Ceva (NASDAQ:CEVA) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Key Points

• Stifel Nicolaus raised its price target on Ceva from $42 to $50 and maintained a buy rating, implying modest upside from the prior close.
• Other analysts are broadly constructive on the stock, with several firms issuing or reiterating buy ratings; the consensus rating is Moderate Buy with an average target of $41.80.
• Ceva recently beat quarterly earnings expectations, posting $0.04 EPS versus $0.02 expected and revenue of $27.02 million, up 11.6% year over year.

Ceva (NASDAQ:CEVA - Get Free Report) had its target price lifted by Stifel Nicolaus from $42.00 to $50.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the semiconductor company's stock. Stifel Nicolaus' price objective would suggest a potential upside of 6.81% from the company's previous close.

Several other research analysts have also weighed in on CEVA. Needham & Company LLC started coverage on Ceva in a research report on Monday, June 15th. They issued a "buy" rating and a $55.00 price objective for the company. JPMorgan Chase & Co. initiated coverage on Ceva in a research report on Friday, May 8th. They issued a "neutral" rating and a $30.00 target price on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ceva in a research note on Monday. UBS Group raised their price objective on Ceva from $42.00 to $48.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. Finally, Roth Capital restated a "buy" rating and issued a $40.00 price objective on shares of Ceva in a report on Monday, May 11th. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $41.80.

Ceva Price Performance

Shares of CEVA stock opened at $46.81 on Friday. The firm's 50-day moving average is $41.87 and its two-hundred day moving average is $28.61. Ceva has a 12 month low of $17.02 and a 12 month high of $51.60. The company has a market capitalization of $1.30 billion, a PE ratio of -104.02 and a beta of 1.96.

Ceva (NASDAQ:CEVA - Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The semiconductor company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.02. The business had revenue of $27.02 million during the quarter, compared to analysts' expectations of $26.12 million. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%. The business's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.06 EPS. Sell-side analysts forecast that Ceva will post -0.21 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CEVA. Millennium Management LLC lifted its stake in Ceva by 2,735.2% in the fourth quarter. Millennium Management LLC now owns 595,599 shares of the semiconductor company's stock worth $12,817,000 after acquiring an additional 574,592 shares during the last quarter. Defiance ETFs LLC acquired a new stake in shares of Ceva in the 4th quarter valued at $10,420,000. Handelsbanken Fonder AB raised its holdings in shares of Ceva by 92.6% in the 4th quarter. Handelsbanken Fonder AB now owns 684,465 shares of the semiconductor company's stock valued at $14,730,000 after purchasing an additional 329,047 shares in the last quarter. Neuberger Berman Group LLC lifted its position in shares of Ceva by 44.1% during the 4th 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. Finally, HRT Financial LP purchased a new stake in shares of Ceva during the 4th quarter worth $5,182,000. 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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