Sigma Designs Inc. (SIGM) Rating Increased to Buy at Zacks Investment Research
Sigma Designs Inc. (NASDAQ:SIGM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $8.50 price target on the stock. Zacks Investment Research’s target price would indicate a potential upside of 11.11% from the stock’s current price.
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 also recently issued reports on SIGM. Needham & Company LLC restated a “buy” rating and set a $13.00 target price on shares of Sigma Designs in a research report on Wednesday, September 7th. Robert W. Baird reaffirmed an “outperform” rating and issued a $9.00 price objective (down previously 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 price objective for the company. in a report on Thursday, September 8th. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Sigma Designs presently has a consensus rating of “Buy” and an average price target of $9.61.
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Sigma Designs (NASDAQ:SIGM) opened at 7.65 on Wednesday. The company has a 50 day moving average of $7.81 and a 200-day moving average of $6.98. The company’s market cap is $286.54 million. Sigma Designs has a one year low of $5.41 and a one year high of $10.19.
Sigma Designs (NASDAQ:SIGM) last posted its earnings results on Tuesday, September 6th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.06. The company earned $61.30 million during the quarter. Sigma Designs had a negative net margin of 4.20% and a negative return on equity of 1.31%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.12 earnings per share. On average, equities analysts expect that Sigma Designs will post $0.04 earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. KCG Holdings Inc. bought a new stake in Sigma Designs during the second quarter worth approximately $114,000. Genesee Valley Trust Co. boosted its stake in 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 in the last quarter. PEAK6 Investments L.P. boosted its stake in 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 in the last quarter. Adams Diversified Equity Fund Inc. bought a new stake in Sigma Designs during the second quarter worth approximately $241,000. Finally, Bank of Montreal Can bought a new stake in Sigma Designs during the second quarter worth approximately $324,000. 66.15% of the stock is owned by institutional investors and hedge funds.
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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