Sigma Designs Inc. (SIGM) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Sigma Designs Inc. (NASDAQ:SIGM) from a hold rating to a buy rating in a research report report published on Wednesday. They currently have $8.50 price target 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 equities research analysts have also recently issued reports on SIGM. Needham & Company LLC reaffirmed a buy rating and issued a $13.00 target price on shares of Sigma Designs in a report on Wednesday, June 29th. Robert W. Baird reaffirmed an outperform rating and issued a $9.00 target price (down from $10.00) on shares of Sigma Designs in a report on Wednesday, September 7th. Finally, BWS Financial cut shares of 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 research analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the stock. Sigma Designs currently has an average rating of Buy and an average price target of $9.61.
Sigma Designs (NASDAQ:SIGM) opened at 7.35 on Wednesday. The company’s market cap is $275.30 million. Sigma Designs has a 1-year low of $5.41 and a 1-year high of $10.19. The stock has a 50 day moving average of $7.85 and a 200-day moving average of $7.01.
Sigma Designs (NASDAQ:SIGM) last issued its earnings results on Tuesday, September 6th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.06. The company had revenue of $61.30 million for the quarter. Sigma Designs had a negative net margin of 4.20% and a negative return on equity of 1.31%. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 earnings per share. On average, equities research analysts predict that Sigma Designs will post $0.04 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in SIGM. KCG Holdings Inc. bought a new position in shares of Sigma Designs during the second quarter worth approximately $114,000. Genesee Valley Trust Co. raised its position in shares of Sigma Designs by 7.5% in the second quarter. Genesee Valley Trust Co. now owns 20,815 shares of the company’s stock worth $134,000 after buying an additional 1,455 shares during the period. PEAK6 Investments L.P. raised its position in shares of Sigma Designs by 126.1% in the second quarter. PEAK6 Investments L.P. now owns 22,943 shares of the company’s stock worth $148,000 after buying an additional 12,794 shares during the period. Adams Diversified Equity Fund Inc. bought a new position in shares of Sigma Designs during the second quarter worth approximately $241,000. Finally, Bank of Montreal Can bought a new position in shares of Sigma Designs during the second quarter worth approximately $324,000. Institutional investors and hedge funds own 65.96% 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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