Zacks Investment Research downgraded shares of Sigma Designs, Inc. (NASDAQ:SIGM) from a hold rating to a sell rating in a research report sent to investors on Friday morning.
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. “
Several other equities analysts have also commented on the company. Needham & Company LLC reaffirmed a hold rating on shares of Sigma Designs in a research note on Friday, September 8th. Robert W. Baird reaffirmed an outperform rating and issued a $8.00 price target on shares of Sigma Designs in a research note on Wednesday, June 7th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $7.70.
Shares of Sigma Designs (NASDAQ SIGM) opened at 6.35 on Friday. The firm 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 $244.57 million. Sigma Designs has a 1-year low of $5.20 and a 1-year high of $8.36.
Sigma Designs (NASDAQ:SIGM) last announced its quarterly earnings results on Thursday, September 7th. The semiconductor company reported ($0.23) 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 business had revenue of $39.50 million during the quarter, compared to analyst estimates of $39.63 million. During the same period last year, the company earned $0.07 EPS. The business’s revenue for the quarter was down 35.6% on a year-over-year basis. Equities analysts forecast that Sigma Designs will post ($0.81) EPS for the current year.
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In other news, major shareholder Soros Fund Management Llc bought 65,625 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were purchased at an average price of $5.86 per share, with a total value of $384,562.50. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders have purchased 702,203 shares of company stock worth $4,074,112. 4.50% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Intellectus Partners LLC lifted its stake in Sigma Designs by 16.3% during the 2nd quarter. Intellectus Partners LLC now owns 99,825 shares of the semiconductor company’s stock worth $584,000 after acquiring an additional 14,000 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Sigma Designs by 18.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,550 shares of the semiconductor company’s stock worth $208,000 after acquiring an additional 5,611 shares in the last quarter. State Street Corp lifted its stake in Sigma Designs by 10.4% during the 2nd quarter. State Street Corp now owns 607,081 shares of the semiconductor company’s stock worth $3,553,000 after acquiring an additional 57,300 shares in the last quarter. Voya Investment Management LLC lifted its stake in Sigma Designs by 26.2% during the 2nd quarter. Voya Investment Management LLC now owns 19,735 shares of the semiconductor company’s stock worth $115,000 after acquiring an additional 4,097 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Sigma Designs by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,215,759 shares of the semiconductor company’s stock worth $18,812,000 after acquiring an additional 38,299 shares in the last quarter. 60.98% of the stock is currently owned by hedge funds and other institutional investors.
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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