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

Ceva, Inc. (NASDAQ:CEVA)’s share price hit a new 52-week high on Thursday . The company traded as high as $42.67 and last traded at $40.55, with a volume of 695233 shares changing hands. The stock had previously closed at $41.79.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CEVA. Rosenblatt Securities raised their price target on shares of Ceva from $40.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. UBS Group raised their price target on shares of Ceva from $42.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ceva in a report on Wednesday, April 8th. JPMorgan Chase & Co. began coverage on shares of Ceva in a report on Friday, May 8th. They issued a “neutral” rating and a $30.00 price target for the company. Finally, Oppenheimer raised their price target on shares of Ceva from $30.00 to $42.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $39.44.

Ceva Trading Down 3.0%

The company has a market cap of $1.13 billion, a price-to-earnings ratio of -90.11 and a beta of 1.94. The firm’s fifty day moving average price is $26.94 and its 200-day moving average price is $23.59.

Ceva (NASDAQ:CEVA) last posted its quarterly earnings data on Monday, May 11th. The semiconductor company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02. The business had revenue of $27.02 million for the quarter, compared to analysts’ expectations of $26.12 million. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.06 EPS. As a group, research analysts anticipate that Ceva, Inc. will post -0.24 EPS for the current year.

Institutional Investors Weigh In On Ceva

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE raised its holdings in shares of Ceva by 112.5% in the 1st quarter. Bank of America Corp DE now owns 80,996 shares of the semiconductor company’s stock valued at $1,513,000 after purchasing an additional 42,878 shares during the period. Centaurus Financial Inc. raised its holdings in shares of Ceva by 3.0% in the 1st quarter. Centaurus Financial Inc. now owns 27,645 shares of the semiconductor company’s stock valued at $516,000 after purchasing an additional 800 shares during the period. Quantinno Capital Management LP raised its holdings in shares of Ceva by 8.4% in the 1st quarter. Quantinno Capital Management LP now owns 19,032 shares of the semiconductor company’s stock valued at $356,000 after purchasing an additional 1,470 shares during the period. Rice Hall James & Associates LLC raised its holdings in shares of Ceva by 3.9% in 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 purchasing an additional 15,632 shares during the period. Finally, Granahan Investment Management LLC raised its holdings in shares of Ceva by 49.3% in the 1st quarter. Granahan Investment Management LLC now owns 30,260 shares of the semiconductor company’s stock valued at $565,000 after purchasing an additional 9,991 shares during the period. 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.