CEVA (NASDAQ:CEVA) Shares Gap Up – Still a Buy?

CEVA, Inc. (NASDAQ:CEVA) gapped up before the market opened on Wednesday . The stock had previously closed at $32.50, but opened at $35.44. CEVA shares last traded at $37.13, with a volume of 164,425 shares traded.

Analysts Set New Price Targets

CEVA has been the subject of several recent analyst reports. Roth Mkm raised their price objective on shares of CEVA from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Barclays boosted their price target on CEVA from $34.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Northland Securities raised their price objective on CEVA from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, December 23rd. StockNews.com downgraded CEVA from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $35.00 target price on shares of CEVA in a report on Tuesday, February 11th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.60.

CEVA Stock Performance

The company has a fifty day simple moving average of $32.94 and a two-hundred day simple moving average of $28.21. The company has a market capitalization of $876.30 million, a price-to-earnings ratio of -100.19 and a beta of 1.25.

CEVA (NASDAQ:CEVA) last posted its quarterly earnings results on Thursday, February 13th. The semiconductor company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.16). CEVA had a negative net margin of 8.22% and a negative return on equity of 2.48%. As a group, analysts expect that CEVA, Inc. will post -0.12 EPS for the current year.

Institutional Trading of CEVA

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd lifted its holdings in shares of CEVA by 16.8% during the 3rd quarter. Point72 DIFC Ltd now owns 2,632 shares of the semiconductor company’s stock valued at $64,000 after acquiring an additional 378 shares in the last quarter. Centaurus Financial Inc. increased its position in shares of CEVA by 2.5% in the 3rd quarter. Centaurus Financial Inc. now owns 18,083 shares of the semiconductor company’s stock worth $437,000 after purchasing an additional 433 shares during the last quarter. Franklin Resources Inc. lifted its holdings in CEVA by 1.5% during the 4th quarter. Franklin Resources Inc. now owns 33,939 shares of the semiconductor company’s stock worth $1,071,000 after buying an additional 507 shares during the last quarter. Magnetar Financial LLC lifted its position in shares of CEVA by 2.8% in the 4th quarter. Magnetar Financial LLC now owns 19,743 shares of the semiconductor company’s stock worth $623,000 after buying an additional 531 shares during the last quarter. Finally, US Bancorp DE grew its position in shares of CEVA by 125.8% during the 3rd quarter. US Bancorp DE now owns 1,398 shares of the semiconductor company’s stock valued at $34,000 after buying an additional 779 shares during the last quarter. 85.37% of the stock is currently owned by institutional investors and hedge funds.

About CEVA

CEVA, Inc provides silicon and software IP solutions to semiconductor and original equipment manufacturer (OEM) companies worldwide. Its 5G mobile and infrastructure products include Ceva-XC vector digital signal processors (DSPs) for 5G handsets, 5G RAN, and general-purpose baseband processing; PentaG-RAN, an open ran platform for base station and radio; and PentaG2 – 5G NR modem platform for UE, as well as for non-handset 5G vertical markets, such as fixed wireless access, industry 4.0, robotics, and AR/VR devices.