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CEVA , Inc. shares have reached a new 52-week high, trading at $34.23, marking a significant milestone for the semiconductor company. According to InvestingPro data, this represents a remarkable climb from the 52-week low of $16.02, with the company now commanding a market capitalization of $801 million. This peak reflects a robust year-over-year growth, with the stock witnessing an impressive 63.43% increase in value over the past year. Investors have shown increased confidence in CEVA's market position and future prospects, contributing to the stock's upward trajectory. The company maintains strong fundamentals with an impressive gross profit margin of 88.56% and a healthy current ratio of 7.6. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with analysts setting price targets ranging from $21 to $40. The company's performance, particularly in the development of wireless technologies and smart sensing solutions, has been a key driver of investor enthusiasm, propelling the stock to these new heights. Three analysts have recently revised their earnings estimates upward for the upcoming period, as revealed by InvestingPro, which offers 8 additional key insights about CEVA's financial health and market position in its comprehensive Pro Research Report.
In other recent news, Ceva (NASDAQ:CEVA) Inc. reported significant growth in its third-quarter revenue for 2024, reaching a total of $27.2 million, a 13% increase from the previous year. This was driven by strong performances in both licensing and royalty segments. Despite a lower-than-expected gross margin due to increased customization for new 5G deals, the company raised its full-year guidance for 2024, reflecting a healthy business backlog and pipeline. Non-GAAP net income saw a significant increase, and the company expressed optimism about long-term growth driven by robust demand in the semiconductor market.
Ceva Inc.'s licensing revenue hit $15.6 million, while royalty revenue grew to $11.6 million. The company also achieved a record shipment of 522 million units, with substantial growth in cellular IoT and Wi-Fi products. Looking ahead, Ceva Inc. expects Q4 2024 revenue to be between $26.5 million and $28.5 million. The company also plans future acquisitions and an increase in its stock buyback program.
In the Q&A session, Ceva's management highlighted the strategic importance of the 5G advanced platform and the integration of additional technologies such as WiFi, Bluetooth, and AI capabilities. These recent developments indicate that Ceva Inc. is well-positioned to capitalize on the growing demand for advanced wireless connectivity and smart sensing technologies.
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