Sigma Designs, Inc. (SIGM) Cut to Sell at Zacks Investment Research
Sigma Designs, Inc. (NASDAQ:SIGM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.
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 a number of other reports. Needham & Company LLC reissued a “hold” rating on shares of Sigma Designs in a research report on Friday, September 8th. Robert W. Baird reissued an “outperform” rating and set a $8.00 price target on shares of Sigma Designs in a research report on Wednesday, June 7th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $7.70.
Shares of Sigma Designs (SIGM) traded up 1.72% during mid-day trading on Friday, reaching $5.90. 1,013,286 shares of the company’s stock traded hands. The company’s 50 day moving average is $6.21 and its 200-day moving average is $6.08. Sigma Designs has a 52 week low of $5.20 and a 52 week high of $8.53. The firm’s market cap is $227.24 million.
Sigma Designs (NASDAQ:SIGM) last announced its quarterly earnings results on Thursday, September 7th. The semiconductor company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.04). The firm had revenue of $39.50 million for the quarter, compared to the consensus estimate of $39.63 million. Sigma Designs had a negative return on equity of 18.73% and a negative net margin of 19.53%. The company’s revenue for the quarter was down 35.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.07 earnings per share. Equities analysts expect that Sigma Designs will post ($0.81) earnings per share for the current fiscal year.
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In related news, major shareholder Soros Fund Management Llc acquired 4,424 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The shares were acquired at an average cost of $5.85 per share, for a total transaction of $25,880.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders have purchased 702,203 shares of company stock worth $4,074,112. 4.50% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the stock. Renaissance Technologies LLC raised its holdings in shares of Sigma Designs by 6.8% during the first quarter. Renaissance Technologies LLC now owns 1,893,200 shares of the semiconductor company’s stock worth $11,833,000 after acquiring an additional 120,100 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Sigma Designs by 2.7% during the first quarter. Bank of New York Mellon Corp now owns 148,481 shares of the semiconductor company’s stock worth $928,000 after acquiring an additional 3,970 shares during the period. Soros Fund Management LLC raised its holdings in shares of Sigma Designs by 136.2% during the first quarter. Soros Fund Management LLC now owns 3,700,000 shares of the semiconductor company’s stock worth $23,125,000 after acquiring an additional 2,133,334 shares during the period. AXA acquired a new stake in shares of Sigma Designs during the first quarter worth $149,000. Finally, GMT Capital Corp acquired a new stake in shares of Sigma Designs during the first quarter worth $381,000. Institutional investors and hedge funds own 61.45% 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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