Rice Hall James & Associates LLC Purchases Shares of 97,788 Ceva, Inc. $CEVA

Key Points

• Rice Hall James & Associates acquired 97,788 Ceva shares during the second quarter, worth approximately $4.6 million and representing about 0.35% of the company. Institutional investors collectively own 85.37% of Ceva.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $40.60 price target, although TD Cowen and Oppenheimer recently lowered their targets to $45 and $38, respectively.
• Ceva’s latest quarterly results exceeded expectations: adjusted earnings were $0.08 per share versus $0.07 expected, while revenue rose 13% year over year to $29.03 million. The stock opened at $32.71, well below the analyst consensus target.

Rice Hall James & Associates LLC purchased a new stake in shares of Ceva, Inc. (NASDAQ:CEVA - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 97,788 shares of the semiconductor company's stock, valued at approximately $4,612,000. Rice Hall James & Associates LLC owned about 0.35% of Ceva as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the business. Hantz Financial Services Inc. grew its stake in shares of Ceva by 77.6% in the fourth quarter. Hantz Financial Services Inc. now owns 1,446 shares of the semiconductor company's stock worth $31,000 after purchasing an additional 632 shares during the last quarter. Global Retirement Partners LLC bought a new position in Ceva during the 2nd quarter worth $49,000. Tower Research Capital LLC TRC raised its position in Ceva by 422.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company's stock worth $60,000 after purchasing an additional 2,208 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Ceva by 771.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company's stock worth $63,000 after buying an additional 2,107 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Ceva by 47.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,758 shares of the semiconductor company's stock worth $145,000 after buying an additional 2,172 shares during the period. Institutional investors and hedge funds own 85.37% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on CEVA shares. TD Cowen reduced their price target on Ceva from $55.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, August 11th. Roth Capital restated a "buy" rating and set a $40.00 price objective on shares of Ceva in a research report on Monday, May 11th. Benchmark reaffirmed a "hold" rating on shares of Ceva in a research note on Tuesday, August 11th. Oppenheimer reduced their target price on Ceva from $42.00 to $38.00 and set an "outperform" rating on the stock in a report on Tuesday, August 11th. Finally, Wall Street Zen raised shares of Ceva from a "hold" rating to a "buy" rating in a research report on Saturday. Nine equities 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $40.60.

Ceva Stock Down 1.7%

CEVA stock opened at $32.71 on Tuesday. The firm has a market cap of $920.79 million, a price-to-earnings ratio of -81.77 and a beta of 1.99. The company's fifty day simple moving average is $40.16 and its 200 day simple moving average is $31.18. Ceva, Inc. has a 12-month low of $17.02 and a 12-month high of $51.60.

Ceva (NASDAQ:CEVA - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The semiconductor company reported $0.08 earnings per share for the quarter, topping 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 last year, the business posted $0.07 EPS. The business's revenue was up 13.0% compared to the same quarter last year. Research analysts expect that Ceva, Inc. will post -0.2 earnings per share for the current year.

Ceva Company Profile

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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