CEVA, Inc. (CEVA) Hits New 1-Year High After Analyst Upgrade
CEVA, Inc. (NASDAQ:CEVA) shares reached a new 52-week high during mid-day trading on Monday after Benchmark raised their price target on the stock from $42.00 to $50.00. Benchmark currently has a buy rating on the stock. CEVA traded as high as $45.20 and last traded at $45.20, with a volume of 168,765 shares trading hands. The stock had previously closed at $43.70.
A number of other research firms have also issued reports on CEVA. Oppenheimer Holdings Inc. lifted their target price on CEVA from $37.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, May 15th. Canaccord Genuity lifted their target price on CEVA from $41.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, April 25th. Zacks Investment Research lowered CEVA from a “hold” rating to a “sell” rating in a report on Wednesday, February 8th. Finally, Wunderlich reiterated a “buy” rating and issued a $40.00 target price on shares of CEVA in a report on Monday, March 27th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $41.14.
In other CEVA news, EVP Issachar Ohana sold 3,900 shares of CEVA stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $42.40, for a total transaction of $165,360.00. Following the completion of the sale, the executive vice president now directly owns 26,272 shares of the company’s stock, valued at approximately $1,113,932.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gideon Wertheizer sold 30,332 shares of CEVA stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $42.50, for a total value of $1,289,110.00. Following the sale, the chief executive officer now directly owns 85,388 shares of the company’s stock, valued at $3,628,990. The disclosure for this sale can be found here. Insiders have sold a total of 148,722 shares of company stock valued at $6,346,768 over the last ninety days. 4.60% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the company. Advisory Research Inc. purchased a new stake in CEVA during the fourth quarter valued at $3,704,000. Asset Management One Co. Ltd. purchased a new stake in CEVA during the fourth quarter valued at $123,000. Marshall Wace LLP purchased a new stake in CEVA during the fourth quarter valued at $429,000. Pinnacle Associates Ltd. purchased a new stake in CEVA during the fourth quarter valued at $213,000. Finally, Cortina Asset Management LLC increased its stake in CEVA by 15.0% in the fourth quarter. Cortina Asset Management LLC now owns 243,917 shares of the semiconductor company’s stock valued at $8,183,000 after buying an additional 31,904 shares during the last quarter. 88.78% of the stock is owned by institutional investors.
The firm’s 50 day moving average is $39.99 and its 200-day moving average is $35.37. The stock has a market capitalization of $975.27 million, a price-to-earnings ratio of 63.91 and a beta of 0.82.
CEVA (NASDAQ:CEVA) last issued its quarterly earnings results on Thursday, May 4th. The semiconductor company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.19 by $0.09. CEVA had a net margin of 18.03% and a return on equity of 7.14%. The business had revenue of $21.30 million for the quarter, compared to analysts’ expectations of $20.98 million. During the same quarter last year, the company posted $0.17 earnings per share. The company’s quarterly revenue was up 29.1% compared to the same quarter last year. On average, analysts anticipate that CEVA, Inc. will post $1.13 earnings per share for the current fiscal year.
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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