Needham Investment Management LLC Sells 23,000 Shares of Ceva, Inc. $CEVA

Key Points

• Needham Investment Management LLC has sold 20.0% of its stake in Ceva, Inc., reducing its holdings to 92,000 shares worth approximately $2.36 million.
• Several institutional investors, including Vanguard Group Inc. and GAMMA Investing LLC, have increased their stakes significantly during the same timeframe.
• Ceva's quarterly revenue decreased by 9.5% year-over-year, although it reported an EPS of $0.07, exceeding analyst expectations of $0.05.

Needham Investment Management LLC cut its stake in Ceva, Inc. (NASDAQ:CEVA - Free Report) by 20.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 92,000 shares of the semiconductor company's stock after selling 23,000 shares during the period. Needham Investment Management LLC owned 0.38% of Ceva worth $2,356,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC lifted its holdings 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 period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Ceva in the first quarter worth about $225,000. PEAK6 LLC purchased a new stake in Ceva in the first quarter worth about $256,000. Price T Rowe Associates Inc. MD purchased a new stake in Ceva in the fourth quarter worth about $292,000. Finally, Lazard Asset Management LLC purchased a new stake in Ceva in the fourth quarter worth about $457,000. 85.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Ceva Stock Down 1.7%

Shares of CEVA stock traded down $0.39 during trading hours on Tuesday, hitting $22.85. 171,054 shares of the company's stock traded hands, compared to its average volume of 262,059. The stock's fifty day simple moving average is $22.66 and its two-hundred day simple moving average is $23.88. Ceva, Inc. has a 12-month low of $18.31 and a 12-month high of $38.94. The stock has a market cap of $545.66 million, a price-to-earnings ratio of -54.40 and a beta of 1.26.

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

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.