DSP Group, Inc. (DSPG) Rating Reiterated by Canaccord Genuity
DSP Group, Inc. (NASDAQ:DSPG)‘s stock had its “buy” rating reaffirmed by Canaccord Genuity in a research note issued to investors on Thursday. They currently have a $16.00 price objective on the semiconductor company’s stock. Canaccord Genuity’s price objective indicates a potential upside of 19.40% from the stock’s previous close.
A number of other brokerages have also weighed in on DSPG. BidaskClub lowered shares of DSP Group from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Zacks Investment Research upgraded shares of DSP Group from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. DSP Group currently has an average rating of “Buy” and an average target price of $14.60.
DSP Group (NASDAQ:DSPG) last announced its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.01. DSP Group had a net margin of 2.40% and a return on equity of 3.47%. The business had revenue of $34.30 million for the quarter, compared to analyst estimates of $34.00 million. During the same period last year, the business earned $0.19 EPS. The company’s revenue was down 11.6% on a year-over-year basis.
DSP Group declared that its board has approved 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 purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Arizona State Retirement System grew its position in shares of DSP Group by 3.8% in the 1st quarter. Arizona State Retirement System now owns 11,015 shares of the semiconductor company’s stock valued at $100,000 after buying an additional 400 shares during the last quarter. Hartford Investment Management Co. purchased a new position in DSP Group during the 2nd quarter worth $116,000. ETF Managers Group LLC purchased a new position in DSP Group during the 2nd quarter worth $117,000. Thrivent Financial for Lutherans grew its position in DSP Group by 5.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 11,620 shares of the semiconductor company’s stock worth $152,000 after purchasing an additional 560 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in DSP Group during the 4th quarter worth $155,000. 74.27% of the stock is currently owned by hedge funds and other institutional investors.
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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