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

SMART Global Holdings, Inc. (NASDAQ:SGH) reached a new 52-week high during 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. The stock had previously closed at $29.32.

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

Insider Activity at SMART Global

In related news, insider Joseph Gates Clark sold 5,000 shares of the firm’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $29.00, for a total value of $145,000.00. Following the completion of the transaction, the insider now directly owns 87,386 shares of the company’s stock, valued at $2,534,194. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in SMART Global by 3.0% during the first quarter. Vanguard Group Inc. now owns 7,038,205 shares of the company’s stock worth $185,246,000 after buying an additional 203,197 shares during the period. Dimensional Fund Advisors LP boosted its stake in SMART Global by 2.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,483,518 shares of the company’s stock worth $28,084,000 after buying an additional 37,256 shares during the period. LSV Asset Management boosted its stake in SMART Global by 26.3% during the first quarter. LSV Asset Management now owns 874,300 shares of the company’s stock worth $23,012,000 after buying an additional 182,200 shares during the period. UBS Group AG boosted its stake in SMART Global by 7,076.7% during the fourth quarter. UBS Group AG now owns 862,786 shares of the company’s stock worth $16,333,000 after buying an additional 850,764 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in SMART Global by 4.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 655,702 shares of the company’s stock worth $12,412,000 after buying an additional 30,344 shares during the period.

SMART Global Price Performance

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 firm’s 50 day simple moving average is $21.82 and its 200 day simple moving average is $21.54. The company has a market capitalization of $1.53 billion, a PE ratio of -9.38 and a beta of 1.69.

SMART Global (NASDAQ:SGH) last released 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. SMART Global had a positive return on equity of 8.86% and a negative net margin of 14.35%. The business had revenue of $300.58 million during the quarter, compared to the consensus estimate of $300.00 million. During the same period last year, the company earned $0.46 earnings per share. The business’s revenue for the quarter was down 12.7% compared to the same quarter last year. As a group, research analysts anticipate that SMART Global Holdings, Inc. will post 0.59 EPS for the current fiscal year.

About SMART Global

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.