Point72 Asset Management L.P. Acquires New Position in SMART Global Holdings, Inc. (NASDAQ:SGH)

Point72 Asset Management L.P. bought a new position in SMART Global Holdings, Inc. (NASDAQ:SGH) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 16,000 shares of the company’s stock, valued at approximately $366,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of SMART Global by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 7,038,205 shares of the company’s stock valued at $185,246,000 after purchasing an additional 203,197 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in SMART Global by 12.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,665,769 shares of the company’s stock valued at $38,096,000 after buying an additional 186,958 shares during the period. LSV Asset Management grew its stake in shares of SMART Global by 0.8% during the second quarter. LSV Asset Management now owns 881,200 shares of the company’s stock valued at $20,153,000 after buying an additional 6,900 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of SMART Global by 69.5% in the second quarter. American Century Companies Inc. now owns 802,527 shares of the company’s stock worth $18,354,000 after buying an additional 328,934 shares during the period. Finally, Kennedy Capital Management LLC lifted its stake in shares of SMART Global by 33.3% in the 1st quarter. Kennedy Capital Management LLC now owns 480,037 shares of the company’s stock valued at $12,635,000 after acquiring an additional 120,033 shares during the last quarter.

SMART Global Stock Performance

SMART Global stock opened at $20.60 on Friday. SMART Global Holdings, Inc. has a fifty-two week low of $12.66 and a fifty-two week high of $29.81. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of -6.69 and a beta of 1.67. The stock’s 50 day simple moving average is $20.10 and its two-hundred day simple moving average is $21.46. 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 posted its quarterly earnings data on Tuesday, July 9th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.07. The business had revenue of $300.58 million during the quarter, compared to the consensus estimate of $300.00 million. SMART Global had a positive return on equity of 8.86% and a negative net margin of 14.35%. The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 earnings per share. As a group, analysts expect that SMART Global Holdings, Inc. will post 0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Joseph Gates Clark sold 2,527 shares of SMART Global stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $23.67, for a total transaction of $59,814.09. Following the completion of the transaction, the insider now directly owns 82,518 shares in the company, valued at approximately $1,953,201.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other SMART Global news, insider Joseph Gates Clark sold 2,527 shares of SMART Global stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $23.67, for a total value of $59,814.09. Following the completion of the transaction, the insider now directly owns 82,518 shares of the company’s stock, valued at approximately $1,953,201.06. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jack A. Pacheco sold 13,333 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.14, for a total transaction of $281,859.62. Following the sale, the chief operating officer now directly owns 211,896 shares of the company’s stock, valued at $4,479,481.44. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,527 shares of company stock worth $1,062,413. 2.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SGH shares. Barclays boosted their price objective on SMART Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Needham & Company LLC boosted their price objective on shares of SMART Global from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Rosenblatt Securities reiterated a “buy” rating and set a $35.00 target price on shares of SMART Global in a report on Wednesday, July 3rd. Finally, Stifel Nicolaus increased their price objective on SMART Global from $27.50 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Four equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $32.25.

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.