Ceva, Inc. (NASDAQ:CEVA) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Ceva has a “Moderate Buy” consensus rating from 12 analysts: nine buys, two holds and one sell. The average 12-month price target is $40.60, above the reported share price of $28.24.
• Ceva beat quarterly expectations, reporting earnings of $0.08 per share versus the $0.07 consensus and revenue of $29.03 million versus $28.19 million. Revenue increased 13% year over year, although the company remains unprofitable and analysts expect negative full-year EPS.
• Institutional investors and hedge funds own approximately 85.37% of Ceva’s shares, with notable increased holdings from the California State Teachers’ Retirement System and other investment firms.

Shares of Ceva, Inc. (NASDAQ:CEVA - Get Free Report) have been assigned an average rating of "Moderate Buy" from the twelve ratings firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and nine have given a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $40.60.

Several research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Ceva from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Benchmark reissued a "hold" rating on shares of Ceva in a research note on Tuesday, August 11th. Oppenheimer dropped their price objective on Ceva from $42.00 to $38.00 and set an "outperform" rating for the company in a report on Tuesday, August 11th. Stifel Nicolaus raised their target price on Ceva from $42.00 to $50.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Finally, Needham & Company LLC cut their price target on shares of Ceva from $55.00 to $43.00 and set a "buy" rating on the stock in a research report on Monday, August 10th.

Ceva Stock Performance

NASDAQ:CEVA opened at $28.24 on Wednesday. The stock's fifty day moving average price is $34.38 and its two-hundred day moving average price is $31.82. Ceva has a 52-week low of $17.02 and a 52-week high of $51.60. The company has a market cap of $795.07 million, a price-to-earnings ratio of -70.60 and a beta of 1.97.

Ceva (NASDAQ:CEVA - Get Free Report) last released its earnings results on Monday, August 10th. The semiconductor company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. The company had revenue of $29.03 million during the quarter, compared to the consensus estimate of $28.19 million. Ceva had a negative return on equity of 3.15% and a negative net margin of 9.48%.The firm's quarterly revenue was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.07 earnings per share. On average, equities analysts predict that Ceva will post -0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Ceva

Several hedge funds have recently bought and sold shares of CEVA. Arizona State Retirement System bought a new position in shares of Ceva during the second quarter worth $352,000. California State Teachers Retirement System increased its position in shares of Ceva by 5,814.2% in the 2nd quarter. California State Teachers Retirement System now owns 1,469,317 shares of the semiconductor company's stock valued at $69,293,000 after buying an additional 1,444,473 shares in the last quarter. AXQ Capital LP raised its stake in Ceva by 18.7% during the 2nd quarter. AXQ Capital LP now owns 12,668 shares of the semiconductor company's stock worth $597,000 after buying an additional 2,000 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Ceva by 3.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,362 shares of the semiconductor company's stock worth $1,715,000 after acquiring an additional 1,187 shares in the last quarter. Finally, Centaurus Financial Inc. acquired a new position in Ceva in the second quarter valued at about $2,376,000. 85.37% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.