Ceva (NASDAQ:CEVA) Shares Up 12.6% – Here’s What Happened

Ceva, Inc. (NASDAQ:CEVA)’s stock price shot up 12.6% during mid-day trading on Monday . The company traded as high as $45.42 and last traded at $45.0090. 1,028,603 shares changed hands during trading, an increase of 95% from the average session volume of 527,497 shares. The stock had previously closed at $39.98.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CEVA. Oppenheimer increased their target price on Ceva from $30.00 to $42.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ceva in a research report on Wednesday, April 8th. Rosenblatt Securities increased their target price on Ceva from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Roth Mkm reiterated a “buy” rating and set a $40.00 target price on shares of Ceva in a research report on Monday, May 11th. Finally, UBS Group increased their target price on Ceva from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Ceva currently has an average rating of “Moderate Buy” and an average target price of $39.44.

Ceva Stock Performance

The firm’s 50 day simple moving average is $28.35 and its 200-day simple moving average is $23.93. The company has a market cap of $1.38 billion, a price-to-earnings ratio of -110.24 and a beta of 2.00.

Ceva (NASDAQ:CEVA) last announced its earnings results on Monday, May 11th. The semiconductor company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $26.12 million. During the same quarter in the previous year, the company posted $0.06 EPS. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. As a group, sell-side analysts expect that Ceva, Inc. will post -0.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CEVA. Hantz Financial Services Inc. raised its holdings in shares of Ceva by 77.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,446 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 632 shares during the period. State of Wyoming purchased a new position in shares of Ceva during the 3rd quarter worth $39,000. Tower Research Capital LLC TRC raised its holdings in shares of Ceva by 422.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company’s stock worth $60,000 after acquiring an additional 2,208 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Ceva by 771.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company’s stock worth $63,000 after acquiring an additional 2,107 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Ceva by 47.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,758 shares of the semiconductor company’s stock worth $145,000 after acquiring an additional 2,172 shares during the period. Hedge funds and other institutional investors own 85.37% of the company’s stock.

Ceva Company Profile

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.