Bank of New York Mellon Corp Makes New Investment in Ceva, Inc. $CEVA

Key Points

• Bank of New York Mellon acquired 90,038 Ceva shares worth approximately $4.25 million, giving it a 0.32% stake. Other institutional investors also increased or initiated positions, and institutions collectively own 85.37% of Ceva.
• Analysts maintain a generally positive outlook, with nine Buy ratings, two Holds and one Sell. Ceva has a consensus rating of Moderate Buy and an average price target of $40.60, despite several recent target-price reductions.
• Ceva beat quarterly earnings expectations with $0.08 in EPS versus $0.07 expected, while revenue rose 13% year over year to $29.03 million. However, the company remains unprofitable, reporting a negative net margin and analysts forecasting a full-year loss.

Bank of New York Mellon Corp bought a new position in Ceva, Inc. (NASDAQ:CEVA - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 90,038 shares of the semiconductor company's stock, valued at approximately $4,246,000. Bank of New York Mellon Corp owned approximately 0.32% of Ceva at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in CEVA. Hsbc Holdings PLC acquired a new stake in shares of Ceva in the fourth quarter worth $777,000. GSA Capital Partners LLP purchased a new stake in Ceva in the 2nd quarter worth about $1,512,000. Bank of America Corp DE boosted its position in Ceva by 112.5% during the 1st quarter. Bank of America Corp DE now owns 80,996 shares of the semiconductor company's stock worth $1,513,000 after acquiring an additional 42,878 shares during the period. Nano Cap New Millennium Growth Fund L P purchased a new position in Ceva during the 4th quarter valued at about $603,000. Finally, Aster Capital Management DIFC Ltd acquired a new position in shares of Ceva in the 4th quarter valued at about $497,000. Institutional investors and hedge funds own 85.37% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on CEVA. Needham & Company LLC decreased their price target on shares of Ceva from $55.00 to $43.00 and set a "buy" rating for the company in a report on Monday, August 10th. Stifel Nicolaus lifted their target price on shares of Ceva from $42.00 to $50.00 and gave the company a "buy" rating in a research note on Friday, July 10th. TD Cowen lowered 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, August 11th. UBS Group upped their price target on shares of Ceva from $42.00 to $48.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Ceva in a research report on Monday, July 6th. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $40.60.

Ceva Price Performance

Ceva stock opened at $26.95 on Friday. Ceva, Inc. has a one year low of $17.02 and a one year high of $51.60. The company's fifty day moving average price is $35.08 and its two-hundred day moving average price is $31.66. The company has a market capitalization of $758.64 million, a price-to-earnings ratio of -67.38 and a beta of 1.97.

Ceva (NASDAQ:CEVA - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $29.03 million for the quarter, compared to analyst estimates of $28.19 million. During the same quarter in the prior year, the firm posted $0.07 EPS. The firm's revenue for the quarter was up 13.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Ceva, Inc. will post -0.17 earnings per share for the current year.

Ceva Company Profile

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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