Ceva Inc. (CEVA) Trading 5.9% Higher
Ceva Inc. (NASDAQ:CEVA) shares traded up 5.9% on Monday . The company traded as high as $29.88 and last traded at $29.44, with a volume of 187,764 shares trading hands. The stock had previously closed at $27.81.
A number of research analysts recently weighed in on the stock. Zacks Investment Research cut shares of Ceva from a “buy” rating to a “sell” rating in a research note on Tuesday, July 12th. Oppenheimer Holdings Inc. lifted their target price on shares of Ceva from $25.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday, May 10th. Wunderlich lifted their target price on shares of Ceva from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday. Canaccord Genuity reiterated a “buy” rating and issued a $31.00 price target on shares of Ceva in a report on Monday, May 2nd. Finally, Topeka Capital Markets lifted their price target on shares of Ceva from $27.00 to $28.00 and gave the company a “buy” rating in a report on Monday, May 2nd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Ceva currently has a consensus rating of “Buy” and an average price target of $30.00.
The firm has a 50 day moving average price of $27.13 and a 200-day moving average price of $23.46. The firm has a market cap of $603.39 million and a PE ratio of 79.78.
Ceva (NASDAQ:CEVA) last announced its quarterly earnings results on Monday, May 2nd. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. The company had revenue of $16.50 million for the quarter, compared to analyst estimates of $16.21 million. During the same quarter in the prior year, the business earned $0.08 earnings per share. Ceva’s revenue was up 19.6% on a year-over-year basis. Analysts anticipate that Ceva Inc. will post $0.77 earnings per share for the current year.
In related news, CEO Gideon Wertheizer sold 8,684 shares of Ceva stock in a transaction that occurred on Tuesday, May 24th. The shares were sold at an average price of $27.44, for a total value of $238,288.96. Following the completion of the transaction, the chief executive officer now owns 66,821 shares in the company, valued at $1,833,568.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Senvest Management, Llc sold 177,308 shares of Ceva stock in a transaction that occurred on Thursday, May 5th. The shares were sold at an average price of $26.57, for a total transaction of $4,711,073.56. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have made changes to their positions in CEVA. California Public Employees Retirement System boosted its position in shares of Ceva by 6.8% in the fourth quarter. California Public Employees Retirement System now owns 101,500 shares of the company’s stock worth $2,371,000 after buying an additional 6,500 shares during the period. Russell Frank Co boosted its position in shares of Ceva by 14.5% in the fourth quarter. Russell Frank Co now owns 88,979 shares of the company’s stock worth $2,122,000 after buying an additional 11,253 shares during the period. First Trust Advisors LP acquired a new position in shares of Ceva during the fourth quarter worth $1,663,000. Finally, EAM Investors LLC acquired a new position in shares of Ceva during the fourth quarter worth $1,108,000.
CEVA, Inc is a licensor of cellular, multimedia and connectivity technologies to semiconductor companies and original equipment manufacturers (OEMs) serving the mobile, consumer, automotive and Internet of things (IoT) markets. The Company licenses a family of programmable digital signal processing (DSP) cores and application-specific platforms, vision, imaging, audio and voice, as well as communications technologies, including wireless and wired modems, Wi-Fi, Bluetooth, and Serial ATA (SATA) and Serial Attached SCSI (SAS).
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