Ceva (NASDAQ:CEVA) Stock Price Up 5.5% - Still a Buy?

Key Points

• Ceva shares rose 5.5% to $36.34 in Friday trading, above both its 50-day and 200-day moving averages.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $40.60, despite some target-price reductions.
• Ceva exceeded quarterly earnings and revenue expectations, with revenue up 13% year over year, while institutional investors own 85.37% of the company’s shares.

Ceva, Inc. (NASDAQ:CEVA - Get Free Report) shares were up 5.5% during mid-day trading on Friday. The stock traded as high as $36.47 and last traded at $36.34. 539,617 shares changed hands during trading, a decline of 18% from the average daily volume of 659,297 shares. The stock had previously closed at $34.46.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. TD Cowen lowered their target price on shares of Ceva from $55.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, August 11th. Benchmark upgraded shares of Ceva from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 14th. Wall Street Zen raised shares of Ceva from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. 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 research report on Tuesday, August 11th. Finally, Oppenheimer dropped their price objective 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. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Ceva presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.60.

Ceva Price Performance

The firm's fifty day moving average price is $31.28 and its 200-day moving average price is $32.66. The company has a market cap of $1.02 billion, a price-to-earnings ratio of -90.48 and a beta of 1.97.

Ceva (NASDAQ:CEVA - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $29.03 million for the quarter, compared to analysts' expectations of $28.19 million. Ceva had a negative net margin of 9.48% and a negative return on equity of 3.15%. The company's revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.07 EPS. As a group, equities analysts forecast that Ceva, Inc. will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ceva

Several hedge funds and other institutional investors have recently made changes to their positions in CEVA. BlackRock Inc. acquired a new stake in shares of Ceva in the second quarter valued at $113,995,000. AWM Investment Company Inc. acquired a new position in Ceva during the second quarter worth about $37,719,000. Deutsche Bank AG acquired a new position in Ceva during the second quarter worth about $33,941,000. Oaktop Capital Management II L.P. bought a new stake in Ceva in the second quarter worth about $21,051,000. Finally, Rice Hall James & Associates LLC bought a new stake in Ceva in the second quarter worth about $4,612,000. 85.37% of the stock is currently owned by institutional investors and hedge funds.

About Ceva

CEVA, Inc NASDAQ: CEVA is a semiconductor intellectual property company that develops and licenses processor cores, connectivity platforms and software for use in wireless communications, consumer electronics, automotive systems, industrial equipment and the Internet of Things. Rather than manufacturing chips, CEVA provides technology that semiconductor companies and original equipment manufacturers can incorporate into their own products.

The company's portfolio includes digital signal processors, artificial intelligence and neural processing technologies, computer vision and sensor-fusion solutions, and platforms for wireless connectivity.

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