California Public Employees Retirement System Has $2,589,000 Stake in Ceva Inc. (CEVA)
California Public Employees Retirement System lowered its stake in Ceva Inc. (NASDAQ:CEVA) by 2.2% during the second quarter, Holdings Channel reports. The firm owned 95,300 shares of the company’s stock after selling 2,100 shares during the period. California Public Employees Retirement System owned about 0.47% of Ceva worth $2,589,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Emerald Acquisition Ltd. purchased a new stake in Ceva during the second quarter valued at about $4,789,000. KBC Group NV raised its stake in Ceva by 366.4% in the second quarter. KBC Group NV now owns 8,768 shares of the company’s stock valued at $238,000 after buying an additional 6,888 shares during the period. Bank of New York Mellon Corp raised its stake in Ceva by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 394,674 shares of the company’s stock valued at $10,724,000 after buying an additional 13,357 shares during the period. Rice Hall James & Associates LLC raised its stake in Ceva by 1.3% in the second quarter. Rice Hall James & Associates LLC now owns 490,014 shares of the company’s stock valued at $13,314,000 after buying an additional 6,338 shares during the period. Finally, Capstone Asset Management Co. bought a new position in shares of Ceva during the second quarter valued at $250,000. 87.67% of the stock is currently owned by hedge funds and other institutional investors.
Ceva Inc. (NASDAQ:CEVA) traded down 0.26% during trading on Friday, reaching $35.07. 155,712 shares of the company’s stock traded hands. Ceva Inc. has a 52-week low of $17.11 and a 52-week high of $36.81. The stock has a market cap of $735.07 million, a price-to-earnings ratio of 73.06 and a beta of 1.01. The company’s 50 day moving average is $32.37 and its 200-day moving average is $27.55.
Ceva (NASDAQ:CEVA) last posted its earnings results on Wednesday, August 3rd. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.03. Ceva had a net margin of 15.36% and a return on equity of 5.87%. The firm earned $17.10 million during the quarter, compared to analyst estimates of $17.02 million. During the same quarter in the prior year, the business posted $0.06 EPS. The business’s revenue was up 27.6% compared to the same quarter last year. On average, analysts anticipate that Ceva Inc. will post $0.83 earnings per share for the current fiscal year.
Several equities analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of Ceva from a “buy” rating to a “hold” rating in a research report on Wednesday, June 8th. Wunderlich increased their price objective on shares of Ceva from $33.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Benchmark Co. dropped their price objective on shares of Ceva from $36.00 to $32.00 and set a “buy” rating on the stock in a research report on Wednesday, August 3rd. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $37.00 price objective (up from $32.00) on shares of Ceva in a research report on Friday, August 5th. Finally, Roth Capital assumed coverage on shares of Ceva in a research report on Wednesday. They issued a “buy” rating and a $40.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $32.20.
In related news, Director Bruce Mann sold 24,204 shares of the business’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $31.85, for a total value of $770,897.40. Following the transaction, the director now directly owns 32,086 shares of the company’s stock, valued at approximately $1,021,939.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gideon Wertheizer sold 43,342 shares of the business’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $31.41, for a total transaction of $1,361,372.22. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by insiders.
CEVA, Inc (CEVA) is a licensor of signal processing intellectual property (IP). The Company partners with semiconductor companies and original equipment manufacturers (OEMs) to create connected devices for a range of end markets, including mobile, consumer, automotive, industrial and Internet of things (IoT).
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