Oaktop Capital Management II L.P. Acquires Shares of 446,377 Ceva, Inc. $CEVA

Key Points

• Oaktop Capital Management II acquired 446,377 Ceva shares worth approximately $21.1 million, representing about 1.6% of the company and 0.9% of Oaktop’s portfolio.
• Ceva exceeded quarterly expectations, reporting $0.08 in adjusted earnings per share versus the $0.07 consensus and revenue of $29.03 million, up 13% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $40.60, while Ceva shares recently opened at $32.71 and remain below their 52-week high of $51.60.

Oaktop Capital Management II L.P. bought a new position in shares of Ceva, Inc. (NASDAQ:CEVA - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 446,377 shares of the semiconductor company's stock, valued at approximately $21,051,000. Ceva comprises approximately 0.9% of Oaktop Capital Management II L.P.'s holdings, making the stock its 8th biggest holding. Oaktop Capital Management II L.P. owned about 1.60% of Ceva as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Global Retirement Partners LLC bought a new position in Ceva in the 2nd quarter valued at about $49,000. Hantz Financial Services Inc. boosted its holdings in shares of Ceva by 77.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,446 shares of the semiconductor company's stock worth $31,000 after acquiring an additional 632 shares during the period. Russell Investments Group Ltd. grew its position in shares of Ceva by 771.8% in the third quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company's stock valued at $63,000 after purchasing an additional 2,107 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Ceva by 422.2% in the second quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company's stock valued at $60,000 after purchasing an additional 2,208 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake 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. Institutional investors and hedge funds own 85.37% of the company's stock.

Ceva Price Performance

Shares of NASDAQ CEVA opened at $32.71 on Tuesday. The stock has a market capitalization of $920.79 million, a PE ratio of -81.77 and a beta of 1.99. The business has a fifty day moving average price of $40.16 and a two-hundred day moving average price of $31.18. Ceva, Inc. has a fifty-two week low of $17.02 and a fifty-two week high of $51.60.

Ceva (NASDAQ:CEVA - Get Free Report) last released its earnings results on Monday, August 10th. The semiconductor company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.01. Ceva had a negative return on equity of 3.15% and a negative net margin of 9.48%.The firm had revenue of $29.03 million during the quarter, compared to the consensus estimate of $28.19 million. During the same period in the prior year, the company posted $0.07 EPS. The company's revenue was up 13.0% compared to the same quarter last year. On average, equities analysts expect that Ceva, Inc. will post -0.2 EPS for the current year.

Analyst Upgrades and Downgrades

CEVA has been the subject of a number of research reports. Benchmark reissued a "hold" rating on shares of Ceva in a report on Tuesday, August 11th. Oppenheimer decreased their price target on shares of Ceva from $42.00 to $38.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 11th. UBS Group raised their price target 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. Weiss Ratings reiterated a "sell (d-)" rating on shares of Ceva in a research note on Monday, July 6th. Finally, Rosenblatt Securities boosted their price objective on shares of Ceva from $45.00 to $49.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. Nine research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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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