Shares of Smart Global Holdings Inc (NASDAQ:SGH) reached a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $50.07 and last traded at $50.10, with a volume of 1621454 shares trading hands. The stock had previously closed at $44.07.
The company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.40. The company had revenue of $314.00 million for the quarter, compared to the consensus estimate of $290.06 million. The company’s revenue for the quarter was up 82.6% on a year-over-year basis.
SGH has been the subject of a number of research analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $46.00 price objective on shares of Smart Global in a report on Thursday, January 18th. Deutsche Bank lifted their price objective on shares of Smart Global from $45.00 to $48.00 and gave the company a “buy” rating in a report on Monday, March 19th. Roth Capital lifted their price objective on shares of Smart Global to $50.00 and gave the company a “buy” rating in a report on Friday, December 22nd. Stifel Nicolaus lifted their price objective on shares of Smart Global from $40.00 to $47.00 and gave the company a “buy” rating in a report on Saturday, December 30th. Finally, Barclays lifted their price objective on shares of Smart Global from $40.00 to $55.00 and gave the company an “overweight” rating in a report on Friday. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $47.69.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Compagnie Lombard Odier SCmA purchased a new position in Smart Global during the 4th quarter valued at about $101,000. SG Americas Securities LLC purchased a new position in Smart Global during the 3rd quarter valued at about $103,000. Tower Research Capital LLC TRC increased its position in Smart Global by 2,373.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,798 shares of the company’s stock valued at $162,000 after purchasing an additional 4,604 shares during the period. Legal & General Group Plc purchased a new position in Smart Global during the 3rd quarter valued at about $133,000. Finally, Acadian Asset Management LLC purchased a new position in Smart Global during the 4th quarter valued at about $193,000. 87.00% of the stock is currently owned by institutional investors and hedge funds.
The company has a debt-to-equity ratio of 1.50, a current ratio of 1.43 and a quick ratio of 0.97.
About Smart Global
Smart Global Holdings Inc is a holding company. The Company through its subsidiaries provides specialty memory solutions. The Company manufactures memory for desktops, notebooks, servers and mobile memory for smartphones. The Company also serves original equipment manufacturer (OEM), customers to develop memory solutions.
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