Ceva (NASDAQ:CEVA) Reaches New 52-Week High – Here’s Why

Ceva, Inc. (NASDAQ:CEVA)’s stock 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.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ceva in a research note on Wednesday, April 8th. UBS Group upped their price objective on Ceva from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. TD Cowen upped their price objective on Ceva from $24.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Roth Mkm restated a “buy” rating and set a $40.00 price objective on shares of Ceva in a research note on Monday, May 11th. Finally, Rosenblatt Securities upped their price objective on Ceva from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Ceva presently has an average rating of “Moderate Buy” and a consensus target price of $39.44.

Ceva Stock Performance

The firm has a market capitalization of $1.13 billion, a P/E ratio of -90.11 and a beta of 1.94. The business has a fifty day moving average of $26.94 and a 200-day moving average of $23.59.

Ceva (NASDAQ:CEVA) last issued its quarterly earnings data on Monday, May 11th. The semiconductor company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Ceva had a negative return on equity of 3.42% and a negative net margin of 10.47%.The business had revenue of $27.02 million during the quarter, compared to analyst estimates of $26.12 million. During the same period in the prior year, the company posted $0.06 EPS. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities research analysts forecast that Ceva, Inc. will post -0.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ceva

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Penserra Capital Management LLC bought a new position in shares of Ceva in the third quarter valued at approximately $11,410,000. Herald Investment Management Ltd raised its stake in shares of Ceva by 12.5% in the third quarter. Herald Investment Management Ltd now owns 450,000 shares of the semiconductor company’s stock valued at $11,884,000 after acquiring an additional 50,000 shares during the last quarter. Handelsbanken Fonder AB raised its stake in shares of Ceva by 1,287.5% in the third quarter. Handelsbanken Fonder AB now owns 355,418 shares of the semiconductor company’s stock valued at $9,387,000 after acquiring an additional 329,802 shares during the last quarter. Intrinsic Edge Capital Management LLC raised its stake in shares of Ceva by 50.0% in the third quarter. Intrinsic Edge Capital Management LLC now owns 329,896 shares of the semiconductor company’s stock valued at $8,713,000 after acquiring an additional 110,000 shares during the last quarter. Finally, DNB Asset Management AS raised its stake in shares of Ceva by 71.5% in the third quarter. DNB Asset Management AS now owns 59,447 shares of the semiconductor company’s stock valued at $1,570,000 after acquiring an additional 24,778 shares during the last quarter. 85.37% of the stock is owned by institutional investors.

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.