Ceva (NASDAQ:CEVA) Shares Gap Up – Time to Buy?

Ceva, Inc. (NASDAQ:CEVA)’s share price gapped up before the market opened on Tuesday. The stock had previously closed at $28.10, but opened at $29.52. Ceva shares last traded at $29.2950, with a volume of 89,111 shares changing hands.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. UBS Group dropped their target price on shares of Ceva from $48.00 to $40.00 and set a “buy” rating for the company in a research report on Monday. Benchmark upgraded shares of Ceva from a “hold” rating to a “strong-buy” rating in a report on Monday, September 14th. Needham & Company LLC decreased their price target on shares of Ceva from $55.00 to $43.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. Oppenheimer dropped their price objective on shares of Ceva from $42.00 to $38.00 and set an “outperform” rating for the company in a report on Tuesday, August 11th. Finally, Stifel Nicolaus raised their price objective on 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 given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Ceva has a consensus rating of “Moderate Buy” and an average target price of $38.80.

Ceva Stock Down 12.3%

The stock’s 50 day moving average is $30.51 and its 200-day moving average is $30.58. The company has a market cap of $692.17 million, a PE ratio of -61.46 and a beta of 1.98.

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

Institutional Investors Weigh In On Ceva

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Ceva in the 2nd quarter worth approximately $113,995,000. AWM Investment Company Inc. bought a new position in shares of Ceva during the 2nd quarter valued at approximately $37,719,000. Deutsche Bank AG bought a new position in shares of Ceva during the 2nd quarter valued at approximately $33,941,000. Oaktop Capital Management II L.P. purchased a new stake in Ceva during the 2nd quarter valued at $21,051,000. Finally, Rice Hall James & Associates LLC raised its holdings in Ceva by 3.9% during 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 buying an additional 15,632 shares during the period. 85.37% of the stock is currently owned by hedge funds and other institutional investors.

Ceva Company Profile

Ceva, Inc is a semiconductor intellectual property (IP) company that develops and licenses technology used in connected devices. Rather than manufacturing chips, the company provides processor cores, software, and system-level IP that semiconductor companies and original equipment manufacturers can incorporate into their own products.

Its portfolio includes digital signal processor (DSP) cores and platforms for wireless communications, artificial intelligence, computer vision, audio and voice processing, imaging, and sensor applications.