Sigma Designs Inc. (NASDAQ:SIGM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $8.50 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 13.79% from the company’s previous close.
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. “
SIGM has been the topic of several other research reports. Needham & Company LLC reiterated a “buy” rating and set a $13.00 price target on shares of Sigma Designs in a report on Wednesday, September 7th. BWS Financial downgraded Sigma Designs from a “hold” rating to a “sell” rating and set a $6.00 price target on the stock. in a report on Thursday, September 8th. Finally, Robert W. Baird reiterated an “outperform” rating and set a $9.00 price target (down previously from $10.00) on shares of Sigma Designs in a report on Wednesday, September 7th. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $9.61.
Shares of Sigma Designs (NASDAQ:SIGM) opened at 7.47 on Wednesday. Sigma Designs has a 1-year low of $5.41 and a 1-year high of $10.19. The company’s market cap is $279.80 million. The firm’s 50-day moving average is $7.85 and its 200 day moving average is $6.99.
Sigma Designs (NASDAQ:SIGM) last announced its quarterly earnings results on Tuesday, September 6th. The company reported $0.07 EPS for the quarter, beating the consensus estimate 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 last year, the business earned $0.12 EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. Equities analysts expect that Sigma Designs will post $0.04 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the company. KCG Holdings Inc. purchased a new position in shares of Sigma Designs during the second quarter valued at approximately $114,000. Genesee Valley Trust Co. boosted 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 valued at $134,000 after buying an additional 1,455 shares during the period. PEAK6 Investments L.P. boosted 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 valued at $148,000 after buying an additional 12,794 shares during the period. Adams Diversified Equity Fund Inc. purchased a new position in shares of Sigma Designs during the second quarter valued at approximately $241,000. Finally, Bank of Montreal Can purchased a new position in shares of Sigma Designs during the second quarter valued at approximately $324,000. 66.15% of the stock is owned by hedge funds and other institutional investors.
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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