Zacks Investment Research Upgrades DSP Group (NASDAQ:DSPG) to Buy

Zacks Investment Research upgraded shares of DSP Group (NASDAQ:DSPG) from a hold rating to a buy rating in a research report released on Wednesday morning, Zacks.com reports. The brokerage currently has $15.00 price objective on the semiconductor company’s stock.

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. “

DSPG has been the topic of several other reports. Needham & Company LLC set a $18.00 price objective on DSP Group and gave the stock a buy rating in a report on Wednesday, July 31st. BidaskClub downgraded DSP Group from a buy rating to a hold rating in a research report on Wednesday, September 25th. Finally, ValuEngine downgraded DSP Group from a buy rating to a hold rating in a research report on Wednesday, September 25th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $17.50.

Shares of DSPG opened at $14.07 on Wednesday. The stock has a market capitalization of $314.83 million, a price-to-earnings ratio of 50.87, a price-to-earnings-growth ratio of 12.49 and a beta of 0.78. DSP Group has a 1 year low of $10.15 and a 1 year high of $16.30. The business’s 50 day simple moving average is $14.06 and its 200-day simple moving average is $14.34. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.19 and a quick ratio of 2.79.

DSP Group (NASDAQ:DSPG) last issued its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.05. The business had revenue of $29.03 million for the quarter, compared to analysts’ expectations of $29.00 million. DSP Group had a positive return on equity of 4.53% and a negative net margin of 1.30%. On average, sell-side analysts expect that DSP Group will post 0.07 earnings per share for the current year.

In other news, CFO Dror Levy sold 17,829 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $15.56, for a total transaction of $277,419.24. Following the transaction, the chief financial officer now owns 201,000 shares of the company’s stock, valued at approximately $3,127,560. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 6.70% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DSPG. Quantamental Technologies LLC increased its position in shares of DSP Group by 111.1% during the 2nd quarter. Quantamental Technologies LLC now owns 2,516 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 1,324 shares during the last quarter. Bank of Montreal Can increased its position in shares of DSP Group by 473.6% during the 2nd quarter. Bank of Montreal Can now owns 4,107 shares of the semiconductor company’s stock valued at $59,000 after purchasing an additional 3,391 shares during the last quarter. Laurion Capital Management LP bought a new position in shares of DSP Group during the 2nd quarter valued at approximately $144,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in DSP Group in the 2nd quarter valued at $172,000. Finally, Cubist Systematic Strategies LLC bought a new position in DSP Group in the 2nd quarter valued at $194,000. 78.45% of the stock is currently owned by hedge funds and other institutional investors.

About DSP Group

DSP Group, Inc, a fabless semiconductor company, provides wireless and audio chipset solutions for converged communications. It operates through three segments: Home, Office, and SmartVoice. The company provides a portfolio of wireless chipsets that integrate DECT/CAT-iq, ULE, Wi-Fi, PSTN, HDClear, video, and VoIP technologies.

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