Zacks Investment Research upgraded shares of Sigma Designs Inc. (NASDAQ:SIGM) from a hold rating to a buy rating in a research note published on Wednesday. Zacks Investment Research currently has $8.50 price objective on the stock.
According to Zacks, “Sigma Designs, Inc designs, manufactures (using subcontractors) and markets multimedia products for use with personal computers. Through their REALmagic product line incorporating Moving Picture Experts Group (MPEG) technology, they has become a leader in this emerging market. “
A number of other research firms have also recently weighed in on SIGM. Needham & Company LLC restated a buy rating and issued a $13.00 price target on shares of Sigma Designs in a research note on Wednesday, September 7th. Robert W. Baird reissued an outperform rating and set a $9.00 target price (down from $10.00) on shares of Sigma Designs in a report on Wednesday, September 7th. Finally, BWS Financial lowered Sigma Designs from a hold rating to a sell rating and set a $6.00 target price on the stock. in a report on Thursday, September 8th. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $9.61.
Shares of Sigma Designs (NASDAQ:SIGM) traded down 2.61% during midday trading on Wednesday, hitting $7.45. 113,979 shares of the stock traded hands. The firm’s 50 day moving average price is $7.84 and its 200 day moving average price is $6.99. The company’s market capitalization is $279.05 million. Sigma Designs has a 12-month low of $5.41 and a 12-month high of $10.19.
Sigma Designs (NASDAQ:SIGM) last announced its quarterly earnings data on Tuesday, September 6th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.06. Sigma Designs had a negative return on equity of 1.31% and a negative net margin of 4.20%. The company had revenue of $61.30 million for the quarter. During the same quarter in the prior year, the company earned $0.12 EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. Analysts expect that Sigma Designs will post $0.04 EPS for the current year.
A number of large investors have recently modified their holdings of the company. JPMorgan Chase & Co. acquired a new stake in shares of Sigma Designs during the first quarter worth $5,530,000. Royce & Associates LP increased its stake in shares of Sigma Designs by 35.4% in the first quarter. Royce & Associates LP now owns 1,809,982 shares of the company’s stock worth $12,308,000 after buying an additional 473,285 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Sigma Designs by 3.4% in the first quarter. Renaissance Technologies LLC now owns 1,965,400 shares of the company’s stock worth $13,365,000 after buying an additional 64,100 shares during the last quarter. Harvest Capital Strategies LLC acquired a new stake in shares of Sigma Designs during the first quarter worth $408,000. Finally, Boothbay Fund Management LLC increased its stake in shares of Sigma Designs by 146.9% in the first quarter. Boothbay Fund Management LLC now owns 68,103 shares of the company’s stock worth $463,000 after buying an additional 40,525 shares during the last quarter. Institutional investors and hedge funds own 66.15% of the company’s stock.
About Sigma Designs
Sigma Designs, Inc is a provider of global integrated semiconductor solutions. The Company offers media platforms for use in the home entertainment and home control markets. The Company sells its products into markets, including smart television, media connectivity, set-top box and Internet of Things (IoT) devices.
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