Needham & Company LLC Raises Smart Global (NASDAQ:SGH) Price Target to $40.00

Smart Global (NASDAQ:SGH) had its price objective increased by Needham & Company LLC to $40.00 in a research report report published on Wednesday morning, The Fly reports. The brokerage currently has a buy rating on the stock.

Other equities analysts also recently issued reports about the company. Barclays increased their target price on Smart Global from $24.00 to $30.00 and gave the stock an overweight rating in a research note on Wednesday. TheStreet downgraded UDR from a b rating to a c rating in a research note on Tuesday, April 30th. Zacks Investment Research raised HB Fuller from a sell rating to a hold rating in a research note on Wednesday, July 3rd. Roth Capital cut their target price on Smart Global from $40.00 to $30.00 and set a buy rating for the company in a research note on Friday, March 29th. Finally, Deutsche Bank raised their price objective on Welltower from $61.00 to $71.00 and gave the company a hold rating in a research note on Friday, March 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. Smart Global has a consensus rating of Buy and an average target price of $35.00.

Shares of SGH stock traded up $0.46 during trading hours on Wednesday, reaching $30.39. 1,134,298 shares of the company’s stock were exchanged, compared to its average volume of 582,925. The firm has a market cap of $690.81 million, a P/E ratio of 5.07, a P/E/G ratio of 0.56 and a beta of 1.20. The business’s 50 day simple moving average is $20.25. Smart Global has a 1 year low of $16.94 and a 1 year high of $35.10. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.66 and a current ratio of 2.24.

Smart Global (NASDAQ:SGH) last issued its earnings results on Thursday, June 27th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.03). The business had revenue of $235.70 million for the quarter, compared to analysts’ expectations of $264.98 million. Smart Global had a return on equity of 40.99% and a net margin of 5.77%. The business’s quarterly revenue was down 29.7% on a year-over-year basis. During the same period last year, the company posted $1.84 earnings per share. Sell-side analysts forecast that Smart Global will post 2.88 EPS for the current fiscal year.

In related news, VP Bruce M. Goldberg sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $22.13, for a total value of $44,260.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Iain Mackenzie sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $21.31, for a total value of $213,100.00. The disclosure for this sale can be found here. Insiders sold a total of 14,381 shares of company stock valued at $301,147 over the last ninety days. 4.20% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SGH. BNP Paribas Arbitrage SA acquired a new stake in Smart Global during the 1st quarter valued at $47,000. NumerixS Investment Technologies Inc grew its holdings in Smart Global by 42.9% during the 4th quarter. NumerixS Investment Technologies Inc now owns 2,000 shares of the company’s stock valued at $59,000 after buying an additional 600 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Smart Global by 116.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,232 shares of the company’s stock valued at $66,000 after buying an additional 1,202 shares during the last quarter. First Quadrant L P CA acquired a new stake in Smart Global during the 1st quarter valued at $83,000. Finally, Meeder Asset Management Inc. grew its holdings in Smart Global by 54.0% during the 1st quarter. Meeder Asset Management Inc. now owns 5,557 shares of the company’s stock valued at $108,000 after buying an additional 1,948 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Smart Global Company Profile

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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