Goldman Sachs Group Inc. Sells 7,540 Shares of DSP Group, Inc. (DSPG)
Goldman Sachs Group Inc. lowered its position in shares of DSP Group, Inc. (NASDAQ:DSPG) by 12.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 55,380 shares of the semiconductor company’s stock after selling 7,540 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.25% of DSP Group worth $642,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Prudential Financial Inc. raised its position in shares of DSP Group by 1.8% during the first quarter. Prudential Financial Inc. now owns 37,197 shares of the semiconductor company’s stock worth $446,000 after acquiring an additional 650 shares during the last quarter. Senvest Management LLC raised its position in shares of DSP Group by 17.9% during the second quarter. Senvest Management LLC now owns 1,831,092 shares of the semiconductor company’s stock worth $21,241,000 after acquiring an additional 278,041 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of DSP Group by 4.7% during the first quarter. Ameriprise Financial Inc. now owns 113,579 shares of the semiconductor company’s stock worth $1,363,000 after acquiring an additional 5,050 shares during the last quarter. Geode Capital Management LLC raised its position in shares of DSP Group by 2.5% during the first quarter. Geode Capital Management LLC now owns 198,569 shares of the semiconductor company’s stock worth $2,382,000 after acquiring an additional 4,923 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of DSP Group by 51.1% during the second quarter. Alliancebernstein L.P. now owns 35,800 shares of the semiconductor company’s stock worth $415,000 after acquiring an additional 12,100 shares during the last quarter. Institutional investors own 74.27% of the company’s stock.
A number of equities research analysts recently commented on DSPG shares. Zacks Investment Research downgraded DSP Group from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. BidaskClub downgraded DSP Group from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Canaccord Genuity reiterated a “buy” rating and issued a $16.00 price objective on shares of DSP Group in a report on Thursday, November 2nd. Finally, TheStreet downgraded DSP Group from a “b-” rating to a “c+” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $14.60.
Shares of DSP Group, Inc. (DSPG) opened at $12.70 on Friday. The company has a market capitalization of $281.27, a PE ratio of 70.00 and a beta of 0.87. DSP Group, Inc. 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 data on Thursday, November 2nd. The semiconductor company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $34.30 million during the quarter, compared to the consensus estimate of $34.00 million. DSP Group had a positive return on equity of 2.93% and a negative net margin of 1.21%. The firm’s revenue was down 11.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.19 earnings per share. equities analysts expect that DSP Group, Inc. will post -0.05 earnings per share for the current fiscal year.
DSP Group announced that its Board of Directors has initiated a stock repurchase program on Monday, August 14th that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the semiconductor company to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
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In other DSP Group news, CEO Ofer Elyakim sold 26,261 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $12.81, for a total value of $336,403.41. Following the completion of the sale, the chief executive officer now directly owns 573,252 shares in the company, valued at $7,343,358.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.18% of the stock is owned by corporate 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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