Ceva, Inc. (NASDAQ:CEVA) Stock Holdings Trimmed by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Ceva, Inc. by 13.5%, selling approximately 28,986 shares, resulting in ownership of 185,398 shares valued at $4.74 million.
• Ceva's recent earnings report showed an EPS of $0.07, exceeding analysts' expectations, although revenues fell 9.5% year-over-year.
• Analysts have given Ceva a consensus rating of “Moderate Buy” with an average price target of $35.60, following recent price adjustments in several research reports.

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Ceva, Inc. (NASDAQ:CEVA - Free Report) by 13.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 185,398 shares of the semiconductor company's stock after selling 28,986 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.78% of Ceva worth $4,748,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in shares of Ceva by 44.5% during the first quarter. GAMMA Investing LLC now owns 3,437 shares of the semiconductor company's stock worth $88,000 after purchasing an additional 1,058 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Ceva in the first quarter valued at $225,000. Price T Rowe Associates Inc. MD acquired a new position in Ceva in the fourth quarter valued at $292,000. Two Sigma Securities LLC boosted its holdings in Ceva by 11.6% in the fourth quarter. Two Sigma Securities LLC now owns 9,425 shares of the semiconductor company's stock valued at $297,000 after acquiring an additional 978 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new position in Ceva in the fourth quarter valued at $457,000. Institutional investors and hedge funds own 85.37% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Oppenheimer reduced their target price on Ceva from $40.00 to $33.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Barclays reduced their target price on Ceva from $40.00 to $30.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $40.00 price objective on shares of Ceva in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Ceva presently has an average rating of "Moderate Buy" and an average price target of $35.60.

Ceva Trading Down 3.3%

NASDAQ:CEVA traded down $0.79 during mid-day trading on Friday, hitting $23.31. The company had a trading volume of 292,378 shares, compared to its average volume of 267,640. The business has a fifty day simple moving average of $22.20 and a 200-day simple moving average of $25.18. Ceva, Inc. has a 1 year low of $18.31 and a 1 year high of $38.94. The firm has a market capitalization of $556.69 million, a price-to-earnings ratio of -55.50 and a beta of 1.25.

Ceva (NASDAQ:CEVA - Get Free Report) last announced its earnings results on Monday, August 11th. The semiconductor company reported $0.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $25.33 million. During the same period in the previous year, the company earned $0.17 earnings per share. The company's revenue for the quarter was down 9.5% compared to the same quarter last year. As a group, research analysts anticipate that Ceva, Inc. will post -0.12 earnings per share for the current year.

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.