Ceva Inc (NASDAQ:CEVA) on Monday posted better-than-expected earnings for the second quarter.
The company reported quarterly earnings of 8 cents per share which beat the analyst consensus estimate of 7 cents per share. The company reported quarterly sales of $29.033 million which beat the analyst consensus estimate of $28.170 million.
Amir Panush, Chief Executive Officer of Ceva, said, “We delivered another strong quarter, with revenue increasing 13% year over year, fueled by licensing and related revenue growing 21% to its highest level in three years. These results reflect the growing strategic importance of proven silicon and software IP as customers accelerate increasingly complex AI and connectivity technologies that enable Physical AI.”
CEVA shares gained 1.2% to $32.29 in pre-market trading.
These analysts made changes to their price targets on CEVA following earnings announcement.
- Rosenblatt analyst Kevin Cassidy maintained the stock with a Buy and raised the price target from $45 to $49.
- Oppenheimer analyst Martin Yang maintained the stock with an Outperform rating and lowered the price target from $42 to $38.
Considering buying CEVA stock? Here’s what analysts think:
Photo via Shutterstock