Ceva (NASDAQ:CEVA) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Ceva from “hold” to “buy,” while other analysts remain broadly positive; the stock has a “Moderate Buy” consensus rating and an average price target of $40.60.
• Ceva’s latest quarterly results exceeded expectations, with EPS of $0.08 versus $0.07 expected and revenue of $29.03 million, up 13% year over year.
• Institutional investors own approximately 85.37% of Ceva’s shares, and the stock was recently trading at $33.28 amid significant volatility, with a 52-week range of $17.02 to $51.60.

Ceva (NASDAQ:CEVA - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Other equities research analysts have also recently issued research reports about the company. Oppenheimer lowered their price target on Ceva from $42.00 to $38.00 and set an "outperform" rating for the company in a research note on Tuesday. JPMorgan Chase & Co. initiated coverage on shares of Ceva in a research report on Friday, May 8th. They issued a "neutral" rating and a $30.00 target price for the company. TD Cowen cut their price target on shares of Ceva from $55.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday. UBS Group lifted their price objective on shares of Ceva from $42.00 to $48.00 and gave the company a "buy" rating in a research note on Tuesday, May 12th. Finally, Stifel Nicolaus increased their target price on shares of Ceva from $42.00 to $50.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Ceva currently has an average rating of "Moderate Buy" and an average price target of $40.60.

Ceva Trading Up 9.6%

CEVA opened at $33.28 on Friday. The stock has a market cap of $936.83 million, a price-to-earnings ratio of -83.20 and a beta of 1.99. Ceva has a 1 year low of $17.02 and a 1 year high of $51.60. The stock has a fifty day moving average price of $40.42 and a 200 day moving average price of $31.05.

Ceva (NASDAQ:CEVA - Get Free Report) last issued its earnings results on Monday, August 10th. The semiconductor company reported $0.08 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.01. Ceva had a negative return on equity of 3.15% and a negative net margin of 9.48%.The firm had revenue of $29.03 million for the quarter, compared to the consensus estimate of $28.19 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. The business's quarterly revenue was up 13.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Ceva will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ceva

Several hedge funds have recently made changes to their positions in CEVA. Hsbc Holdings PLC acquired a new position in Ceva in the 4th quarter valued at approximately $777,000. Nano Cap New Millennium Growth Fund L P bought a new stake in shares of Ceva during the fourth quarter valued at approximately $603,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Ceva in the fourth quarter valued at $497,000. Needham Investment Management LLC raised its stake in shares of Ceva by 16.4% in the fourth quarter. Needham Investment Management LLC now owns 160,000 shares of the semiconductor company's stock valued at $3,443,000 after purchasing an additional 22,500 shares in the last quarter. Finally, Themes Management Co LLC bought a new position in Ceva in the fourth quarter worth $939,000. 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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