CEVA (NASDAQ:CEVA) Posts Quarterly Earnings Results, Misses Estimates By $0.09 EPS

Posted by on Aug 10th, 2023

CEVA (NASDAQ:CEVA – Get Free Report) issued its quarterly earnings results on Wednesday. The semiconductor company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.09), Briefing.com reports. CEVA had a negative return on equity of 0.09% and a negative net margin of 20.43%. The business had revenue of $26.20 million for the quarter, compared to analysts’ expectations of $31.01 million. During the same quarter in the prior year, the company posted $0.04 EPS. The business’s revenue for the quarter was down 21.1% compared to the same quarter last year.

CEVA Stock Performance

CEVA stock opened at $22.06 on Thursday. CEVA has a one year low of $20.51 and a one year high of $36.29. The company has a 50 day moving average price of $25.46 and a two-hundred day moving average price of $27.72. The stock has a market capitalization of $516.56 million, a P/E ratio of -19.35 and a beta of 1.09.

Insider Transactions at CEVA

In related news, Director Louis Silver sold 6,817 shares of the stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $26.00, for a total transaction of $177,242.00. Following the completion of the sale, the director now owns 35,697 shares of the company’s stock, valued at approximately $928,122. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.90% of the company’s stock.

Institutional Trading of CEVA

Several large investors have recently modified their holdings of CEVA. UBS Group AG raised its stake in CEVA by 1.8% during the third quarter. UBS Group AG now owns 27,968 shares of the semiconductor company’s stock valued at $734,000 after buying an additional 489 shares in the last quarter. Select Equity Group L.P. increased its position in shares of CEVA by 6.7% during the 1st quarter. Select Equity Group L.P. now owns 8,604 shares of the semiconductor company’s stock valued at $350,000 after purchasing an additional 540 shares during the period. Captrust Financial Advisors grew its position in CEVA by 36.5% in the first quarter. Captrust Financial Advisors now owns 2,129 shares of the semiconductor company’s stock worth $87,000 after buying an additional 569 shares during the last quarter. First Republic Investment Management Inc. lifted its holdings in shares of CEVA by 10.2% during the first quarter. First Republic Investment Management Inc. now owns 7,064 shares of the semiconductor company’s stock valued at $287,000 after purchasing an additional 651 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of CEVA by 1.6% in the second quarter. Rhumbline Advisers now owns 58,339 shares of the semiconductor company’s stock worth $1,958,000 after acquiring an additional 923 shares in the last quarter. 83.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CEVA has been the topic of several recent analyst reports. TheStreet lowered shares of CEVA from a “c-” rating to a “d+” rating in a report on Monday, May 22nd. Barclays lowered their target price on CEVA from $41.00 to $32.00 in a research note on Thursday, May 11th. Finally, StockNews.com cut shares of CEVA from a “buy” rating to a “hold” rating in a research report on Friday, May 12th. One analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.33.

Read Our Latest Analysis on CEVA

About CEVA

(Get Free Report)

CEVA, Inc operates as a licensor of wireless connectivity and smart sensing technologies to semiconductor and original equipment manufacturer (OEM) companies worldwide. It designs and licenses various digital signal processors, AI processors, wireless platforms, and complementary software for sensor fusion, image enhancement, computer vision, voice input, and artificial intelligence (AI).

Featured Articles

Earnings History for CEVA (NASDAQ:CEVA)

Receive News & Ratings for CEVA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CEVA and related companies with MarketBeat.com's FREE daily email newsletter.