Canaccord Genuity reissued their buy rating on shares of CEVA (NASDAQ:CEVA) in a research report released on Wednesday, February 13th, The Fly reports. They currently have a $35.00 price target on the semiconductor company’s stock, down from their prior price target of $41.00.
“We believe a significant growth driver in 2020 and beyond is the base-station chipset opportunities with three of the top five global OEMs having adopted CEVA’s XC12 platform. In addition, we believe Intel will maintain its 100% modem share in new iPhones through at least the new iPhones launching in fall 2020, and share gains by this CEVA customer should support royalty growth trends through 2020. With management continuing to execute on driving growth in cellular IoT, AI, sound, computer vision, Bluetooth and WiFi, CEVA continues to diversify its portfolio and expand its TAM. We reiterate our BUY rating as we believe the company has a strong and diversifying licensing base to drive steady long-term and high-margin royalty growth but decrease our estimates and price target from $41 to $35.”,” Canaccord Genuity’s analyst wrote.
A number of other research firms have also recently issued reports on CEVA. ValuEngine cut shares of CEVA from a buy rating to a hold rating in a research note on Monday, February 4th. Zacks Investment Research cut shares of CEVA from a strong-buy rating to a hold rating in a research note on Thursday, November 15th. Finally, BidaskClub upgraded shares of CEVA from a sell rating to a hold rating in a research note on Tuesday, November 20th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $33.43.
NASDAQ CEVA traded up $0.26 during trading on Wednesday, reaching $27.59. 108,720 shares of the company traded hands, compared to its average volume of 150,559. The company has a market capitalization of $604.28 million, a price-to-earnings ratio of 250.82 and a beta of 1.76. CEVA has a 1-year low of $20.40 and a 1-year high of $41.50.
CEVA (NASDAQ:CEVA) last released its quarterly earnings data on Wednesday, February 13th. The semiconductor company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.08. CEVA had a return on equity of 1.00% and a net margin of 0.74%. The company had revenue of $21.40 million for the quarter, compared to the consensus estimate of $22.07 million. During the same period in the previous year, the business earned $0.25 earnings per share. The company’s quarterly revenue was down .9% on a year-over-year basis. Equities analysts expect that CEVA will post -0.08 EPS for the current year.
Hedge funds have recently bought and sold shares of the stock. Baillie Gifford & Co. raised its position in CEVA by 4.1% in the 3rd quarter. Baillie Gifford & Co. now owns 381,740 shares of the semiconductor company’s stock worth $10,975,000 after purchasing an additional 15,196 shares during the last quarter. Legal & General Group Plc raised its position in shares of CEVA by 6.8% during the 3rd quarter. Legal & General Group Plc now owns 46,776 shares of the semiconductor company’s stock valued at $1,342,000 after acquiring an additional 2,986 shares during the last quarter. Vanguard Group Inc raised its position in shares of CEVA by 1.8% during the 3rd quarter. Vanguard Group Inc now owns 2,262,434 shares of the semiconductor company’s stock valued at $65,044,000 after acquiring an additional 40,886 shares during the last quarter. Cowen Prime Services LLC raised its position in shares of CEVA by 81.2% during the 4th quarter. Cowen Prime Services LLC now owns 24,321 shares of the semiconductor company’s stock valued at $537,000 after acquiring an additional 10,900 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of CEVA during the 4th quarter valued at $1,588,000. Hedge funds and other institutional investors own 89.98% of the company’s stock.
CEVA Company Profile
CEVA, Inc licenses signal processing platforms and artificial intelligence processors for semiconductor companies and original equipment manufacturers (OEMs) serving the mobile, consumer, automotive, industrial, and Internet-of Things (IoT) markets worldwide. The company licenses a family of programmable digital signal processor (DSP) cores and application-specific platforms for imaging, computer vision, deep learning, sound, voice, and audio processing; and long range wireless technologies for LTE/5G baseband processing in IoT, handsets, and infrastructure, as well as short range wireless platforms for Wi-Fi and Bluetooth.
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