Ceva (NASDAQ:CEVA – Get Free Report) had its price objective reduced by UBS Group from $40.00 to $35.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. UBS Group‘s target price points to a potential upside of 44.09% from the stock’s previous close.
CEVA has been the topic of several other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ceva in a research note on Friday, October 2nd. Needham & Company LLC dropped their price target on shares of Ceva from $43.00 to $30.00 and set a “buy” rating for the company in a research report on Monday. Rosenblatt Securities raised their price target on shares of Ceva from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. TD Cowen decreased their price objective on shares of Ceva from $45.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, October 19th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Ceva from $45.00 to $35.00 and set a “neutral” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $36.20.
View Our Latest Report on Ceva
Ceva Price Performance
Ceva stock traded down $0.55 during trading hours on Tuesday, reaching $24.29. The company had a trading volume of 433,731 shares, compared to its average volume of 644,492. Ceva has a 12-month low of $17.02 and a 12-month high of $51.60. The company has a 50-day moving average price of $30.44 and a 200 day moving average price of $30.61. The firm has a market cap of $683.76 million, a price-to-earnings ratio of -60.65 and a beta of 1.98.
Ceva (NASDAQ:CEVA – Get Free Report) last released its quarterly earnings data on Monday, November 9th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). Ceva had a negative net margin of 9.48% and a negative return on equity of 3.15%. The company had revenue of $29.06 million for the quarter, compared to analysts’ expectations of $32.71 million. During the same period last year, the company posted $0.11 EPS. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, research analysts expect that Ceva will post -0.17 earnings per share for the current year.
Hedge Funds Weigh In On Ceva
Hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of Ceva during the second quarter valued at approximately $113,995,000. AWM Investment Company Inc. purchased a new stake in Ceva in the second quarter worth $37,719,000. Deutsche Bank AG purchased a new stake in Ceva in the second quarter worth $33,941,000. William Blair Investment Management LLC bought a new stake in Ceva in the third quarter valued at $24,975,000. Finally, Oaktop Capital Management II L.P. bought a new stake in Ceva in the second quarter valued at $21,051,000. 85.37% of the stock is owned by hedge funds and other institutional investors.
Trending Headlines about Ceva
Here are the key news stories impacting Ceva this week:
- Positive Sentiment: Management expects Q4 revenue of $34 million to $38 million, citing higher smartphone-modem royalties. In Q3, royalty revenue grew 18% sequentially and AI licensing revenue reached a record, offering potential support for future growth. Ceva Q4 revenue outlook
- Negative Sentiment: Q3 results fell short of expectations: EPS was $0.13 versus $0.19 expected, while revenue of $29.06 million was below the roughly $32.7 million consensus. Revenue was up 2.4% year over year, but the shortfall is a near-term negative. Ceva Q3 financial results
- Negative Sentiment: Several analysts cut their price targets after the results, including Needham ($43 to $30), Oppenheimer ($38 to $35) and Stifel ($50 to $40). They retained buy or outperform ratings, but the reductions suggest more cautious expectations. Needham rating and target
Ceva Company Profile
CEVA, Inc. develops and licenses semiconductor intellectual property and software for connected and intelligent devices. Rather than manufacturing chips, the company provides technology that semiconductor companies and other customers can incorporate into their own products. Its portfolio includes digital signal processors and platforms for wireless connectivity, including cellular, Wi-Fi, Bluetooth and ultra-wideband, as well as technologies for audio, imaging, computer vision, sensor processing and edge artificial intelligence.
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