Ceva, Inc. (NASDAQ:CEVA) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Ceva, Inc. (NASDAQ:CEVA) by 13.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 185,398 shares of the semiconductor company’s stock after selling 28,986 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.78% of Ceva worth $4,748,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas acquired a new stake in Ceva during the 1st quarter worth approximately $922,000. Price T Rowe Associates Inc. MD acquired a new stake in Ceva during the 4th quarter worth approximately $292,000. GAMMA Investing LLC lifted its holdings in Ceva by 44.5% during the 1st quarter. GAMMA Investing LLC now owns 3,437 shares of the semiconductor company’s stock worth $88,000 after buying an additional 1,058 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Ceva by 2.3% during the 1st quarter. Principal Financial Group Inc. now owns 117,894 shares of the semiconductor company’s stock worth $3,019,000 after buying an additional 2,629 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Ceva by 9.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,546 shares of the semiconductor company’s stock worth $1,279,000 after buying an additional 3,584 shares in the last quarter. 85.37% of the stock is currently owned by institutional investors and hedge funds.

Ceva Price Performance

NASDAQ CEVA opened at $23.59 on Wednesday. The firm’s fifty day moving average price is $21.98 and its 200 day moving average price is $25.35. The company has a market capitalization of $564.04 million, a price-to-earnings ratio of -56.17 and a beta of 1.25. Ceva, Inc. has a 12 month low of $18.31 and a 12 month high of $38.94.

Ceva (NASDAQ:CEVA) last posted its earnings results on Monday, August 11th. The semiconductor company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. The firm had revenue of $25.68 million for the quarter, compared to the consensus estimate of $25.33 million. Ceva had a negative net margin of 9.48% and a negative return on equity of 3.04%. The company’s revenue was down 9.5% on a year-over-year basis. During the same period last year, the firm posted $0.17 EPS. As a group, sell-side analysts forecast that Ceva, Inc. will post -0.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CEVA. Barclays dropped their price objective on shares of Ceva from $40.00 to $30.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Oppenheimer dropped their price objective on shares of Ceva from $40.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, May 9th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price objective on shares of Ceva in a research report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.60.

Ceva 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.