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

Ceva (NASDAQ:CEVA) released its quarterly earnings data on Monday. The semiconductor company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01, FiscalAI reports. Ceva had a negative return on equity of 3.42% and a negative net margin of 10.47%.

Ceva Stock Performance

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

Hedge Funds Weigh In On Ceva

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its position in Ceva by 10.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,680 shares of the semiconductor company’s stock worth $295,000 after acquiring an additional 1,270 shares during the last quarter. State of Wisconsin Investment Board acquired a new position in shares of Ceva in the fourth quarter valued at approximately $322,000. Brooklyn Investment Group bought a new position in shares of Ceva during the fourth quarter worth approximately $365,000. Inceptionr LLC bought a new position in shares of Ceva during the fourth quarter worth approximately $337,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Ceva during the 4th quarter worth approximately $360,000. 85.37% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on CEVA shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ceva in a research report on Monday, July 6th. JPMorgan Chase & Co. started coverage on shares of Ceva in a research report on Friday, May 8th. They issued a “neutral” rating and a $30.00 price objective for the company. UBS Group boosted their price objective on shares of Ceva from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Roth Capital reaffirmed a “buy” rating and issued a $40.00 target price on shares of Ceva in a report on Monday, May 11th. Finally, Oppenheimer raised their target price on shares of Ceva from $30.00 to $42.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.80.

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.