CEVA (CEVA) Cut to “Market Perform” at UBS Group

CEVA (NASDAQ:CEVA) was downgraded by UBS Group from an “outperform” rating to a “market perform” rating in a research report issued on Wednesday, The Fly reports.

Other equities research analysts also recently issued research reports about the stock. Canaccord Genuity restated a “buy” rating and issued a $53.00 target price (down previously from $54.00) on shares of CEVA in a research note on Tuesday, October 3rd. Zacks Investment Research downgraded shares of CEVA from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $47.83.

Shares of CEVA (CEVA) traded up $0.85 during trading hours on Wednesday, hitting $43.75. 471,799 shares of the stock traded hands, compared to its average volume of 199,095. CEVA has a 52 week low of $32.25 and a 52 week high of $51.80. The firm has a market cap of $942.73, a P/E ratio of 50.87, a PEG ratio of 2.42 and a beta of 0.75.

CEVA (NASDAQ:CEVA) last issued its earnings results on Wednesday, November 1st. The semiconductor company reported $0.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.08. CEVA had a net margin of 24.33% and a return on equity of 10.01%. The company had revenue of $24.00 million for the quarter, compared to the consensus estimate of $21.56 million. During the same quarter in the previous year, the company earned $0.24 EPS. The firm’s revenue for the quarter was up 34.1% compared to the same quarter last year. analysts predict that CEVA will post 0.77 EPS for the current year.

In related news, EVP Issachar Ohana sold 1,965 shares of CEVA stock in a transaction dated Friday, November 24th. The stock was sold at an average price of $50.10, for a total value of $98,446.50. Following the completion of the transaction, the executive vice president now directly owns 28,289 shares of the company’s stock, valued at $1,417,278.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Yaniv Arieli sold 8,614 shares of CEVA stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $49.25, for a total value of $424,239.50. Following the completion of the transaction, the chief financial officer now directly owns 40,372 shares of the company’s stock, valued at $1,988,321. The disclosure for this sale can be found here. Insiders sold 67,682 shares of company stock valued at $3,257,929 over the last ninety days. 3.90% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in CEVA. Schwab Charles Investment Management Inc. raised its holdings in CEVA by 5.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 93,583 shares of the semiconductor company’s stock worth $4,254,000 after purchasing an additional 4,860 shares during the last quarter. First Trust Advisors LP raised its holdings in CEVA by 5.3% during the 2nd quarter. First Trust Advisors LP now owns 6,886 shares of the semiconductor company’s stock worth $313,000 after purchasing an additional 347 shares during the last quarter. Principal Financial Group Inc. raised its holdings in CEVA by 2.3% during the 2nd quarter. Principal Financial Group Inc. now owns 169,180 shares of the semiconductor company’s stock worth $7,689,000 after purchasing an additional 3,794 shares during the last quarter. Alliancebernstein L.P. raised its holdings in CEVA by 8.8% during the 2nd quarter. Alliancebernstein L.P. now owns 24,650 shares of the semiconductor company’s stock worth $1,120,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Teachers Advisors LLC raised its holdings in CEVA by 11.2% during the 2nd quarter. Teachers Advisors LLC now owns 348,656 shares of the semiconductor company’s stock worth $15,846,000 after purchasing an additional 35,190 shares during the last quarter. 86.46% of the stock is owned by hedge funds and other institutional investors.

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About CEVA

CEVA, Inc (CEVA) is a licensor of signal processing intellectual property (IP). The Company partners with semiconductor companies and original equipment manufacturers (OEMs) to create connected devices for a range of end markets, including mobile, consumer, automotive, industrial and Internet of things (IoT).

The Fly

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