SMART Global (NASDAQ:SGH) Reaches New 12-Month High on Analyst Upgrade

SMART Global Holdings, Inc. (NASDAQ:SGH)’s stock price hit a new 52-week high during mid-day trading on Thursday after Barclays raised their price target on the stock from $24.00 to $27.00. Barclays currently has an overweight rating on the stock. SMART Global traded as high as $29.58 and last traded at $28.39, with a volume of 235910 shares traded. The stock had previously closed at $29.32.

Other equities analysts have also issued research reports about the company. Needham & Company LLC boosted their price objective on SMART Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday. Rosenblatt Securities reissued a “buy” rating and set a $35.00 price objective on shares of SMART Global in a research note on Wednesday, July 3rd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $27.50 price target on shares of SMART Global in a research note on Wednesday, July 3rd. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $29.88.

Insiders Place Their Bets

In related news, insider Joseph Gates Clark sold 2,529 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $17.94, for a total transaction of $45,370.26. Following the completion of the transaction, the insider now directly owns 92,386 shares in the company, valued at approximately $1,657,404.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On SMART Global

A number of hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its holdings in SMART Global by 42.9% during the 1st quarter. GAMMA Investing LLC now owns 1,563 shares of the company’s stock worth $41,000 after acquiring an additional 469 shares in the last quarter. TFO Wealth Partners LLC increased its holdings in SMART Global by 32,469.2% in the fourth quarter. TFO Wealth Partners LLC now owns 4,234 shares of the company’s stock valued at $80,000 after buying an additional 4,221 shares during the last quarter. Mutual of America Capital Management LLC acquired a new stake in SMART Global in the first quarter valued at $235,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in SMART Global by 48.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,963 shares of the company’s stock worth $245,000 after buying an additional 4,253 shares during the last quarter. Finally, ProShare Advisors LLC acquired a new position in shares of SMART Global during the 1st quarter worth about $274,000.

SMART Global Trading Down 3.2 %

The company has a 50-day moving average price of $21.42 and a 200-day moving average price of $21.42. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of -7.97 and a beta of 1.69. The company has a debt-to-equity ratio of 1.80, a quick ratio of 2.66 and a current ratio of 3.30.

SMART Global (NASDAQ:SGH) last released its quarterly earnings data on Tuesday, July 9th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.07. The business had revenue of $300.58 million during the quarter, compared to analysts’ expectations of $300.00 million. SMART Global had a positive return on equity of 11.82% and a negative net margin of 15.79%. The business’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 EPS. As a group, research analysts forecast that SMART Global Holdings, Inc. will post 0.59 EPS for the current fiscal year.

SMART Global Company Profile

SMART Global Holdings, Inc, a memory-focused company, engages in the designing and development of enterprise solutions in the United States, China, Europe, and internationally. It operates through Memory Solutions, Intelligent Platform Solutions, and LED Solutions segments. The company offers dynamic random access memory modules, solid-state and flash storage, and other advanced memory solutions for networking and telecom, data analytics, artificial intelligence and machine learning applications; and supply chain services including procurement, logistics, inventory management, temporary warehousing, programming, kitting, and packaging services.