Ceva (NASDAQ:CEVA) Trading 8.4% Higher - Here's What Happened

Key Points

• Ceva shares jumped 8.4% to approximately $32.91 in mid-day trading, with volume more than double the average session level.
• Analysts maintain a generally positive outlook, with nine Buy ratings, two Holds and one Sell; the consensus price target is $40.60, representing upside from the trading price.
• Ceva exceeded quarterly expectations, reporting $0.08 in earnings per share versus $0.07 expected and $29.03 million in revenue, up 13% year over year. Institutional investors own 85.37% of the stock.

Ceva, Inc. (NASDAQ:CEVA - Get Free Report)'s share price was up 8.4% during mid-day trading on Friday . The stock traded as high as $32.59 and last traded at $32.9070. 1,304,515 shares traded hands during mid-day trading, an increase of 102% from the average session volume of 646,613 shares. The stock had previously closed at $30.37.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Roth Capital reiterated a "buy" rating and set a $40.00 target price on shares of Ceva in a research note on Monday, May 11th. Oppenheimer decreased their price target on shares of Ceva from $42.00 to $38.00 and set an "outperform" rating on the stock in a research report on Tuesday. UBS Group boosted their price objective on shares of Ceva from $42.00 to $48.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. Needham & Company LLC cut their price objective on shares of Ceva from $55.00 to $43.00 and set a "buy" rating for the company in a research report on Monday. Finally, Stifel Nicolaus increased their target price on shares of Ceva from $42.00 to $50.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $40.60.

Ceva Stock Up 9.3%

The stock has a market cap of $934.02 million, a price-to-earnings ratio of -82.78 and a beta of 1.99. The company's 50-day moving average is $40.62 and its 200-day moving average is $31.03.

Ceva (NASDAQ:CEVA - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The semiconductor company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.01. Ceva had a negative return on equity of 3.22% and a negative net margin of 9.48%.The company had revenue of $29.03 million for the quarter, compared to analyst estimates of $28.19 million. During the same period in the prior year, the company posted $0.07 EPS. The company's revenue was up 13.0% compared to the same quarter last year. On average, research analysts forecast that Ceva, Inc. will post -0.21 earnings per share for the current year.

Institutional Trading of Ceva

Large investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Ceva during the second quarter valued at $113,995,000. Senvest Management LLC boosted its stake in shares of Ceva by 8.0% in the 4th quarter. Senvest Management LLC now owns 2,387,536 shares of the semiconductor company's stock valued at $51,380,000 after purchasing an additional 177,765 shares in the last quarter. Neuberger Berman Group LLC grew its holdings in shares of Ceva by 44.1% in 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. AWM Investment Company Inc. grew its holdings in shares of Ceva by 24.1% in the 4th quarter. AWM Investment Company Inc. now owns 827,806 shares of the semiconductor company's stock worth $17,814,000 after purchasing an additional 160,644 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in shares of Ceva during the 2nd quarter worth about $33,941,000. 85.37% of the stock is currently owned by 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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