Ceva (NASDAQ:CEVA) Posts Earnings Results, Beats Expectations By $0.01 EPS

Ceva (NASDAQ:CEVA) posted its earnings results on Monday. The semiconductor company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01, FiscalAI reports. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%.

Ceva Price Performance

Shares of Ceva stock opened at $38.67 on Monday. Ceva has a 1 year low of $17.02 and a 1 year high of $51.60. The firm has a market cap of $1.08 billion, a PE ratio of -85.93 and a beta of 1.99. The stock has a fifty day moving average price of $42.03 and a 200-day moving average price of $30.81.

Hedge Funds Weigh In On Ceva

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC raised its position in Ceva by 422.2% in the second 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. boosted its stake in Ceva by 771.8% in the third quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company’s stock valued at $63,000 after acquiring an additional 2,107 shares during the last quarter. Intech Investment Management LLC grew its position in shares of Ceva by 15.4% during the 4th quarter. Intech Investment Management LLC now owns 9,415 shares of the semiconductor company’s stock valued at $203,000 after acquiring an additional 1,258 shares during the period. BNP Paribas Financial Markets grew its position in shares of Ceva by 52.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,907 shares of the semiconductor company’s stock valued at $209,000 after acquiring an additional 2,730 shares during the period. Finally, Jump Financial LLC purchased a new stake in shares of Ceva during the 4th quarter worth approximately $233,000. 85.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CEVA shares. Needham & Company LLC started coverage on Ceva in a report on Monday, June 15th. They set a “buy” rating and a $55.00 price objective for the company. JPMorgan Chase & Co. began coverage on Ceva in a report on Friday, May 8th. They issued a “neutral” rating and a $30.00 target price on the stock. Rosenblatt Securities lifted 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. Stifel Nicolaus upped their price target on Ceva from $42.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ceva in a report on Monday, July 6th. Nine equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Ceva presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.80.

About Ceva

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.