Smart Global (SGH) Sets New 1-Year High on Strong Earnings

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.

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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.

In other Smart Global news, VP Jack A. Pacheco sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, March 21st. The shares were sold at an average price of $46.53, for a total transaction of $348,975.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Bruce M. Goldberg sold 2,500 shares of the firm’s stock in a transaction dated Monday, March 19th. The shares were sold at an average price of $43.20, for a total transaction of $108,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 122,833 shares of company stock worth $4,540,321 in the last three months. Insiders own 6.90% of the company’s stock.

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.

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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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