Senvest Management LLC Buys 278,041 Shares of DSP Group, Inc. (DSPG)
Senvest Management LLC increased its stake in DSP Group, Inc. (NASDAQ:DSPG) by 17.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,831,092 shares of the semiconductor company’s stock after purchasing an additional 278,041 shares during the quarter. DSP Group makes up approximately 1.7% of Senvest Management LLC’s investment portfolio, making the stock its 21st biggest position. Senvest Management LLC owned approximately 8.26% of DSP Group worth $21,241,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. Comerica Bank raised its holdings in DSP Group by 2.7% in the 1st quarter. Comerica Bank now owns 23,905 shares of the semiconductor company’s stock worth $298,000 after purchasing an additional 637 shares during the period. Prudential Financial Inc. raised its holdings in DSP Group by 1.8% in the 1st quarter. Prudential Financial Inc. now owns 37,197 shares of the semiconductor company’s stock worth $446,000 after purchasing an additional 650 shares during the period. Ameriprise Financial Inc. raised its holdings in DSP Group by 4.7% in the 1st quarter. Ameriprise Financial Inc. now owns 113,579 shares of the semiconductor company’s stock worth $1,363,000 after purchasing an additional 5,050 shares during the period. Geode Capital Management LLC raised its holdings in DSP Group by 2.5% in the 1st quarter. Geode Capital Management LLC now owns 198,569 shares of the semiconductor company’s stock worth $2,382,000 after purchasing an additional 4,923 shares during the period. Finally, Vanguard Group Inc. raised its holdings in DSP Group by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 1,141,427 shares of the semiconductor company’s stock worth $13,697,000 after purchasing an additional 55,238 shares during the period. 74.28% of the stock is currently owned by institutional investors.
DSP Group (NASDAQ:DSPG) last posted its earnings results on Thursday, July 27th. The semiconductor company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.04. The company had revenue of $31.30 million during 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 quarterly 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.
DSP Group declared that its Board of Directors has authorized a share repurchase program on Monday, August 14th that permits the company to repurchase $10.00 million in shares. This repurchase authorization permits the semiconductor company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
DSPG has been the topic of a number of recent research reports. BidaskClub cut DSP Group from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Zacks Investment Research raised DSP Group from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Finally, Needham & Company LLC raised their target price on DSP Group from $12.50 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, July 4th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $13.83.
In related news, CFO Dror Levy sold 5,937 shares of the business’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 transaction, the chief financial officer now directly owns 169,060 shares in the company, valued at $2,059,150.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 6.01% of the company’s stock.
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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