Ceva (NASDAQ:CEVA) Raised to Strong-Buy at Benchmark

Ceva (NASDAQ:CEVA) was upgraded by analysts at Benchmark from a “hold” rating to a “strong-buy” rating in a report issued on Monday, Zacks reports.

CEVA has been the subject of a number of other reports. Weiss Ratings restated a “sell (d-)” rating on shares of Ceva in a report on Monday, July 6th. Needham & Company LLC reduced their target price on Ceva from $55.00 to $43.00 and set a “buy” rating on the stock in a report on Monday, August 10th. TD Cowen reduced their price objective on Ceva from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, August 11th. Rosenblatt Securities upped their price target on shares of Ceva from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Finally, Stifel Nicolaus increased their price objective on shares of Ceva from $42.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $40.60.

Ceva Stock Performance

Shares of CEVA opened at $27.78 on Monday. Ceva has a fifty-two week low of $17.02 and a fifty-two week high of $51.60. The company has a market capitalization of $782.12 million, a PE ratio of -69.45 and a beta of 1.97. The stock has a fifty day moving average of $33.22 and a two-hundred day moving average of $32.07.

Ceva (NASDAQ:CEVA) last posted its quarterly earnings data on Monday, August 10th. The semiconductor company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.01. Ceva had a negative return on equity of 3.15% and a negative net margin of 9.48%.The business had revenue of $29.03 million for the quarter, compared to analysts’ expectations of $28.19 million. During the same quarter last year, the firm earned $0.07 earnings per share. The business’s revenue was up 13.0% on a year-over-year basis. As a group, equities research analysts forecast that Ceva will post -0.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ceva

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of Ceva during the 2nd quarter worth approximately $113,995,000. California State Teachers Retirement System boosted its stake in Ceva by 5,814.2% during the 2nd quarter. California State Teachers Retirement System now owns 1,469,317 shares of the semiconductor company’s stock valued at $69,293,000 after purchasing an additional 1,444,473 shares in the last quarter. AWM Investment Company Inc. acquired a new position in Ceva during the second quarter worth about $37,719,000. Deutsche Bank AG acquired a new position in Ceva during the second quarter worth about $33,941,000. Finally, Oaktop Capital Management II L.P. bought a new stake in Ceva in the second quarter worth about $21,051,000. Institutional investors own 85.37% of the company’s stock.

Ceva Company Profile

CEVA, Inc (NASDAQ: CEVA) is a semiconductor intellectual property company that develops and licenses processor cores, connectivity platforms and software for use in wireless communications, consumer electronics, automotive systems, industrial equipment and the Internet of Things. Rather than manufacturing chips, CEVA provides technology that semiconductor companies and original equipment manufacturers can incorporate into their own products.

The company’s portfolio includes digital signal processors, artificial intelligence and neural processing technologies, computer vision and sensor-fusion solutions, and platforms for wireless connectivity.