Ceva, Inc. $CEVA Shares Sold by Acadian Asset Management LLC

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 lessened its stake in shares of Ceva, Inc. (NASDAQ:CEVA - Free Report) by 15.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 526,746 shares of the semiconductor company's stock after selling 99,405 shares during the period. Acadian Asset Management LLC owned 2.20% of Ceva worth $13,484,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Ceva by 13.0% during the 1st quarter. Vanguard Group Inc. now owns 2,446,574 shares of the semiconductor company's stock valued at $62,657,000 after acquiring an additional 281,274 shares in the last quarter. AWM Investment Company Inc. grew its stake in Ceva by 2.5% during the 1st quarter. AWM Investment Company Inc. now owns 615,162 shares of the semiconductor company's stock valued at $15,754,000 after acquiring an additional 15,000 shares in the last quarter. Northern Trust Corp grew its stake in Ceva by 14.3% during the 4th quarter. Northern Trust Corp now owns 270,372 shares of the semiconductor company's stock valued at $8,530,000 after acquiring an additional 33,737 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Ceva by 2.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 231,369 shares of the semiconductor company's stock valued at $5,925,000 after acquiring an additional 4,624 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Ceva by 75.8% in the 1st quarter. Invesco Ltd. now owns 148,459 shares of the semiconductor company's stock valued at $3,802,000 after buying an additional 64,033 shares during the period. Hedge funds and other institutional investors own 85.37% of the company's stock.

Ceva Trading Up 1.5%

Shares of NASDAQ CEVA traded up $0.38 during mid-day trading on Wednesday, reaching $24.75. The company had a trading volume of 60,174 shares, compared to its average volume of 278,213. The firm has a 50 day simple moving average of $22.79 and a two-hundred day simple moving average of $23.51. The stock has a market cap of $590.91 million, a P/E ratio of -58.92 and a beta of 1.26. Ceva, Inc. has a 52-week low of $18.31 and a 52-week high of $38.94.

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, beating analysts' consensus estimates of $0.05 by $0.02. Ceva had a negative net margin of 9.48% and a negative return on equity of 3.04%. The firm had revenue of $25.68 million for the quarter, compared to the consensus estimate of $25.33 million. During the same period last year, the firm posted $0.17 EPS. The company's revenue was down 9.5% on a year-over-year basis. On average, equities analysts expect that Ceva, Inc. will post -0.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Rosenblatt Securities reaffirmed a "buy" rating and set a $40.00 price objective 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, the stock has a consensus rating of "Buy" and an average target price of $35.60.

Ceva 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.