CEVA (NASDAQ:CEVA) Rating Increased to Buy at Zacks Investment Research

CEVA (NASDAQ:CEVA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $32.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 10.84% from the company’s previous close.

According to Zacks, “CEVA is the leading licensor of signal processing IP for a smarter, connected world. They partner with semiconductor companies and OEMs worldwide to create power-efficient, intelligent and connected devices for a range of end markets, including mobile, consumer, automotive, industrial and IoT. Their ultra-low-power IPs for vision, audio, communications and connectivity include comprehensive DSP-based platforms for LTE/LTE-A/5G baseband processing in handsets, infrastructure and machine-to-machine devices, advanced imaging, computer vision and deep learning for any camera-enabled device, audio/voice/speech and ultra-low power always-on/sensing applications for multiple IoT markets. “

Other equities research analysts also recently issued research reports about the company. ValuEngine downgraded CEVA from a “buy” rating to a “hold” rating in a report on Saturday, January 4th. BidaskClub downgraded CEVA from a “sell” rating to a “strong sell” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $31.40.

Shares of CEVA traded up $0.72 during midday trading on Tuesday, reaching $28.87. 109,748 shares of the stock were exchanged, compared to its average volume of 92,771. CEVA has a twelve month low of $21.69 and a twelve month high of $33.16. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.03. The company has a market cap of $603.49 million, a P/E ratio of 262.45 and a beta of 1.46. The stock’s 50 day simple moving average is $26.91 and its 200 day simple moving average is $28.10.

CEVA (NASDAQ:CEVA) last posted its earnings results on Thursday, November 7th. The semiconductor company reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.19. CEVA had a positive return on equity of 0.94% and a negative net margin of 0.91%. The company had revenue of $23.50 million during the quarter, compared to the consensus estimate of $22.72 million. During the same quarter last year, the firm earned $0.23 earnings per share. The company’s revenue was up 9.8% on a year-over-year basis. As a group, analysts predict that CEVA will post 0.02 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN increased its position in shares of CEVA by 37.3% in the second quarter. Wells Fargo & Company MN now owns 72,033 shares of the semiconductor company’s stock worth $1,754,000 after purchasing an additional 19,580 shares during the period. Prudential Financial Inc. increased its position in shares of CEVA by 12.6% in the second quarter. Prudential Financial Inc. now owns 39,549 shares of the semiconductor company’s stock worth $963,000 after purchasing an additional 4,410 shares during the period. Bank of Montreal Can increased its position in shares of CEVA by 324.6% in the second quarter. Bank of Montreal Can now owns 2,412 shares of the semiconductor company’s stock worth $58,000 after purchasing an additional 1,844 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of CEVA by 3.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 127,765 shares of the semiconductor company’s stock worth $3,112,000 after purchasing an additional 3,707 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of CEVA by 78.4% in the second quarter. Renaissance Technologies LLC now owns 247,600 shares of the semiconductor company’s stock worth $6,029,000 after purchasing an additional 108,800 shares during the period. 82.75% of the stock is owned by institutional investors.

About CEVA

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 signal processing intellectual properties (IPs), including platforms for 5G baseband processing in handsets and base station RAN; integrated cellular IoT solutions; digital signal processor (DSP) platforms incorporating voice input algorithms and software for voice enabled devices; and DSP platforms for advanced imaging and computer vision in various camera-enabled devices, as well as a family of self-contained artificial intelligent (AI) processors that address a range of edge applications.

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