Ceva (NASDAQ:CEVA) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Ceva, Inc. (NASDAQ:CEVA)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $25.66 and traded as high as $50.44. Ceva shares last traded at $48.45, with a volume of 957,157 shares traded.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. TD Cowen boosted their price target on shares of Ceva from $24.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. UBS Group boosted their price target on shares of Ceva from $42.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Oppenheimer boosted their price target on shares of Ceva from $30.00 to $42.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Needham & Company LLC assumed coverage on shares of Ceva in a report on Monday. They set a “buy” rating and a $55.00 price target on the stock. Finally, Rosenblatt Securities boosted their price target on shares of Ceva from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Ceva Price Performance

The stock has a market capitalization of $1.25 billion, a PE ratio of -99.80 and a beta of 2.00. The stock’s 50 day simple moving average is $34.87 and its two-hundred day simple moving average is $26.01.

Ceva (NASDAQ:CEVA) last released its earnings results on Monday, May 11th. The semiconductor company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. The firm had revenue of $27.02 million for the quarter, compared to analysts’ expectations of $26.12 million. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%. The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.06 earnings per share. As a group, equities research analysts predict that Ceva, Inc. will post -0.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC lifted its stake in shares of Ceva by 2,735.2% during the 4th quarter. Millennium Management LLC now owns 595,599 shares of the semiconductor company’s stock valued at $12,817,000 after buying an additional 574,592 shares in the last quarter. Defiance ETFs LLC purchased a new stake in shares of Ceva during the 4th quarter valued at approximately $10,420,000. Handelsbanken Fonder AB lifted its stake in shares of Ceva by 1,287.5% during the 3rd quarter. Handelsbanken Fonder AB now owns 355,418 shares of the semiconductor company’s stock valued at $9,387,000 after buying an additional 329,802 shares in the last quarter. Neuberger Berman Group LLC lifted its stake in shares of Ceva by 44.1% during the 4th quarter. Neuberger Berman Group LLC now owns 998,824 shares of the semiconductor company’s stock valued at $21,505,000 after buying an additional 305,540 shares in the last quarter. Finally, HRT Financial LP purchased a new stake in shares of Ceva during the 4th quarter valued at approximately $5,182,000. 85.37% of the stock is currently owned by hedge funds and other institutional investors.

Ceva Company Profile

Ceva, Inc (NASDAQ: CEVA) is a leading licensor of signal processing IP cores and platforms that enable intelligent, connected devices. The company designs a broad portfolio of digital signal processing (DSP) and AI processors, software development toolkits and reference frameworks for applications ranging from 5G wireless communications and Bluetooth connectivity to audio, computer vision, sensor fusion and edge AI. Its solutions target a variety of end markets including smartphones, automotive, IoT devices, smart home, industrial automation and wearable electronics.

Founded in 1999 as a spin-off from DSP Group, Ceva has built its reputation on delivering modular, power-efficient IP that can be customized to meet stringent performance, area and power requirements.