Schwab Charles Investment Management Inc. continued to hold its stake in DSP Group, Inc. (NASDAQ:DSPG) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,700 shares of the semiconductor company’s stock at the close of the first quarter. Schwab Charles Investment Management Inc. owned approximately 0.17% of DSP Group worth $453,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Nationwide Fund Advisors raised its holdings in shares of DSP Group by 92.7% in the first quarter. Nationwide Fund Advisors now owns 25,499 shares of the semiconductor company’s stock worth $306,000 after buying an additional 12,266 shares during the period. Russell Investments Group Ltd. increased its holdings in DSP Group by 62.4% during the 1st quarter. Russell Investments Group Ltd. now owns 36,215 shares of the semiconductor company’s stock worth $435,000 after purchasing an additional 13,915 shares during the period. Wells Fargo & Company MN increased its holdings in DSP Group by 6.3% during the 1st quarter. Wells Fargo & Company MN now owns 836,837 shares of the semiconductor company’s stock worth $10,042,000 after purchasing an additional 49,647 shares during the period. Bank of New York Mellon Corp increased its holdings in DSP Group by 6.4% during the 1st quarter. Bank of New York Mellon Corp now owns 343,167 shares of the semiconductor company’s stock worth $4,118,000 after purchasing an additional 20,639 shares during the period. Finally, Comerica Bank boosted its position in DSP Group by 2.7% during the 1st quarter. Comerica Bank now owns 23,905 shares of the semiconductor company’s stock valued at $298,000 after acquiring an additional 637 shares in the last quarter. Institutional investors and hedge funds own 74.28% of the company’s stock.
DSPG has been the topic of several recent research reports. BidaskClub lowered DSP Group from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Zacks Investment Research upgraded DSP Group from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. Finally, Needham & Company LLC lifted their price objective on DSP Group from $12.50 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, July 4th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $13.83.
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In related news, CFO Dror Levy sold 5,937 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $12.18, for a total transaction of $72,312.66. Following the completion of the sale, the chief financial officer now directly owns 169,060 shares of the company’s stock, valued at approximately $2,059,150.80. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 6.01% of the company’s stock.
DSP Group, Inc. (NASDAQ:DSPG) opened at 12.55 on Friday. DSP Group, Inc. has a 12-month low of $9.80 and a 12-month high of $14.20. The firm has a market capitalization of $279.22 million, a PE ratio of 96.54 and a beta of 0.90. The company has a 50-day moving average price of $11.93 and a 200-day moving average price of $11.96.
DSP Group (NASDAQ:DSPG) last announced its quarterly earnings data on Thursday, July 27th. The semiconductor company reported $0.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.04. The firm had revenue of $31.30 million for the quarter, compared to the consensus estimate of $30.93 million. DSP Group had a net margin of 2.40% and a return on equity of 3.47%. The firm’s revenue was down 13.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 earnings per share. On average, analysts predict that DSP Group, Inc. will post $0.20 earnings per share for the current year.
DSP Group declared that its Board of Directors has initiated a share repurchase plan on Monday, August 14th that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the semiconductor company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
About DSP Group
DSP Group, Inc is a global provider of wireless and audio chipset solutions for converged communications. Delivering semiconductor system solutions with software and hardware reference designs, the Company enables original equipment manufacturers, original design manufacturers, consumer electronics manufacturers and service providers to develop new products.
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