Prudential Financial Inc. raised its stake in shares of DSP Group, Inc. (NASDAQ:DSPG) by 2.0% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 37,947 shares of the semiconductor company’s stock after buying an additional 750 shares during the period. Prudential Financial Inc. owned about 0.17% of DSP Group worth $440,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Comerica Bank raised its stake in shares of 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 buying an additional 637 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of DSP Group by 4.7% during the 1st quarter. Ameriprise Financial Inc. now owns 113,579 shares of the semiconductor company’s stock valued at $1,363,000 after buying an additional 5,050 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of DSP Group by 2.5% during the 1st quarter. Geode Capital Management LLC now owns 198,569 shares of the semiconductor company’s stock valued at $2,382,000 after buying an additional 4,923 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of DSP Group by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 1,141,427 shares of the semiconductor company’s stock valued at $13,697,000 after buying an additional 55,238 shares during the last quarter. Finally, Soros Fund Management LLC raised its stake in shares of DSP Group by 92.3% during the 1st quarter. Soros Fund Management LLC now owns 166,666 shares of the semiconductor company’s stock valued at $2,000,000 after buying an additional 80,000 shares during the last quarter. Institutional investors and hedge funds own 74.28% of the company’s stock.
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DSP Group, Inc. (DSPG) opened at 13.85 on Wednesday. The company has a 50 day moving average price of $12.47 and a 200 day moving average price of $12.18. The stock has a market cap of $308.15 million, a price-to-earnings ratio of 106.54 and a beta of 0.92. DSP Group, Inc. has a 52 week low of $9.80 and a 52 week high of $14.20.
DSP Group (NASDAQ:DSPG) last announced its earnings results on Thursday, July 27th. The semiconductor company reported $0.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.04. DSP Group had a net margin of 2.40% and a return on equity of 3.47%. The firm had revenue of $31.30 million for the quarter, compared to analyst estimates of $30.93 million. During the same quarter last year, the business earned $0.11 earnings per share. DSP Group’s revenue was down 13.4% compared to the same quarter last year. Analysts expect that DSP Group, Inc. will post $0.20 EPS for the current fiscal year.
DSP Group declared that its Board of Directors has authorized a share buyback plan on Monday, August 14th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
A number of research firms have weighed in on DSPG. BidaskClub upgraded DSP Group from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 12th. Zacks Investment Research lowered DSP Group from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. 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 research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $14.20.
In related news, CFO Dror Levy sold 5,937 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 169,060 shares in the company, valued at $2,059,150.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.01% of the stock is currently owned by company insiders.
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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