Millennium Management LLC Decreases Stock Position in CEVA, Inc. (NASDAQ:CEVA)

Millennium Management LLC cut its holdings in CEVA, Inc. (NASDAQ:CEVA) by 32.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,277 shares of the semiconductor company’s stock after selling 33,546 shares during the quarter. Millennium Management LLC owned approximately 0.29% of CEVA worth $2,186,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Sei Investments Co. grew its stake in shares of CEVA by 21.5% in the fourth quarter. Sei Investments Co. now owns 67,986 shares of the semiconductor company’s stock worth $2,145,000 after purchasing an additional 12,034 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new stake in shares of CEVA in the fourth quarter worth about $292,000. Principal Financial Group Inc. grew its stake in shares of CEVA by 2.8% in the fourth quarter. Principal Financial Group Inc. now owns 115,265 shares of the semiconductor company’s stock worth $3,637,000 after purchasing an additional 3,171 shares during the last quarter. Rhumbline Advisers grew its stake in shares of CEVA by 2.8% in the fourth quarter. Rhumbline Advisers now owns 73,270 shares of the semiconductor company’s stock worth $2,312,000 after purchasing an additional 2,027 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of CEVA by 1.5% in the fourth quarter. Franklin Resources Inc. now owns 33,939 shares of the semiconductor company’s stock worth $1,071,000 after purchasing an additional 507 shares during the last quarter. 85.37% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Louis Silver sold 4,520 shares of CEVA stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $30.98, for a total transaction of $140,029.60. Following the completion of the transaction, the director now directly owns 47,038 shares in the company, valued at approximately $1,457,237.24. This trade represents a 8.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on CEVA shares. Wall Street Zen cut CEVA from a “buy” rating to a “hold” rating in a research report on Tuesday, April 1st. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of CEVA in a research report on Thursday, May 8th. Oppenheimer cut their price objective on CEVA from $40.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, May 9th. Finally, Barclays cut their price objective on CEVA from $40.00 to $30.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $35.60.

CEVA Stock Performance

CEVA stock opened at $18.60 on Monday. The firm has a 50 day moving average price of $23.04 and a 200-day moving average price of $28.82. CEVA, Inc. has a 52-week low of $16.02 and a 52-week high of $38.94. The firm has a market capitalization of $444.73 million, a price-to-earnings ratio of -50.27 and a beta of 1.37.

CEVA (NASDAQ:CEVA) last released its earnings results on Wednesday, May 7th. The semiconductor company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.01). CEVA had a negative net margin of 8.22% and a negative return on equity of 2.48%. The business had revenue of $24.25 million for the quarter, compared to analysts’ expectations of $26.55 million. During the same quarter in the previous year, the business posted ($0.05) earnings per share. CEVA’s revenue for the quarter was up 9.8% on a year-over-year basis. As a group, sell-side analysts forecast that CEVA, Inc. will post -0.12 earnings per share for the current fiscal year.

About CEVA

CEVA, Inc provides silicon and software IP solutions to semiconductor and original equipment manufacturer (OEM) companies worldwide. Its 5G mobile and infrastructure products include Ceva-XC vector digital signal processors (DSPs) for 5G handsets, 5G RAN, and general-purpose baseband processing; PentaG-RAN, an open ran platform for base station and radio; and PentaG2 – 5G NR modem platform for UE, as well as for non-handset 5G vertical markets, such as fixed wireless access, industry 4.0, robotics, and AR/VR devices.