Ceva (NASDAQ:CEVA) Trading 8.4% Higher – Should You Buy?

Ceva, Inc. (NASDAQ:CEVA)’s share price shot up 8.4% on Friday . The stock traded as high as $32.59 and last traded at $32.9070. 1,304,515 shares were traded during trading, an increase of 102% from the average daily volume of 646,613 shares. The stock had previously closed at $30.37.

Analyst Upgrades and Downgrades

CEVA has been the subject of a number of research analyst reports. Oppenheimer cut their target price on shares of Ceva from $42.00 to $38.00 and set an “outperform” rating for the company in a research note on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Ceva in a research report on Monday, July 6th. Benchmark reaffirmed a “hold” rating on shares of Ceva in a report on Tuesday. UBS Group lifted their price objective on Ceva from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Finally, Stifel Nicolaus boosted their price objective on Ceva from $42.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $40.60.

Ceva Stock Performance

The stock has a market cap of $934.02 million, a price-to-earnings ratio of -82.78 and a beta of 1.99. The firm’s 50-day simple moving average is $40.62 and its two-hundred day simple moving average is $31.03.

Ceva (NASDAQ:CEVA) last announced its earnings results on Monday, August 10th. The semiconductor company reported $0.08 earnings per share for the quarter, topping 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 3.22%. The company had revenue of $29.03 million during the quarter, compared to the consensus estimate of $28.19 million. During the same period in the previous year, the firm posted $0.07 earnings per share. The company’s revenue was up 13.0% on a year-over-year basis. Equities research analysts expect that Ceva, Inc. will post -0.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in Ceva in the 2nd quarter valued at $113,995,000. Senvest Management LLC raised its position in shares of Ceva by 8.0% during the fourth quarter. Senvest Management LLC now owns 2,387,536 shares of the semiconductor company’s stock worth $51,380,000 after acquiring an additional 177,765 shares during the last quarter. Neuberger Berman Group LLC raised its position in shares of Ceva by 44.1% during the fourth quarter. Neuberger Berman Group LLC now owns 998,824 shares of the semiconductor company’s stock worth $21,505,000 after acquiring an additional 305,540 shares during the last quarter. AWM Investment Company Inc. lifted its stake in shares of Ceva by 24.1% during the fourth quarter. AWM Investment Company Inc. now owns 827,806 shares of the semiconductor company’s stock valued at $17,814,000 after acquiring an additional 160,644 shares during the period. Finally, Deutsche Bank AG acquired a new position in shares of Ceva during the second quarter valued at $33,941,000. Institutional investors and hedge funds 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.