Smart Global (SGH) Sees Large Volume Increase After Analyst Upgrade

Smart Global Holdings Inc (NASDAQ:SGH) shares saw unusually-strong trading volume on Monday after Stifel Nicolaus raised their price target on the stock from $61.00 to $62.00. Stifel Nicolaus currently has a buy rating on the stock. Approximately 72,458 shares changed hands during mid-day trading, a decline of 90% from the previous session’s volume of 728,090 shares.The stock last traded at $30.15 and had previously closed at $34.15.

Several other analysts also recently commented on the stock. BidaskClub downgraded shares of Smart Global from a “buy” rating to a “hold” rating in a research report on Friday, September 7th. Needham & Company LLC reiterated a “buy” rating and issued a $75.00 price target on shares of Smart Global in a research report on Tuesday, June 12th. ValuEngine downgraded shares of Smart Global from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Zacks Investment Research downgraded shares of Smart Global from a “buy” rating to a “hold” rating in a research report on Thursday, August 23rd. Finally, Deutsche Bank upped their price objective on shares of Smart Global from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, June 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $53.14.

In other Smart Global news, VP Bruce M. Goldberg sold 3,600 shares of the company’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $32.04, for a total transaction of $115,344.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alan Marten sold 8,000 shares of the stock in a transaction dated Monday, July 16th. The shares were sold at an average price of $31.31, for a total transaction of $250,480.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,731 shares of company stock valued at $2,611,889. 6.90% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Brown Advisory Inc. acquired a new stake in Smart Global in the 1st quarter valued at about $277,000. American International Group Inc. grew its stake in Smart Global by 45.7% in the 1st quarter. American International Group Inc. now owns 6,091 shares of the company’s stock valued at $304,000 after acquiring an additional 1,910 shares during the last quarter. Navellier & Associates Inc acquired a new stake in Smart Global in the 1st quarter valued at about $362,000. The Manufacturers Life Insurance Company grew its stake in Smart Global by 43.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 7,475 shares of the company’s stock valued at $372,000 after acquiring an additional 2,265 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in Smart Global in the 3rd quarter valued at about $227,000. Institutional investors and hedge funds own 83.48% of the company’s stock.

The company has a market cap of $641.12 million, a P/E ratio of 15.04 and a beta of -0.39. The company has a current ratio of 1.61, a quick ratio of 1.13 and a debt-to-equity ratio of 0.82.

Smart Global (NASDAQ:SGH) last issued its quarterly earnings data on Thursday, October 4th. The company reported $1.72 EPS for the quarter, beating the Zacks’ consensus estimate of $1.66 by $0.06. The firm had revenue of $373.97 million for the quarter, compared to analysts’ expectations of $368.51 million. Smart Global had a net margin of 6.99% and a return on equity of 94.82%. The firm’s revenue was up 67.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.79 EPS. As a group, research analysts anticipate that Smart Global Holdings Inc will post 5.89 EPS for the current year.

About Smart Global (NASDAQ:SGH)

SMART Global Holdings, Inc designs, manufactures, and supplies specialty memory solutions worldwide. The company offers dynamic random access memory (DRAM) components, which are used to manufacture modules and other products; DRAM modules for desktop, notebook, and server applications, as well as for use in smartphones; and specialty DRAM modules for industrial, communications, and networking applications, as well as develops specialized memory module designs based on original equipment manufacturer (OEM) requirements.

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