Brokers Issue Forecasts for Ceva Inc.’s Q3 2016 Earnings (CEVA)
Ceva Inc. (NASDAQ:CEVA) – Investment analysts at Roth Capital issued their Q3 2016 EPS estimates for Ceva in a report issued on Wednesday. Roth Capital analyst S. Desilva anticipates that the brokerage will post earnings of $0.14 per share for the quarter. Roth Capital has a “Buy” rating and a $40.00 price target on the stock. Roth Capital also issued estimates for Ceva’s Q4 2016 earnings at $0.11 EPS and FY2016 earnings at $0.48 EPS.
Other equities research analysts have also issued reports about the stock. Zacks Investment Research lowered shares of Ceva from a “buy” rating to a “hold” rating in a report on Wednesday, June 8th. Wunderlich raised their price objective on shares of Ceva from $33.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Benchmark Co. dropped their price objective on shares of Ceva from $36.00 to $32.00 and set a “buy” rating on the stock in a report on Wednesday, August 3rd. Finally, Oppenheimer Holdings Inc. restated an “outperform” rating and set a $37.00 price objective (up from $32.00) on shares of Ceva in a report on Friday, August 5th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $32.20.
Shares of Ceva (NASDAQ:CEVA) opened at 35.36 on Monday. The firm’s 50-day moving average is $32.61 and its 200-day moving average is $27.85. The company has a market capitalization of $741.15 million, a PE ratio of 73.67 and a beta of 0.97. Ceva has a 12-month low of $17.11 and a 12-month high of $36.81.
Ceva (NASDAQ:CEVA) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.03. Ceva had a net margin of 15.36% and a return on equity of 5.87%. The company earned $17.10 million during the quarter, compared to analysts’ expectations of $17.02 million. During the same period in the prior year, the company earned $0.06 earnings per share. The business’s quarterly revenue was up 27.6% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Emerald Acquisition Ltd. purchased a new position in shares of Ceva during the second quarter worth approximately $4,789,000. Granahan Investment Management Inc. MA increased its position in shares of Ceva by 44.5% in the first quarter. Granahan Investment Management Inc. MA now owns 308,040 shares of the company’s stock worth $6,931,000 after buying an additional 94,927 shares during the period. Rice Hall James & Associates LLC increased its position in shares of Ceva by 1.3% in the second quarter. Rice Hall James & Associates LLC now owns 490,014 shares of the company’s stock worth $13,314,000 after buying an additional 6,338 shares during the period. Uniplan Investment Counsel Inc. increased its position in shares of Ceva by 0.3% in the first quarter. Uniplan Investment Counsel Inc. now owns 234,839 shares of the company’s stock worth $5,284,000 after buying an additional 816 shares during the period. Finally, Spark Investment Management LLC purchased a new position in shares of Ceva during the first quarter worth approximately $747,000. 87.67% of the stock is owned by institutional investors.
In other news, Director Bruce Mann sold 1,796 shares of Ceva stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $31.85, for a total value of $57,202.60. Following the completion of the transaction, the director now owns 9,678 shares of the company’s stock, valued at approximately $308,244.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Senvest Management, Llc sold 155,100 shares of Ceva stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $29.40, for a total transaction of $4,559,940.00. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by company insiders.
CEVA, Inc (CEVA) is a licensor of signal processing intellectual property (IP). The Company partners with semiconductor companies and original equipment manufacturers (OEMs) to create connected devices for a range of end markets, including mobile, consumer, automotive, industrial and Internet of things (IoT).
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