Ceva (NASDAQ:CEVA) Shares Down 7.3% – What’s Next?

Ceva, Inc. (NASDAQ:CEVA) was down 7.3% during mid-day trading on Thursday . The company traded as low as $38.24 and last traded at $38.91. Approximately 88,437 shares changed hands during trading, a decline of 85% from the average session volume of 609,694 shares. The stock had previously closed at $41.96.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CEVA. Rosenblatt Securities boosted their price objective on Ceva from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Roth Capital reiterated a “buy” rating and issued a $40.00 target price on shares of Ceva in a research report on Monday, May 11th. Benchmark started coverage on shares of Ceva in a report on Wednesday. They set a “hold” rating on the stock. JPMorgan Chase & Co. started coverage on Ceva in a report on Friday, May 8th. They set a “neutral” rating and a $30.00 price objective for the company. Finally, Oppenheimer upped their target price on Ceva from $30.00 to $42.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Nine research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.80.

Ceva Trading Down 8.3%

The firm has a market capitalization of $1.07 billion, a P/E ratio of -85.36 and a beta of 1.96. The company’s fifty day moving average is $42.82 and its 200-day moving average is $29.22.

Ceva (NASDAQ:CEVA) last released its earnings results on Monday, May 11th. The semiconductor company reported $0.04 EPS for the quarter, beating 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 firm had revenue of $27.02 million during the quarter, compared to analysts’ expectations of $26.12 million. During the same period in the prior year, the company earned $0.06 EPS. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities research analysts anticipate that Ceva, Inc. will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Ceva

Hedge funds have recently made changes to their positions in the stock. Silverberg Bernstein Capital Management LLC boosted its holdings in Ceva by 0.3% during the first quarter. Silverberg Bernstein Capital Management LLC now owns 140,617 shares of the semiconductor company’s stock valued at $2,627,000 after purchasing an additional 470 shares in the last quarter. Centaurus Financial Inc. boosted its holdings in shares of Ceva by 2.6% in the 3rd quarter. Centaurus Financial Inc. now owns 21,905 shares of the semiconductor company’s stock worth $579,000 after acquiring an additional 550 shares in the last quarter. Hantz Financial Services Inc. grew its position in 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 last quarter. Sanctuary Advisors LLC increased its holdings in Ceva by 7.1% during the 4th quarter. Sanctuary Advisors LLC now owns 10,230 shares of the semiconductor company’s stock valued at $220,000 after purchasing an additional 674 shares in the last quarter. Finally, Rice Hall James & Associates LLC raised its position in Ceva by 0.3% in the 4th quarter. Rice Hall James & Associates LLC now owns 403,756 shares of the semiconductor company’s stock valued at $8,689,000 after purchasing an additional 1,234 shares during the last quarter. 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.