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

Shares of Ceva, Inc. (NASDAQ:CEVA) gapped up prior to trading on Tuesday. The stock had previously closed at $28.10, but opened at $29.52. Ceva shares last traded at $29.2950, with a volume of 89,111 shares trading hands.

Analysts Set New Price Targets

Several equities analysts recently commented on CEVA shares. Needham & Company LLC dropped their price target on shares of Ceva from $55.00 to $43.00 and set a “buy” rating for the company in a research report on Monday, August 10th. Wall Street Zen raised shares of Ceva from a “hold” rating to a “buy” rating in a research report on Saturday. Oppenheimer cut their price target on Ceva from $42.00 to $38.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 11th. TD Cowen reduced their target price on Ceva from $45.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, October 19th. Finally, Stifel Nicolaus raised their price target on shares of Ceva from $42.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Ceva currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.80.

Ceva Trading Up 4.2%

The company’s 50-day moving average is $30.50 and its two-hundred day moving average is $30.51. The stock has a market capitalization of $824.37 million, a P/E ratio of -73.34 and a beta of 1.93.

Ceva (NASDAQ:CEVA) last announced its earnings results on Monday, August 10th. The semiconductor company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Ceva had a negative net margin of 9.48% and a negative return on equity of 3.15%. The firm had revenue of $29.03 million during the quarter, compared to analyst estimates of $28.19 million. During the same quarter in the prior year, the firm posted $0.07 EPS. Ceva’s revenue was up 13.0% compared to the same quarter last year. Sell-side analysts expect that Ceva, Inc. will post -0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Ceva in the 2nd quarter valued at $113,995,000. AWM Investment Company Inc. acquired a new position in Ceva in the 2nd quarter worth about $37,719,000. Deutsche Bank AG acquired a new stake in Ceva in the second quarter valued at approximately $33,941,000. Oaktop Capital Management II L.P. bought a new stake in Ceva in the second quarter worth $21,051,000. Finally, Rice Hall James & Associates LLC increased its holdings in shares of Ceva by 3.9% during the 1st quarter. Rice Hall James & Associates LLC now owns 419,388 shares of the semiconductor company’s stock valued at $7,834,000 after acquiring an additional 15,632 shares during the last quarter. Institutional investors own 85.37% of the company’s stock.

Ceva Company Profile

Ceva, Inc is a semiconductor intellectual property (IP) company that develops and licenses technology used in connected devices. Rather than manufacturing chips, the company provides processor cores, software, and system-level IP that semiconductor companies and original equipment manufacturers can incorporate into their own products.

Its portfolio includes digital signal processor (DSP) cores and platforms for wireless communications, artificial intelligence, computer vision, audio and voice processing, imaging, and sensor applications.