Senvest Management LLC Trims Stock Position in Ceva, Inc. $CEVA

Key Points

• Senvest Management trimmed its Ceva stake by 1.2% in the first quarter, selling 28,924 shares but still holding 2.36 million shares valued at about $44.1 million.
• Several other hedge funds also adjusted their positions in Ceva, and institutional investors now own 85.37% of the company’s stock.
• Analysts remain broadly positive on Ceva, with nine Buy ratings and an average Moderate Buy target price of $42.80, while the company recently beat quarterly EPS and revenue estimates.

Senvest Management LLC lessened its stake in Ceva, Inc. (NASDAQ:CEVA - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,358,612 shares of the semiconductor company's stock after selling 28,924 shares during the quarter. Ceva accounts for about 1.5% of Senvest Management LLC's portfolio, making the stock its 27th largest holding. Senvest Management LLC owned about 8.47% of Ceva worth $44,059,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of CEVA. Neuberger Berman Group LLC raised its position in Ceva by 44.1% during the fourth quarter. Neuberger Berman Group LLC now owns 998,824 shares of the semiconductor company's stock valued at $21,505,000 after acquiring an additional 305,540 shares in the last quarter. AWM Investment Company Inc. boosted its position in Ceva by 24.1% in the 4th quarter. AWM Investment Company Inc. now owns 827,806 shares of the semiconductor company's stock worth $17,814,000 after purchasing an additional 160,644 shares in the last quarter. Handelsbanken Fonder AB boosted its position in Ceva by 92.6% in the 4th quarter. Handelsbanken Fonder AB now owns 684,465 shares of the semiconductor company's stock worth $14,730,000 after purchasing an additional 329,047 shares in the last quarter. Disciplined Growth Investors Inc. MN grew its stake in shares of Ceva by 40.6% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 619,817 shares of the semiconductor company's stock worth $13,624,000 after purchasing an additional 179,098 shares during the period. Finally, Millennium Management LLC grew its stake in shares of Ceva by 2,735.2% during the 4th quarter. Millennium Management LLC now owns 595,599 shares of the semiconductor company's stock worth $12,817,000 after purchasing an additional 574,592 shares during the period. Hedge funds and other institutional investors own 85.37% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CEVA shares. TD Cowen lifted their target price on shares of Ceva from $45.00 to $55.00 and gave the company a "buy" rating in a report on Monday, July 13th. Stifel Nicolaus increased their price target on shares of Ceva from $42.00 to $50.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Roth Capital restated a "buy" rating and set a $40.00 price target on shares of Ceva in a research report on Monday, May 11th. Rosenblatt Securities lifted their price objective on shares of Ceva from $40.00 to $45.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. Finally, UBS Group upped their price objective 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. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $42.80.

Ceva Stock Performance

Ceva stock opened at $36.35 on Friday. The company's fifty day moving average price is $43.08 and its 200 day moving average price is $29.99. Ceva, Inc. has a 1 year low of $17.02 and a 1 year high of $51.60. The stock has a market capitalization of $1.01 billion, a P/E ratio of -80.78 and a beta of 1.96.

Ceva (NASDAQ:CEVA - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The semiconductor company reported $0.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.02. The company had revenue of $27.02 million during the quarter, compared to analysts' expectations of $26.12 million. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%. The firm's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.06 earnings per share. Sell-side analysts predict that Ceva, Inc. will post -0.21 EPS for the current year.

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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