Zacks Investment Research cut shares of DSP Group, Inc. (NASDAQ:DSPG) from a hold rating to a sell rating in a report published on Wednesday.
According to Zacks, “DSP Group, Inc. is a fabless semiconductor company, offering advanced chip-set solutions for a variety of applications. DSP Group is a worldwide leader in the short-range wireless communication market, enabling home networking convergence for voice, video & data. By combining its in-house technologies of Digital Signal Processors, portfolio of wireless communication protocols, including DECT, Bluetooth and Wi-Fi, most advanced Radio Frequency CMOS and SiGe, as well as VoIP ICs, DSP Group is a worldwide leader and a one-stop-shop for a wide range of applications. DSP Group ICs provide solutions for MP3 players, VoIP Phones, Gateways, and Integrated Access Devices and are widely used in Digital Voice Recorders. “
A number of other equities analysts have also recently weighed in on DSPG. BidaskClub raised DSP Group from a strong sell rating to a sell rating in a report on Wednesday, July 12th. Canaccord Genuity reaffirmed a buy rating and issued a $16.00 price target on shares of DSP Group in a report on Thursday, November 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $14.60.
DSP Group (NASDAQ DSPG) opened at $12.70 on Wednesday. The firm has a market capitalization of $283.50, a PE ratio of 70.56 and a beta of 0.87. DSP Group has a fifty-two week low of $9.80 and a fifty-two week high of $14.20.
DSP Group (NASDAQ:DSPG) last released its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $34.30 million during the quarter, compared to analysts’ expectations of $34.00 million. DSP Group had a positive return on equity of 2.93% and a negative net margin of 1.21%. DSP Group’s quarterly revenue was down 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.19 EPS. research analysts predict that DSP Group will post -0.05 earnings per share for the current year.
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DSP Group declared that its Board of Directors has approved a share repurchase plan on Monday, August 14th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the semiconductor company to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other DSP Group news, CEO Ofer Elyakim sold 26,261 shares of the stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $12.81, for a total transaction of $336,403.41. Following the completion of the transaction, the chief executive officer now owns 573,252 shares of the company’s stock, valued at $7,343,358.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.18% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in DSPG. Hartford Investment Management Co. acquired a new position in shares of DSP Group during the second quarter valued at approximately $116,000. ETF Managers Group LLC acquired a new position in shares of DSP Group during the second quarter valued at approximately $117,000. Arizona State Retirement System raised its holdings in shares of DSP Group by 1.8% during the second quarter. Arizona State Retirement System now owns 11,515 shares of the semiconductor company’s stock valued at $134,000 after acquiring an additional 200 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of DSP Group by 70.1% during the third quarter. BNP Paribas Arbitrage SA now owns 11,337 shares of the semiconductor company’s stock valued at $147,000 after acquiring an additional 4,672 shares during the last quarter. Finally, Thrivent Financial For Lutherans raised its holdings in shares of DSP Group by 20.3% during the second quarter. Thrivent Financial For Lutherans now owns 13,530 shares of the semiconductor company’s stock valued at $157,000 after acquiring an additional 2,280 shares during the last quarter. 74.27% of the stock is owned by institutional investors and hedge funds.
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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