CEVA (NASDAQ:CEVA) Raised to Buy at Zacks Investment Research

CEVA (NASDAQ:CEVAGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday, Zacks.com reports. The brokerage currently has a $37.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.46% from the stock’s current price.

According to Zacks, “CEVA is the leading licensor of signal processing IP for a smarter, connected world. They partner with semiconductor companies and OEMs worldwide to create power-efficient, intelligent and connected devices for a range of end markets, including mobile, consumer, automotive, industrial and IoT. Their ultra-low-power IPs for vision, audio, communications and connectivity include comprehensive DSP-based platforms for LTE/LTE-A/5G baseband processing in handsets, infrastructure and machine-to-machine devices, advanced imaging, computer vision and deep learning for any camera-enabled device, audio/voice/speech and ultra-low power always-on/sensing applications for multiple IoT markets. “

Other analysts have also issued reports about the company. Rosenblatt Securities upgraded CEVA from a “neutral” rating to a “buy” rating and raised their target price for the company from $50.00 to $60.00 in a research note on Wednesday, February 16th. StockNews.com initiated coverage on CEVA in a research note on Thursday, March 31st. They issued a “buy” rating for the company.

CEVA stock traded up $0.07 during mid-day trading on Thursday, hitting $32.90. 114,995 shares of the company were exchanged, compared to its average volume of 131,877. The business has a fifty day moving average of $37.01 and a 200 day moving average of $40.26. CEVA has a 1-year low of $31.08 and a 1-year high of $52.00. The company has a market capitalization of $763.41 million, a PE ratio of 329.00, a price-to-earnings-growth ratio of 14.03 and a beta of 1.04.

CEVA (NASDAQ:CEVAGet Rating) last released its quarterly earnings data on Tuesday, May 10th. The semiconductor company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.01. CEVA had a return on equity of 2.51% and a net margin of 1.77%. The firm had revenue of $34.39 million during the quarter, compared to analyst estimates of $32.70 million. During the same period in the prior year, the company posted ($0.13) earnings per share. The business’s revenue for the quarter was up 35.4% compared to the same quarter last year. Research analysts anticipate that CEVA will post 0.12 earnings per share for the current year.

In other CEVA news, EVP Issachar Ohana sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $38.68, for a total value of $232,080.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Michael Boukaya sold 2,331 shares of the business’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $34.00, for a total value of $79,254.00. Following the transaction, the chief operating officer now directly owns 13,263 shares in the company, valued at approximately $450,942. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of CEVA. Royal Bank of Canada increased its holdings in shares of CEVA by 151.4% during the 2nd quarter. Royal Bank of Canada now owns 2,137 shares of the semiconductor company’s stock worth $101,000 after acquiring an additional 1,287 shares during the last quarter. Morgan Stanley boosted its stake in CEVA by 31.3% in the 2nd quarter. Morgan Stanley now owns 198,917 shares of the semiconductor company’s stock valued at $9,407,000 after purchasing an additional 47,407 shares during the period. Swiss National Bank boosted its stake in CEVA by 2.9% in the 3rd quarter. Swiss National Bank now owns 50,400 shares of the semiconductor company’s stock valued at $2,151,000 after purchasing an additional 1,400 shares during the period. Principal Financial Group Inc. boosted its stake in CEVA by 2.1% in the 3rd quarter. Principal Financial Group Inc. now owns 161,121 shares of the semiconductor company’s stock valued at $6,875,000 after purchasing an additional 3,390 shares during the period. Finally, AlphaCrest Capital Management LLC bought a new stake in shares of CEVA during the 3rd quarter valued at $933,000. 80.65% of the stock is currently owned by institutional investors and hedge funds.

About CEVA (Get Rating)

CEVA, Inc operates as a licensor of wireless connectivity and smart sensing technologies to semiconductor and original equipment manufacturer (OEM) companies worldwide. It designs and licenses various digital signal processors, AI processors, wireless platforms, and complementary software for sensor fusion, image enhancement, computer vision, voice input, and artificial intelligence (AI).

Further Reading

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