Zacks Investment Research lowered shares of Sigma Designs, Inc. (NASDAQ:SIGM) from a hold rating to a sell rating in a research note 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. “

A number of other equities analysts have also issued reports on the company. Robert W. Baird reissued an outperform rating and issued a $8.00 price objective on shares of Sigma Designs in a report on Wednesday, June 7th. Needham & Company LLC restated a hold rating on shares of Sigma Designs in a research report on Friday, September 8th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $7.70.

Sigma Designs (NASDAQ SIGM) opened at 5.90 on Friday. The stock has a 50 day moving average price of $6.21 and a 200-day moving average price of $6.08. The stock’s market cap is $227.24 million. Sigma Designs has a 12-month low of $5.20 and a 12-month high of $8.53.

Sigma Designs (NASDAQ:SIGM) last announced its quarterly earnings data on Thursday, September 7th. The semiconductor company reported ($0.23) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.19) by ($0.04). Sigma Designs had a negative net margin of 19.53% and a negative return on equity of 18.73%. The firm had revenue of $39.50 million for the quarter, compared to analyst estimates of $39.63 million. During the same quarter in the previous year, the company earned $0.07 EPS. The company’s quarterly revenue was down 35.6% compared to the same quarter last year. On average, equities analysts expect that Sigma Designs will post ($0.81) earnings per share for the current year.

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In related news, major shareholder Soros Fund Management Llc bought 82,083 shares of Sigma Designs stock in a transaction that occurred on Thursday, June 29th. The stock was acquired at an average price of $5.85 per share, for a total transaction of $480,185.55. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders bought 702,203 shares of company stock worth $4,074,112. 4.50% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC increased its holdings in shares of Sigma Designs by 6.8% in the first quarter. Renaissance Technologies LLC now owns 1,893,200 shares of the semiconductor company’s stock valued at $11,833,000 after purchasing an additional 120,100 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Sigma Designs by 2.7% during the 1st 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 grew its holdings in Sigma Designs by 136.2% during the 1st 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 Sigma Designs during the 1st quarter worth $149,000. Finally, GMT Capital Corp acquired a new stake in Sigma Designs during the 1st quarter worth $381,000. Hedge funds and other institutional investors own 60.98% 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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