Smart Global Holdings Inc (NASDAQ:SGH) was the target of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 2,180,300 shares, a decrease of 5.5% from the June 30th total of 2,308,300 shares. Based on an average daily volume of 380,600 shares, the days-to-cover ratio is presently 5.7 days. Currently, 17.2% of the company’s shares are sold short.
Shares of Smart Global stock opened at $28.34 on Friday. The business has a 50-day moving average of $28.71 and a 200 day moving average of $24.14. Smart Global has a 12 month low of $16.94 and a 12 month high of $35.10. The stock has a market capitalization of $629.42 million, a price-to-earnings ratio of 4.72, a price-to-earnings-growth ratio of 0.62 and a beta of 1.24. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.24 and a quick ratio of 1.66.
Smart Global (NASDAQ:SGH) last announced its earnings results on Thursday, June 27th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.03). Smart Global had a net margin of 5.77% and a return on equity of 40.99%. The firm had revenue of $235.70 million for the quarter, compared to analysts’ expectations of $264.98 million. During the same quarter last year, the business earned $1.84 earnings per share. The business’s revenue was down 29.7% compared to the same quarter last year. Equities research analysts anticipate that Smart Global will post 2.92 earnings per share for the current year.
In other news, SVP Kiwan Kim sold 7,084 shares of the stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $31.77, for a total transaction of $225,058.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Bruce M. Goldberg sold 2,200 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $27.71, for a total value of $60,962.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,932 shares of company stock valued at $401,785. Company insiders own 4.20% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Meadow Creek Investment Management LLC raised its position in Smart Global by 45.6% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 2,400 shares of the company’s stock valued at $55,000 after purchasing an additional 752 shares in the last quarter. BNP Paribas Arbitrage SA acquired a new stake in Smart Global in the 1st quarter valued at about $47,000. Neuburgh Advisers LLC raised its position in Smart Global by 45.6% in the 2nd quarter. Neuburgh Advisers LLC now owns 3,300 shares of the company’s stock valued at $76,000 after purchasing an additional 1,034 shares in the last quarter. Aperio Group LLC acquired a new stake in Smart Global in the 2nd quarter valued at about $93,000. Finally, Tyers Asset Management LLC raised its position in Smart Global by 45.6% in the 2nd quarter. Tyers Asset Management LLC now owns 4,200 shares of the company’s stock valued at $97,000 after purchasing an additional 1,316 shares in the last quarter. 95.83% of the stock is currently owned by institutional investors.
A number of equities analysts have recently weighed in on the company. Barclays increased their price target on Smart Global from $24.00 to $30.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. Deutsche Bank raised their target price on Smart Global from $30.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Needham & Company LLC raised their target price on Smart Global to $40.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. ValuEngine upgraded Smart Global from a “sell” rating to a “hold” rating in a report on Thursday, July 11th. Finally, Roth Capital raised their target price on Smart Global from $30.00 to $40.00 and gave the company a “buy” rating in a report on Friday, July 19th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $38.33.
About Smart Global
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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