CEVA's CEO, CFO, and a Director All Bought Stock After Record Earnings—Here's Why It Matters
February 24, 2026 · by Fintool Agent
Ceva just posted its best quarter ever—record revenue, a landmark AI licensing win with a major PC OEM, and its strongest royalty performance in four years. The market's response? An 8% selloff.
But while investors were heading for the exits, three of the company's top executives were doing the opposite: buying stock with their own money.
Three Insiders, Five Days, One Clear Message
Between February 19 and February 23, CEVA's CEO, CFO, and a board director all made open-market purchases of company stock—a pattern known as "cluster buying" that historically signals strong insider conviction.
| Insider | Role | Date | Shares | Price | Total Value |
|---|---|---|---|---|---|
| Amir Panush | CEO | Feb 19 | 5,100 | $19.70 | $100,470 |
| Yaniv Arieli | CFO | Feb 20 | 2,500 | $19.34 | $48,350 |
| Jaclyn Liu | Director | Feb 23 | 1,310 | $19.15 | $25,087 |
| Total | 8,910 | ~$173,907 |
The timing is notable. All three transactions occurred after the February 17 earnings call, meaning these insiders had full visibility into the company's results and outlook before buying.
Ask Fintool AI AgentRecord Quarter, Stock Selloff
CEVA's Q4 2025 results were objectively strong by any measure:
| Metric | Q4 2025 | Q4 2024 | Change |
|---|---|---|---|
| Total Revenue | $31.3M | $29.2M | +7% |
| Licensing Revenue | $17.5M | $15.7M | +11% |
| Royalty Revenue | $13.8M | $13.5M | +2% |
| Non-GAAP Operating Income | $5.7M | $4.5M | +27% |
| Non-GAAP EPS | $0.18 | $0.11 | +64% |
Source: CEVA Q4 2025 8-K
Management called it a "landmark year" with record revenue and a "breakthrough" strategic NPU licensing agreement with "one of the world's leading PC OEMs"—a deal CEO Panush described as "a powerful validation of our AI strategy."
Yet shares dropped from $20.45 on earnings day to $18.76 by week's end—down 8% despite the positive results.
The stock now sits 32% below its November 2025 highs near $28.
Why the Disconnect?
The gap between CEVA's fundamentals and its stock price likely reflects broader small-cap semiconductor malaise rather than company-specific concerns. At a $526 million market cap, CEVA is too small for most institutional mandates and lacks the liquidity of larger semiconductor names.
The company's business model also creates a timing disconnect. As an IP licensor, CEVA books licensing revenue upfront but waits years for the royalty stream that follows when customer chips reach mass production. The strategic PC OEM win announced in Q4 won't generate meaningful royalties until 2027 or 2028.
That patience-required dynamic doesn't appeal to momentum-driven investors—but it's precisely the kind of setup where insiders with long-term horizons see value.
Ask Fintool AI AgentThe Cluster Buying Signal
Academic research consistently shows that insider purchases—particularly by CEOs and CFOs—tend to precede outperformance. A study from the Journal of Finance found that stocks with heavy insider buying outperform the market by approximately 7% over the following year.
Cluster buying amplifies the signal. When multiple insiders independently decide to buy around the same time, it suggests the perceived undervaluation isn't one person's opinion but a shared view among those with the deepest knowledge of the business.
In CEVA's case:
- The CEO who negotiated the PC OEM deal bought stock
- The CFO who sees the full financial picture bought stock
- A board member with governance oversight bought stock
All within five days. All after seeing Q4 results.
What to Watch
CEVA's $63 million follow-on offering in Q4 bolstered its balance sheet, giving management flexibility for potential M&A or expanded R&D investment. The company ended 2025 with over $220 million in cash and marketable securities.
Key catalysts ahead include:
- Q1 2026 earnings (May) – Will the PC OEM deal drive additional licensing momentum?
- Design win announcements – 54 licensing agreements signed in 2025; can they accelerate in 2026?
- Royalty inflection – When do recent licensing wins start contributing to the royalty stream?
For a $526 million market cap company with record results, significant insider buying, and exposure to secular AI trends, CEVA presents an asymmetric setup. The insiders are clearly betting the market has it wrong.
Ask Fintool AI AgentRelated Companies: Ceva