Ceva (NASDAQ:CEVA) Hits New 12-Month High – What’s Next?

Ceva, Inc. (NASDAQ:CEVA)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $42.67 and last traded at $40.55, with a volume of 695233 shares traded. The stock had previously closed at $41.79.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CEVA. Stifel Nicolaus set a $42.00 price target on Ceva in a research report on Tuesday, May 12th. UBS Group raised their price target on Ceva from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. JPMorgan Chase & Co. began coverage on Ceva in a research report on Friday, May 8th. They issued a “neutral” rating and a $30.00 price target on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $40.00 price target on shares of Ceva in a research report on Monday, May 11th. Finally, Rosenblatt Securities lifted their target price on Ceva from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Ceva currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.44.

Ceva Price Performance

The business’s 50 day moving average price is $27.83 and its 200-day moving average price is $23.82. The company has a market cap of $1.11 billion, a P/E ratio of -88.84 and a beta of 1.94.

Ceva (NASDAQ:CEVA) last posted its earnings results on Monday, May 11th. The semiconductor company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%. The company had revenue of $27.02 million during the quarter, compared to analysts’ expectations of $26.12 million. During the same quarter in the previous year, the company posted $0.06 earnings per share. Ceva’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, research analysts forecast that Ceva, Inc. will post -0.21 EPS for the current year.

Institutional Trading of Ceva

A number of hedge funds and other institutional investors have recently modified their holdings of CEVA. American Century Companies Inc. increased its holdings in shares of Ceva by 3.1% in the second quarter. American Century Companies Inc. now owns 53,354 shares of the semiconductor company’s stock valued at $1,173,000 after purchasing an additional 1,619 shares in the last quarter. Norges Bank acquired a new stake in Ceva during the 2nd quarter worth $495,000. Invesco Ltd. grew its holdings in Ceva by 8.5% during the 2nd quarter. Invesco Ltd. now owns 161,116 shares of the semiconductor company’s stock worth $3,541,000 after acquiring an additional 12,657 shares during the period. Qube Research & Technologies Ltd grew its holdings in Ceva by 243.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 93,103 shares of the semiconductor company’s stock worth $2,046,000 after acquiring an additional 66,032 shares during the period. Finally, Squarepoint Ops LLC grew its holdings in Ceva by 835.6% during the 2nd quarter. Squarepoint Ops LLC now owns 86,150 shares of the semiconductor company’s stock worth $1,894,000 after acquiring an additional 76,942 shares during the period. Institutional investors and hedge funds own 85.37% of the company’s stock.

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.