Insider Selling: Ceva Inc. (CEVA) Major Shareholder Sells $2,179,275.00 in Stock

Posted by on Jul 30th, 2016

Ceva Inc. (NASDAQ:CEVA) major shareholder Senvest Management, Llc sold 73,500 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $29.65, for a total value of $2,179,275.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Senvest Management, Llc also recently made the following trade(s):

  • On Friday, July 22nd, Senvest Management, Llc sold 155,100 shares of Ceva stock. The shares were sold at an average price of $29.40, for a total value of $4,559,940.00.

Shares of Ceva Inc. (NASDAQ:CEVA) traded up 0.95% during mid-day trading on Tuesday, reaching $29.74. 94,719 shares of the company’s stock traded hands. The company’s 50-day moving average price is $27.39 and its 200-day moving average price is $23.67. The stock has a market capitalization of $607.89 million and a PE ratio of 80.38. Ceva Inc. has a 12-month low of $16.54 and a 12-month high of $30.05.

Ceva (NASDAQ:CEVA) last released its earnings results on Monday, May 2nd. The company reported $0.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.01. The business had revenue of $16.50 million for the quarter, compared to analyst estimates of $16.21 million. Ceva’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.08 earnings per share. Analysts anticipate that Ceva Inc. will post $0.77 earnings per share for the current year.

CEVA has been the subject of a number of research analyst reports. Canaccord Genuity restated a “buy” rating and set a $28.00 price objective on shares of Ceva in a research report on Tuesday, March 29th. Zacks Investment Research upgraded Ceva from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Monday, July 4th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $32.00 price target on shares of Ceva in a research report on Thursday, May 19th. Topeka Capital Markets lifted their price target on Ceva from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, May 2nd. Finally, Wunderlich lifted their price target on Ceva from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Tuesday, July 19th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $30.00.

A hedge fund recently raised its stake in Ceva stock. Russell Frank Co raised its position in Ceva Inc. (NASDAQ:CEVA) by 14.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 88,979 shares of the company’s stock after buying an additional 11,253 shares during the period. Russell Frank Co owned approximately 0.44% of Ceva worth $2,122,000 at the end of the most recent quarter.

CEVA, Inc is a licensor of cellular, multimedia and connectivity technologies to semiconductor companies and original equipment manufacturers (OEMs) serving the mobile, consumer, automotive and Internet of things (IoT) markets. The Company licenses a family of programmable digital signal processing (DSP) cores and application-specific platforms, vision, imaging, audio and voice, as well as communications technologies, including wireless and wired modems, Wi-Fi, Bluetooth, and Serial ATA (SATA) and Serial Attached SCSI (SAS).