95,035 Shares in Ceva, Inc. $CEVA Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 95,035 Ceva shares during the second quarter, valued at approximately $4.48 million and representing about 0.34% of the company. Institutional investors and hedge funds collectively own 85.37% of CEVA.
• Ceva reported quarterly EPS of $0.08, beating estimates by $0.01, while revenue rose 13% year over year to $29.03 million. Despite growth, the company posted a negative net margin of 9.48%.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $40.60, although several firms recently lowered their targets. CEVA recently traded at $34.69, below its one-year high of $51.60.

Bank of America Corp DE acquired a new stake in shares of Ceva, Inc. (NASDAQ:CEVA - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 95,035 shares of the semiconductor company's stock, valued at approximately $4,482,000. Bank of America Corp DE owned about 0.34% of Ceva as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CEVA. Hantz Financial Services Inc. increased its position in Ceva by 77.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,446 shares of the semiconductor company's stock worth $31,000 after purchasing an additional 632 shares during the last quarter. Global Retirement Partners LLC bought a new position in shares of Ceva in the second quarter worth about $49,000. Sanctuary Advisors LLC lifted its holdings in shares of Ceva by 7.6% during the first quarter. Sanctuary Advisors LLC now owns 11,003 shares of the semiconductor company's stock worth $206,000 after buying an additional 773 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in Ceva during the 2nd quarter valued at $343,000. Finally, Quantinno Capital Management LP raised its position in shares of Ceva by 8.4% during the first quarter. Quantinno Capital Management LP now owns 19,032 shares of the semiconductor company's stock valued at $356,000 after buying an additional 1,470 shares during the last quarter. 85.37% of the stock is currently owned by institutional investors and hedge funds.

Ceva Price Performance

NASDAQ CEVA opened at $34.69 on Tuesday. The firm has a market cap of $976.52 million, a PE ratio of -86.72 and a beta of 1.97. Ceva, Inc. has a one year low of $17.02 and a one year high of $51.60. The stock's 50 day simple moving average is $31.19 and its 200 day simple moving average is $32.88.

Ceva (NASDAQ:CEVA - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The semiconductor company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. The firm 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 business's revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 EPS. As a group, equities analysts expect that Ceva, Inc. will post -0.17 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on CEVA. Needham & Company LLC cut their target price on Ceva from $55.00 to $43.00 and set a "buy" rating for the company in a research report on Monday, August 10th. Stifel Nicolaus upped their price target on Ceva from $42.00 to $50.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Rosenblatt Securities increased their price objective on Ceva from $45.00 to $49.00 and gave the stock a "buy" rating in a research note on Tuesday, August 11th. TD Cowen cut their price objective on Ceva from $55.00 to $45.00 and set a "buy" rating for the company in a report on Tuesday, August 11th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Ceva in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $40.60.

Ceva Profile

CEVA, Inc NASDAQ: CEVA is a semiconductor intellectual property company that develops and licenses processor cores, connectivity platforms and software for use in wireless communications, consumer electronics, automotive systems, industrial equipment and the Internet of Things. Rather than manufacturing chips, CEVA provides technology that semiconductor companies and original equipment manufacturers can incorporate into their own products.

The company's portfolio includes digital signal processors, artificial intelligence and neural processing technologies, computer vision and sensor-fusion solutions, and platforms for wireless connectivity.

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