Ceva, Inc. $CEVA Shares Sold by Algert Global LLC

Key Points

• Algert Global LLC cut its Ceva stake by 83.8% in the second quarter, selling 166,861 shares and retaining 32,356 shares valued at approximately $1.53 million. Institutional investors collectively own 85.37% of Ceva.
• Ceva’s latest quarterly results exceeded expectations, with EPS of $0.08 versus a $0.07 consensus and revenue of $29.03 million, up 13% year over year. However, the company remains unprofitable, with a negative net margin of 9.48%.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $40.60, compared with the shares’ reported opening price of $27.12.

Algert Global LLC decreased its holdings in shares of Ceva, Inc. (NASDAQ:CEVA - Free Report) by 83.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,356 shares of the semiconductor company's stock after selling 166,861 shares during the period. Algert Global LLC owned approximately 0.11% of Ceva worth $1,526,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Hantz Financial Services Inc. increased its holdings in shares of Ceva by 77.6% in the fourth quarter. Hantz Financial Services Inc. now owns 1,446 shares of the semiconductor company's stock valued at $31,000 after buying an additional 632 shares in the last quarter. Global Retirement Partners LLC bought a new stake in shares of Ceva during the 2nd quarter worth $49,000. Tower Research Capital LLC TRC boosted its stake in shares of Ceva by 422.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company's stock worth $60,000 after acquiring an additional 2,208 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Ceva by 771.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company's stock worth $63,000 after acquiring an additional 2,107 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Ceva by 47.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,758 shares of the semiconductor company's stock worth $145,000 after purchasing an additional 2,172 shares during the period. 85.37% of the stock is currently owned by institutional investors.

Ceva Stock Performance

Shares of CEVA opened at $27.12 on Friday. The company's 50 day moving average price is $36.93 and its 200 day moving average price is $31.53. Ceva, Inc. has a 52 week low of $17.02 and a 52 week high of $51.60. The company has a market capitalization of $763.43 million, a PE ratio of -67.80 and a beta of 1.99.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Ceva in a research report on Monday, July 6th. Rosenblatt Securities boosted their price objective on Ceva from $45.00 to $49.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Stifel Nicolaus upped their price objective 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. Oppenheimer decreased their target price on shares of Ceva from $42.00 to $38.00 and set an "outperform" rating for the company in a report on Tuesday, August 11th. Finally, UBS Group lifted their target price on shares of Ceva from $42.00 to $48.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.60.

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.

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