Millennium Management LLC Cuts Stock Holdings in CEVA, Inc. (NASDAQ:CEVA)

Millennium Management LLC trimmed its stake in CEVA, Inc. (NASDAQ:CEVA - Free Report) by 32.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,277 shares of the semiconductor company's stock after selling 33,546 shares during the period. Millennium Management LLC owned about 0.29% of CEVA worth $2,186,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CEVA. Harvest Fund Management Co. Ltd acquired a new stake in CEVA in the fourth quarter valued at $40,000. Meeder Asset Management Inc. acquired a new stake in CEVA in the fourth quarter valued at $46,000. KLP Kapitalforvaltning AS acquired a new stake in CEVA in the fourth quarter valued at $129,000. Cornerstone Investment Partners LLC acquired a new stake in CEVA in the fourth quarter valued at $215,000. Finally, Arizona State Retirement System acquired a new stake in CEVA in the fourth quarter valued at $217,000. 85.37% of the stock is currently owned by institutional investors and hedge funds.

CEVA Trading Down 3.5%

Shares of CEVA traded down $0.72 during mid-day trading on Thursday, reaching $19.94. 312,046 shares of the stock traded hands, compared to its average volume of 231,667. The firm has a fifty day moving average price of $22.50 and a 200 day moving average price of $28.59. The company has a market cap of $476.77 million, a price-to-earnings ratio of -53.89 and a beta of 1.23. CEVA, Inc. has a 1 year low of $16.02 and a 1 year high of $38.94.

CEVA (NASDAQ:CEVA - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The semiconductor company reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.01). The firm had revenue of $24.25 million for the quarter, compared to analysts' expectations of $26.55 million. CEVA had a negative net margin of 8.22% and a negative return on equity of 2.48%. The firm's revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) earnings per share. On average, sell-side analysts anticipate that CEVA, Inc. will post -0.12 EPS for the current year.

Insider Activity

In related news, Director Louis Silver sold 4,520 shares of the company's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $30.98, for a total value of $140,029.60. Following the completion of the transaction, the director now directly owns 47,038 shares in the company, valued at approximately $1,457,237.24. The trade was a 8.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.40% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Rosenblatt Securities reiterated a "buy" rating and set a $40.00 price target on shares of CEVA in a report on Thursday, May 8th. Wall Street Zen lowered CEVA from a "buy" rating to a "hold" rating in a report on Tuesday, April 1st. Barclays lowered their price target on shares of CEVA from $40.00 to $30.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Finally, Oppenheimer lowered their price target on shares of CEVA from $40.00 to $33.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $35.60.

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.