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Connor Clark & Lunn Investment Management Ltd. Sells 28,986 Shares of Ceva, Inc. (NASDAQ:CEVA)

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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.
  • Looking to export and analyze Ceva data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in shares of Ceva, Inc. (NASDAQ:CEVA - Free Report) by 13.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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 filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CEVA. Vanguard Group Inc. grew its position in shares of Ceva by 13.0% during the first quarter. Vanguard Group Inc. now owns 2,446,574 shares of the semiconductor company's stock worth $62,657,000 after acquiring an additional 281,274 shares during the last quarter. AWM Investment Company Inc. grew its position in Ceva by 18.0% in the 4th quarter. AWM Investment Company Inc. now owns 600,162 shares of the semiconductor company's stock valued at $18,935,000 after buying an additional 91,668 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Ceva by 14.3% in the fourth 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. ArrowMark Colorado Holdings LLC lifted its position in Ceva by 199.6% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 254,677 shares of the semiconductor company's stock worth $8,035,000 after purchasing an additional 169,677 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Ceva by 2.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 231,369 shares of the semiconductor company's stock valued at $5,925,000 after buying an additional 4,624 shares during the period. 85.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Get Our Latest Research Report on CEVA

Ceva Stock Performance

Shares of Ceva stock traded down $0.79 during midday trading on Friday, reaching $23.31. 292,378 shares of the company's stock traded hands, compared to its average volume of 284,026. Ceva, Inc. has a 52 week low of $18.31 and a 52 week high of $38.94. The company's 50 day simple moving average is $22.14 and its 200 day simple moving average is $25.29. The company has a market cap of $556.64 million, a price-to-earnings ratio of -55.50 and a beta of 1.25.

Ceva (NASDAQ:CEVA - Get Free Report) last posted its earnings results on Monday, August 11th. The semiconductor company reported $0.07 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $25.68 million during the quarter, compared to analyst estimates of $25.33 million. During the same period in the previous year, the company earned $0.17 EPS. The company's revenue for the quarter was down 9.5% on a year-over-year basis. As a group, equities research analysts predict that Ceva, Inc. will post -0.12 earnings per share for the current year.

About Ceva

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Ceva (NASDAQ:CEVA)

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