Westerly Capital Management LLC Lowers Stake in CEVA, Inc. (NASDAQ:CEVA)

Westerly Capital Management LLC trimmed its holdings in CEVA, Inc. (NASDAQ:CEVA) by 39.3% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 85,000 shares of the semiconductor company’s stock after selling 55,000 shares during the period. CEVA accounts for approximately 1.2% of Westerly Capital Management LLC’s portfolio, making the stock its 25th largest position. Westerly Capital Management LLC owned about 0.36% of CEVA worth $2,682,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Harvest Fund Management Co. Ltd purchased a new stake in CEVA during the 4th quarter valued at approximately $40,000. Meeder Asset Management Inc. acquired a new stake in shares of CEVA during the fourth quarter worth $46,000. GAMMA Investing LLC grew its position in CEVA by 63.3% in the 4th quarter. GAMMA Investing LLC now owns 2,379 shares of the semiconductor company’s stock valued at $75,000 after buying an additional 922 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in CEVA in the 4th quarter valued at $129,000. Finally, Cornerstone Investment Partners LLC purchased a new position in CEVA during the 4th quarter worth $215,000. Institutional investors and hedge funds own 85.37% of the company’s stock.

Insider Transactions at CEVA

In related news, Director Louis Silver sold 4,520 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $30.98, for a total value of $140,029.60. Following the sale, the director now owns 47,038 shares of the company’s stock, valued at approximately $1,457,237.24. This represents a 8.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CEVA. Barclays lifted their target price on shares of CEVA from $34.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Rosenblatt Securities reiterated a “buy” rating and set a $45.00 target price on shares of CEVA in a research report on Wednesday, April 23rd. Finally, StockNews.com cut CEVA from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $38.60.

CEVA Stock Performance

CEVA opened at $26.49 on Wednesday. CEVA, Inc. has a one year low of $16.02 and a one year high of $38.94. The company has a market cap of $633.38 million, a price-to-earnings ratio of -71.59 and a beta of 1.46. The business’s fifty day moving average is $27.59 and its two-hundred day moving average is $29.36.

CEVA (NASDAQ:CEVA) last issued its quarterly earnings data on Thursday, February 13th. The semiconductor company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.16). CEVA had a negative net margin of 8.22% and a negative return on equity of 2.48%. On average, analysts predict that CEVA, Inc. will post -0.12 EPS for the current fiscal year.

CEVA Profile

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.