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.

Analysts Set New Price Targets

A number of equities research analysts have commented on CEVA shares. Northland Securities increased their price objective on shares of CEVA from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Monday, December 23rd. Roth Mkm increased their price objective on CEVA from $25.00 to $40.00 and gave the company a “buy” rating in a report on Friday, November 8th. StockNews.com lowered CEVA from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Rosenblatt Securities restated a “buy” rating and set a $35.00 price objective on shares of CEVA in a research report on Tuesday, February 11th. Finally, Barclays increased their target price on shares of CEVA from $34.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $36.60.

CEVA Price Performance

The business’s 50 day simple moving average is $32.94 and its 200 day simple moving average is $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 issued its quarterly earnings results on Thursday, February 13th. The semiconductor company reported ($0.05) earnings per share (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 fiscal year.

Hedge Funds Weigh In On CEVA

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of CEVA by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 2,165,300 shares of the semiconductor company’s stock valued at $68,315,000 after acquiring an additional 24,313 shares in the last quarter. AWM Investment Company Inc. lifted its position in CEVA by 18.0% in the fourth quarter. AWM Investment Company Inc. now owns 600,162 shares of the semiconductor company’s stock valued at $18,935,000 after purchasing an additional 91,668 shares during the period. Geode Capital Management LLC boosted its holdings in CEVA by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 559,109 shares of the semiconductor company’s stock valued at $13,505,000 after purchasing an additional 3,649 shares in the last quarter. Rice Hall James & Associates LLC increased its position in CEVA by 5.5% during the 3rd quarter. Rice Hall James & Associates LLC now owns 452,541 shares of the semiconductor company’s stock worth $10,929,000 after purchasing an additional 23,566 shares during the period. Finally, Northern Trust Corp raised its stake in shares of CEVA by 14.3% during the 4th quarter. Northern Trust Corp now owns 270,372 shares of the semiconductor company’s stock worth $8,530,000 after buying an additional 33,737 shares in the last quarter. 85.37% of the stock is currently owned by hedge funds and other institutional investors.

CEVA Company 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.