Neuberger Berman Group LLC cut its stake in Ceva Inc. (NASDAQ:CEVA) by 20.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 478,786 shares of the company’s stock after selling 125,577 shares during the period. Neuberger Berman Group LLC owned approximately 2.28% of Ceva worth $16,791,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of CEVA. Ranger Investment Management L.P. raised its position in shares of Ceva by 106.1% in the second quarter. Ranger Investment Management L.P. now owns 624,153 shares of the company’s stock valued at $16,958,000 after buying an additional 321,345 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in shares of Ceva during the second quarter valued at approximately $4,789,000. EAM Investors LLC bought a new position in shares of Ceva during the second quarter valued at approximately $3,828,000. Lord Abbett & CO. LLC raised its position in shares of Ceva by 90.8% in the second quarter. Lord Abbett & CO. LLC now owns 152,498 shares of the company’s stock valued at $4,143,000 after buying an additional 72,572 shares in the last quarter. Finally, Convergence Investment Partners LLC bought a new position in shares of Ceva during the second quarter valued at approximately $1,716,000. Hedge funds and other institutional investors own 88.15% of the company’s stock.
Shares of Ceva Inc. (NASDAQ:CEVA) opened at 31.60 on Friday. The firm has a 50 day moving average of $30.83 and a 200-day moving average of $30.37. Ceva Inc. has a 12 month low of $17.10 and a 12 month high of $36.81. The stock has a market capitalization of $670.87 million, a P/E ratio of 65.83 and a beta of 0.72.
Ceva (NASDAQ:CEVA) last issued its earnings results on Wednesday, November 2nd. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The company had revenue of $17.85 million for the quarter, compared to the consensus estimate of $17.67 million. Ceva had a return on equity of 5.75% and a net margin of 15.11%. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.22 EPS. Analysts forecast that Ceva Inc. will post $0.87 earnings per share for the current year.
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Several equities research analysts recently weighed in on the stock. Benchmark Co. set a $36.00 target price on shares of Ceva and gave the stock a “buy” rating in a research note on Wednesday, September 28th. Roth Capital assumed coverage on shares of Ceva in a research note on Wednesday, September 28th. They set a “buy” rating and a $40.00 target price on the stock. William Blair reaffirmed a “market perform” rating on shares of Ceva in a research note on Thursday, November 3rd. Finally, Zacks Investment Research raised shares of Ceva from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research note on Tuesday, November 8th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $32.60.
About Ceva
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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