Ceva (NASDAQ:CEVA) Earns “Buy” Rating from Rosenblatt Securities

Ceva (NASDAQ:CEVA)‘s stock had its “buy” rating reiterated by stock analysts at Rosenblatt Securities in a research report issued on Thursday,Benzinga reports. They currently have a $40.00 price target on the semiconductor company’s stock. Rosenblatt Securities’ target price suggests a potential upside of 119.30% from the company’s current price.

Several other analysts have also recently commented on CEVA. Barclays boosted their price target on shares of Ceva from $30.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. UBS Group began coverage on Ceva in a report on Wednesday, February 25th. They issued a “buy” rating and a $27.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ceva in a research report on Friday, January 9th. Oppenheimer reissued an “outperform” rating and set a $30.00 price target (down from $33.00) on shares of Ceva in a research note on Wednesday, February 18th. Finally, Stifel Nicolaus assumed coverage on Ceva in a research note on Tuesday, February 10th. They issued a “buy” rating and a $30.00 price objective on the stock. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Ceva currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.67.

Ceva Price Performance

Shares of CEVA opened at $18.24 on Thursday. The firm has a market cap of $506.16 million, a P/E ratio of -42.42 and a beta of 1.49. Ceva has a 1 year low of $17.92 and a 1 year high of $31.28. The company has a 50 day simple moving average of $21.59 and a two-hundred day simple moving average of $23.38.

Ceva (NASDAQ:CEVA) last issued its earnings results on Tuesday, February 17th. The semiconductor company reported $0.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.18. The firm had revenue of $31.29 million during the quarter, compared to analyst estimates of $31.03 million. Ceva had a negative net margin of 9.71% and a negative return on equity of 3.15%. Ceva’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.11 earnings per share. On average, sell-side analysts anticipate that Ceva will post -0.12 earnings per share for the current year.

Institutional Trading of Ceva

Several hedge funds have recently made changes to their positions in the business. Millennium Management LLC lifted its holdings in shares of Ceva by 2,735.2% in the 4th quarter. Millennium Management LLC now owns 595,599 shares of the semiconductor company’s stock valued at $12,817,000 after acquiring an additional 574,592 shares during the last quarter. Defiance ETFs LLC purchased a new stake in Ceva during the fourth quarter valued at approximately $10,420,000. Penserra Capital Management LLC purchased a new stake in Ceva during the third quarter valued at approximately $11,410,000. Handelsbanken Fonder AB lifted its stake in shares of Ceva by 1,287.5% in the 3rd quarter. Handelsbanken Fonder AB now owns 355,418 shares of the semiconductor company’s stock valued at $9,387,000 after purchasing an additional 329,802 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its stake in shares of Ceva by 44.1% in the 4th quarter. Neuberger Berman Group LLC now owns 998,824 shares of the semiconductor company’s stock valued at $21,505,000 after purchasing an additional 305,540 shares during the last quarter. 85.37% of the stock is currently owned by hedge funds and other institutional investors.

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.