Westerly Capital Management LLC Lowers Stake in CEVA, Inc. (NASDAQ:CEVA)

Westerly Capital Management LLC decreased its position in shares of CEVA, Inc. (NASDAQ:CEVA) by 39.3% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 85,000 shares of the semiconductor company’s stock after selling 55,000 shares during the period. CEVA accounts for approximately 1.2% of Westerly Capital Management LLC’s portfolio, making the stock its 25th largest holding. Westerly Capital Management LLC’s holdings in CEVA were worth $2,682,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd purchased a new position in shares of CEVA during the 4th quarter worth $40,000. Meeder Asset Management Inc. purchased a new stake in shares of CEVA in the fourth quarter valued at $46,000. GAMMA Investing LLC increased its stake in CEVA by 63.3% in the fourth quarter. GAMMA Investing LLC now owns 2,379 shares of the semiconductor company’s stock valued at $75,000 after purchasing an additional 922 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in CEVA during the fourth quarter worth about $129,000. Finally, Cornerstone Investment Partners LLC acquired a new stake in CEVA in the 4th quarter worth about $215,000. Institutional investors and hedge funds own 85.37% of the company’s stock.

Insider Activity

In related news, Director Louis Silver sold 4,520 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $30.98, for a total value of $140,029.60. Following the transaction, the director now owns 47,038 shares in the company, valued at approximately $1,457,237.24. The trade was a 8.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.40% of the company’s stock.

Wall Street Analyst Weigh In

CEVA has been the subject of a number of research analyst reports. Barclays upped their price objective on shares of CEVA from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 price target on shares of CEVA in a research report on Wednesday, April 23rd. Finally, StockNews.com lowered shares of CEVA from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $38.60.

CEVA Trading Down 0.4 %

Shares of NASDAQ CEVA opened at $26.49 on Wednesday. The stock has a fifty day moving average price of $27.59 and a 200 day moving average price of $29.36. The company has a market cap of $633.38 million, a P/E ratio of -71.59 and a beta of 1.46. CEVA, Inc. has a 12-month low of $16.02 and a 12-month high of $38.94.

CEVA (NASDAQ:CEVA) last announced its earnings results on Thursday, February 13th. The semiconductor company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.16). CEVA had a negative net margin of 8.22% and a negative return on equity of 2.48%. On average, sell-side analysts forecast that CEVA, Inc. will post -0.12 EPS for the current fiscal year.

CEVA Company Profile

CEVA, Inc provides silicon and software IP solutions to semiconductor and original equipment manufacturer (OEM) companies worldwide. Its 5G mobile and infrastructure products include Ceva-XC vector digital signal processors (DSPs) for 5G handsets, 5G RAN, and general-purpose baseband processing; PentaG-RAN, an open ran platform for base station and radio; and PentaG2 – 5G NR modem platform for UE, as well as for non-handset 5G vertical markets, such as fixed wireless access, industry 4.0, robotics, and AR/VR devices.