Ceva (NASDAQ:CEVA) Shares Gap Up - Still a Buy?

Key Points

• Ceva, Inc. shares gapped up before market opening, rising from a previous close of $21.72 to an opening of $23.31, with the latest trading price at $22.09.
• Analysts have set varying price targets for Ceva, with Rosenblatt Securities maintaining a "buy" rating at a target of $40.00, while Barclays and Oppenheimer have lowered their targets to $30.00 and $33.00, respectively.
• Institutional investors hold 85.37% of Ceva's stock, with notable stakes recently acquired by firms like FNY Investment Advisers and AlphaQuest LLC.

Shares of Ceva, Inc. (NASDAQ:CEVA - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $21.72, but opened at $23.31. Ceva shares last traded at $22.09, with a volume of 93,896 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Rosenblatt Securities reiterated a "buy" rating and set a $40.00 price objective on shares of Ceva in a research report on Thursday, May 8th. Barclays lowered their price objective on shares of Ceva from $40.00 to $30.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Finally, Oppenheimer lowered their target price on shares of Ceva from $40.00 to $33.00 and set an "outperform" rating for the company in a report on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Ceva has a consensus rating of "Moderate Buy" and an average price target of $35.60.

Ceva Stock Performance

The business's fifty day moving average is $21.85 and its two-hundred day moving average is $25.45. The company has a market cap of $499.60 million, a P/E ratio of -75.05 and a beta of 1.25.

Institutional Investors Weigh In On Ceva

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CEVA. FNY Investment Advisers LLC bought a new stake in shares of Ceva in the 2nd quarter valued at about $42,000. AlphaQuest LLC raised its holdings in shares of Ceva by 123.6% in the 2nd quarter. AlphaQuest LLC now owns 2,451 shares of the semiconductor company's stock valued at $54,000 after purchasing an additional 1,355 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Ceva by 44.5% in the 1st quarter. GAMMA Investing LLC now owns 3,437 shares of the semiconductor company's stock valued at $88,000 after purchasing an additional 1,058 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of Ceva by 5.1% in the 2nd quarter. ProShare Advisors LLC now owns 9,853 shares of the semiconductor company's stock valued at $217,000 after purchasing an additional 479 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Ceva in the 1st quarter valued at about $225,000. Institutional investors own 85.37% of the company's stock.

About Ceva

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.