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 research note issued on Wednesday. The firm currently has a $8.50 price target on the stock. Zacks Investment Research’s price target points to 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 brokerages have also issued reports on SIGM. Needham & Company LLC reiterated 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 reiterated an “outperform” rating and issued a $9.00 price target (down previously from $10.00) on shares of Sigma Designs in a research note on Wednesday, September 7th. Finally, BWS Financial lowered Sigma Designs from a “hold” rating to a “sell” rating and set a $6.00 price target for the company. in a research note on Thursday, September 8th. One 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 company. Sigma Designs has an average rating of “Buy” and a consensus target price of $9.61.
Sigma Designs (NASDAQ:SIGM) opened at 7.65 on Wednesday. Sigma Designs has a 12-month low of $5.41 and a 12-month high of $10.19. The stock’s market cap is $286.54 million. The stock has a 50 day moving average price of $7.81 and a 200 day moving average price of $6.98.
Sigma Designs (NASDAQ:SIGM) last posted its quarterly earnings data on Tuesday, September 6th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.01 by $0.06. The firm earned $61.30 million during the quarter. Sigma Designs had a negative return on equity of 1.31% and a negative net margin of 4.20%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the company earned $0.12 earnings per share. On average, analysts forecast that Sigma Designs will post $0.04 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SIGM. Top Ace Asset Management Ltd bought a new position in Sigma Designs during the second quarter valued at approximately $7,691,000. JPMorgan Chase & Co. acquired a new position in shares of Sigma Designs during the first quarter worth approximately $5,530,000. Royce & Associates LP increased its position 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. Emerald Acquisition Ltd. acquired a new position in shares of Sigma Designs during the second quarter worth approximately $927,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Sigma Designs by 3.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,934,474 shares of the company’s stock worth $18,868,000 after buying an additional 104,505 shares during the last quarter. 66.15% of the stock is owned by institutional investors and hedge funds.
Sigma Designs Company Profile
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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