Smart Global (SGH) Shares Gap Up After Analyst Upgrade

Smart Global Holdings Inc (NASDAQ:SGH) gapped up prior to trading on Monday after Needham & Company LLC raised their price target on the stock from $46.00 to $75.00. The stock had previously closed at $48.49, but opened at $48.92. Needham & Company LLC currently has a buy rating on the stock. Smart Global shares last traded at $53.30, with a volume of 1662211 shares trading hands.

SGH has been the topic of several other reports. Zacks Investment Research lowered shares of Smart Global from a “buy” rating to a “hold” rating in a research note on Wednesday, February 21st. Roth Capital lifted their price target on shares of Smart Global to $50.00 and gave the company a “buy” rating in a research note on Friday, December 22nd. Stifel Nicolaus reiterated a “buy” rating and issued a $47.00 price target (up from $40.00) on shares of Smart Global in a research note on Friday, December 22nd. Deutsche Bank lifted their price target on shares of Smart Global from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, March 19th. Finally, BidaskClub raised shares of Smart Global from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, March 13th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $47.69.

In other news, SVP Kiwan Kim sold 52,835 shares of Smart Global stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $35.62, for a total value of $1,881,982.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jack A. Pacheco sold 7,500 shares of Smart Global 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 disclosure for this sale can be found here. In the last three months, insiders sold 122,833 shares of company stock valued at $4,540,321. Insiders own 6.90% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. Compagnie Lombard Odier SCmA bought a new stake in shares of Smart Global during the 4th quarter worth about $101,000. Gotham Asset Management LLC bought a new stake in shares of Smart Global during the 4th quarter worth about $1,145,000. Park West Asset Management LLC boosted its holdings in shares of Smart Global by 505.0% during the 4th quarter. Park West Asset Management LLC now owns 1,398,009 shares of the company’s stock worth $47,113,000 after buying an additional 1,166,934 shares during the period. Castleark Management LLC bought a new stake in shares of Smart Global during the 4th quarter worth about $5,347,000. Finally, Macquarie Group Ltd. boosted its holdings in shares of Smart Global by 274.2% during the 4th quarter. Macquarie Group Ltd. now owns 23,200 shares of the company’s stock worth $782,000 after buying an additional 17,000 shares during the period. 87.05% of the stock is owned by institutional investors and hedge funds.

The company has a market cap of $1,081.43 and a price-to-earnings ratio of 21.26. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.62 and a quick ratio of 1.08.

Smart Global (NASDAQ:SGH) last announced its earnings results on Thursday, March 22nd. The company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.33 by $0.40. The business had revenue of $314.00 million during the quarter, compared to the consensus estimate of $290.06 million. Smart Global had a net margin of 5.50% and a return on equity of 100.66%. The business’s revenue was up 82.6% compared to the same quarter last year. research analysts predict that Smart Global Holdings Inc will post 4.76 EPS for the current year.

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Smart Global Company Profile

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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