Acadian Asset Management LLC Decreases Stock Position in Ceva, Inc. $CEVA

Key Points

• Acadian Asset Management LLC has reduced its position in Ceva, Inc. by 15.9%, selling 99,405 shares and now holding 526,746 shares worth approximately $13.48 million.
• Ceva reported an EPS of $0.07 for the last quarter, exceeding expectations, but faced a 9.5% decline in revenue year-over-year.
• Rosenblatt Securities maintains a "buy" rating for Ceva, with a target price of $40.00, while the stock has a consensus rating of "Buy" with an average target price of $35.60.

Acadian Asset Management LLC reduced its position in Ceva, Inc. (NASDAQ:CEVA - Free Report) by 15.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 526,746 shares of the semiconductor company's stock after selling 99,405 shares during the quarter. Acadian Asset Management LLC owned approximately 2.20% of Ceva worth $13,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of CEVA. GAMMA Investing LLC increased its position in Ceva by 44.5% in the first quarter. GAMMA Investing LLC now owns 3,437 shares of the semiconductor company's stock worth $88,000 after buying an additional 1,058 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Ceva in the first quarter worth $225,000. PEAK6 LLC purchased a new stake in Ceva in the first quarter worth $256,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Ceva in the fourth quarter valued at $292,000. Finally, Lazard Asset Management LLC purchased a new position in shares of Ceva in the fourth quarter valued at $457,000. 85.37% of the stock is owned by hedge funds and other institutional investors.

Ceva Stock Performance

Shares of NASDAQ CEVA opened at $23.86 on Friday. Ceva, Inc. has a fifty-two week low of $18.31 and a fifty-two week high of $38.94. The stock has a fifty day moving average of $22.69 and a 200-day moving average of $23.80. The stock has a market cap of $569.78 million, a PE ratio of -56.81 and a beta of 1.26.

Ceva (NASDAQ:CEVA - Get Free Report) last posted its earnings results on Monday, August 11th. The semiconductor company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.05 by $0.02. Ceva had a negative return on equity of 3.04% and a negative net margin of 9.48%.The business had revenue of $25.68 million during the quarter, compared to analysts' expectations of $25.33 million. During the same period in the previous year, the business earned $0.17 earnings per share. The firm's revenue was down 9.5% on a year-over-year basis. On average, sell-side analysts predict that Ceva, Inc. will post -0.12 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Rosenblatt Securities reiterated a "buy" rating and issued a $40.00 price target on shares of Ceva in a research report on Thursday, August 14th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $35.60.

Ceva Company Profile

CEVA, Inc provides silicon and software IP solutions to semiconductor and original equipment manufacturer (OEM) companies worldwide. Its 5G mobile and infrastructure products include Ceva-XC vector digital signal processors (DSPs) for 5G handsets, 5G RAN, and general-purpose baseband processing; PentaG-RAN, an open ran platform for base station and radio; and PentaG2 - 5G NR modem platform for UE, as well as for non-handset 5G vertical markets, such as fixed wireless access, industry 4.0, robotics, and AR/VR devices.

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