "buy" rating and a $30.00 price objective for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Ceva in a research report on Wednesday, April 8th. Rosenblatt Securities reiterated a "buy" rating and set a $40.00 price objective on shares of Ceva in a research report on Thursday, March 12th. Finally, Oppenheimer reiterated an "outperform" rating and set a $30.00 price objective (down from $33.00) on shares of Ceva in a research report on Wednesday, February 18th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Ceva presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.29.

Ceva Price Performance

The firm has a market cap of $857.81 million, a PE ratio of -71.43 and a beta of 1.53. The business has a 50-day simple moving average of $20.99 and a 200 day simple moving average of $22.50.

Ceva (NASDAQ:CEVA - Get Free Report) last released its quarterly earnings data on Tuesday, February 17th. The semiconductor company reported $0.18 earnings per share for the quarter, hitting analysts' consensus estimates of $0.18. The firm had revenue of $31.29 million during the quarter, compared to analyst estimates of $31.03 million. Ceva had a negative return on equity of 3.15% and a negative net margin of 9.71%.The business's quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.11 earnings per share. On average, equities analysts forecast that Ceva, Inc. will post -0.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ceva

Hedge funds have recently made changes to their positions in the business. Penserra Capital Management LLC bought a new position in shares of Ceva in the third quarter worth about $11,410,000. Herald Investment Management Ltd raised its position in Ceva by 12.5% during the third quarter. Herald Investment Management Ltd now owns 450,000 shares of the semiconductor company's stock valued at $11,884,000 after purchasing an additional 50,000 shares during the period. Handelsbanken Fonder AB raised its position in Ceva by 1,287.5% during the third quarter. Handelsbanken Fonder AB now owns 355,418 shares of the semiconductor company's stock valued at $9,387,000 after purchasing an additional 329,802 shares during the period. Intrinsic Edge Capital Management LLC raised its position in Ceva by 50.0% during the third quarter. Intrinsic Edge Capital Management LLC now owns 329,896 shares of the semiconductor company's stock valued at $8,713,000 after purchasing an additional 110,000 shares during the period. Finally, DNB Asset Management AS raised its position in Ceva by 71.5% during the third quarter. DNB Asset Management AS now owns 59,447 shares of the semiconductor company's stock valued at $1,570,000 after purchasing an additional 24,778 shares during the period. Institutional investors own 85.37% of the company's stock.

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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