CEVA , Inc. shares have reached a new 52-week high, with the stock price climbing to $33.38, marking a remarkable recovery from its 52-week low of $16.02. According to InvestingPro data, analysts maintain a bullish outlook with a consensus "Buy" rating and price targets ranging from $21 to $40. This milestone reflects a significant uptrend for the semiconductor company, which specializes in signal processing IP for the smarter, connected world. Over the past year, CEVA has seen an impressive 42.82% increase in its stock value, with particularly strong momentum shown in its 66.6% gain over the past six months. The company maintains impressive gross profit margins of 88.56% and a healthy balance sheet, as highlighted by InvestingPro analysis, which reveals 8 additional key insights about CEVA's financial health and growth prospects. The company's growth trajectory and its recent peak in stock price are closely watched by investors seeking to capitalize on the advancements in the tech sector.
In other recent news, Ceva (NASDAQ:CEVA) Inc. has reported a significant rise in its third-quarter revenue for 2024, hitting $27.2 million, a 13% increase from the previous year. This growth was underpinned by strong performance in both licensing and royalty segments, with licensing revenue reaching $15.6 million and royalty revenue growing to $11.6 million. Despite a lower-than-expected gross margin, primarily due to increased customization efforts for new 5G deals, Ceva raised its full-year guidance for 2024, reflecting a healthy backlog and pipeline of business.
The company also recorded a 137% increase in non-GAAP net income to $3.4 million and announced plans for future acquisitions and an increase in its stock buyback program. These are recent developments that have marked a robust growth phase for the company. In terms of future expectations, Ceva anticipates Q4 2024 revenue to be between $26.5 million and $28.5 million, and gross margins are expected to stabilize around 88% (GAAP) and 89% (non-GAAP). The company's annual growth projection is set at 7%-9%, with a goal to double non-GAAP operating margins and fully diluted EPS for the year.
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