Rosenblatt Securities Reaffirms Buy Rating for SMART Global (NASDAQ:SGH)

Rosenblatt Securities restated their buy rating on shares of SMART Global (NASDAQ:SGH) in a report released on Thursday morning, Benzinga reports. The brokerage currently has a $35.00 price objective on the stock.

Other analysts have also recently issued research reports about the company. Needham & Company LLC restated a buy rating and set a $27.00 target price on shares of SMART Global in a report on Tuesday, May 7th. Stifel Nicolaus raised their price target on SMART Global from $26.00 to $27.50 and gave the company a buy rating in a report on Wednesday, April 10th.

SMART Global Stock Performance

SGH stock opened at $22.87 on Thursday. 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 50-day simple moving average of $20.48 and a 200 day simple moving average of $21.13. SMART Global has a fifty-two week low of $12.66 and a fifty-two week high of $29.99. The company has a market capitalization of $1.20 billion, a P/E ratio of -6.21 and a beta of 1.76.

SMART Global (NASDAQ:SGH) last issued its quarterly earnings results on Tuesday, April 9th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.03). The business had revenue of $284.82 million during the quarter, compared to the consensus estimate of $285.18 million. SMART Global had a positive return on equity of 11.82% and a negative net margin of 15.79%. Sell-side analysts predict that SMART Global will post 0.59 earnings per share for the current fiscal year.

Insider Activity at SMART Global

In related news, CEO Mark Adams bought 10,000 shares of the company’s stock in a transaction dated Thursday, April 11th. The shares were bought at an average price of $18.79 per share, for a total transaction of $187,900.00. Following the completion of the acquisition, the chief executive officer now directly owns 29,640 shares of the company’s stock, valued at $556,935.60. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Joseph Gates Clark sold 2,529 shares of SMART Global stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $17.94, for a total value of $45,370.26. Following the completion of the transaction, the insider now directly owns 92,386 shares in the company, valued at $1,657,404.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Mark Adams purchased 10,000 shares of SMART Global stock in a transaction dated Thursday, April 11th. The stock was bought at an average price of $18.79 per share, with a total value of $187,900.00. Following the completion of the transaction, the chief executive officer now owns 29,640 shares of the company’s stock, valued at approximately $556,935.60. The disclosure for this purchase can be found here. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SMART Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers lifted its stake in SMART Global by 0.5% during the third quarter. Rhumbline Advisers now owns 151,964 shares of the company’s stock worth $3,700,000 after purchasing an additional 787 shares during the last quarter. FMR LLC lifted its stake in shares of SMART Global by 66.3% in the 3rd quarter. FMR LLC now owns 2,209,647 shares of the company’s stock valued at $53,805,000 after acquiring an additional 880,971 shares during the last quarter. Invesco Ltd. lifted its stake in shares of SMART Global by 4.6% in the 3rd quarter. Invesco Ltd. now owns 414,990 shares of the company’s stock valued at $10,105,000 after acquiring an additional 18,068 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of SMART Global by 102.6% in the 3rd quarter. Federated Hermes Inc. now owns 52,250 shares of the company’s stock valued at $1,272,000 after acquiring an additional 26,455 shares during the last quarter. Finally, Nomura Holdings Inc. lifted its stake in shares of SMART Global by 24.4% in the 3rd quarter. Nomura Holdings Inc. now owns 166,347 shares of the company’s stock valued at $4,051,000 after acquiring an additional 32,653 shares during the last quarter.

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.