Senvest Management LLC Decreases Stock Position in Ceva, Inc. $CEVA

Senvest Management LLC cut its position in Ceva, Inc. (NASDAQ:CEVA) by 1.2% during the first quarter, HoldingsChannel.com reports. The fund owned 2,358,612 shares of the semiconductor company’s stock after selling 28,924 shares during the period. Ceva makes up 1.5% of Senvest Management LLC’s portfolio, making the stock its 27th largest position. Senvest Management LLC owned approximately 0.08% of Ceva worth $44,059,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CEVA. Hsbc Holdings PLC purchased a new stake in shares of Ceva during the fourth quarter worth $777,000. Nano Cap New Millennium Growth Fund L P acquired a new position in Ceva during the fourth quarter worth about $603,000. Aster Capital Management DIFC Ltd acquired a new position in Ceva during the fourth quarter worth about $497,000. Themes Management Co LLC purchased a new stake in Ceva during the 4th quarter valued at about $939,000. Finally, Needham Investment Management LLC grew its stake in Ceva by 16.4% during the 4th quarter. Needham Investment Management LLC now owns 160,000 shares of the semiconductor company’s stock valued at $3,443,000 after acquiring an additional 22,500 shares in the last quarter. 85.37% of the stock is owned by institutional investors and hedge funds.

Ceva Trading Down 6.2%

Shares of CEVA opened at $36.35 on Friday. The firm has a market cap of $1.01 billion, a P/E ratio of -80.78 and a beta of 1.96. Ceva, Inc. has a 12-month low of $17.02 and a 12-month high of $51.60. The company’s 50-day moving average price is $43.08 and its 200 day moving average price is $29.99.

Ceva (NASDAQ:CEVA) last announced its earnings results on Monday, May 11th. The semiconductor company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.02. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%. The company had revenue of $27.02 million during the quarter, compared to analyst estimates of $26.12 million. During the same quarter last year, the firm posted $0.06 earnings per share. Ceva’s revenue was up 11.6% compared to the same quarter last year. Equities research analysts forecast that Ceva, Inc. will post -0.21 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. started coverage on Ceva in a research report on Friday, May 8th. They issued a “neutral” rating and a $30.00 price target for the company. Oppenheimer lifted their price objective on Ceva from $30.00 to $42.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Roth Capital restated a “buy” rating and issued a $40.00 target price on shares of Ceva in a report on Monday, May 11th. Stifel Nicolaus raised their target price on Ceva from $42.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Finally, TD Cowen boosted their price target on shares of Ceva from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Nine research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.80.

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.