SMART Global (NASDAQ:SGH) Hits New 12-Month High After Analyst Upgrade

SMART Global Holdings, Inc. (NASDAQ:SGH)’s share price hit a new 52-week high 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. The stock had previously closed at $29.32.

Several other analysts have also recently weighed in on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $35.00 price objective on shares of SMART Global in a research note on Wednesday, July 3rd. Stifel Nicolaus reaffirmed a “buy” rating and set a $27.50 price objective on shares of SMART Global in a research note on Wednesday, July 3rd. Finally, Needham & Company LLC upped their price objective on shares of SMART Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $29.88.

Insider Activity

In other news, insider Joseph Gates Clark sold 2,529 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $17.94, for a total transaction of $45,370.26. Following the sale, the insider now directly owns 92,386 shares of the company’s stock, valued at $1,657,404.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On SMART Global

Large investors have recently bought and sold shares of the business. UBS Group AG raised its holdings in SMART Global by 7,076.7% in the fourth quarter. UBS Group AG now owns 862,786 shares of the company’s stock worth $16,333,000 after purchasing an additional 850,764 shares during the period. Vanguard Group Inc. raised its holdings in SMART Global by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 6,835,008 shares of the company’s stock worth $129,387,000 after purchasing an additional 810,022 shares during the period. 1492 Capital Management LLC acquired a new stake in SMART Global in the fourth quarter worth $4,153,000. Russell Investments Group Ltd. raised its holdings in SMART Global by 331.9% in the first quarter. Russell Investments Group Ltd. now owns 259,711 shares of the company’s stock worth $6,836,000 after purchasing an additional 199,585 shares during the period. Finally, Boston Partners acquired a new stake in SMART Global in the first quarter worth $5,198,000.

SMART Global Trading Down 2.7 %

The company’s fifty day simple moving average is $21.62 and its two-hundred day simple moving average is $21.47. The company has a quick ratio of 2.66, a current ratio of 3.30 and a debt-to-equity ratio of 1.80. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -7.76 and a beta of 1.69.

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