SMART Global Holdings, Inc. (NASDAQ:SGH – Get Rating) shares gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $15.12, but opened at $16.37. SMART Global shares last traded at $16.15, with a volume of 7,330 shares changing hands.
The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.20. The firm had revenue of $465.48 million during the quarter, compared to analyst estimates of $445.86 million. SMART Global had a return on equity of 42.03% and a net margin of 3.66%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the company posted $2.16 EPS.
Analyst Ratings Changes
A number of equities analysts have recently weighed in on SGH shares. Needham & Company LLC upped their price target on shares of SMART Global from $23.00 to $25.00 in a research note on Wednesday. TheStreet downgraded shares of SMART Global from a “b-” rating to a “c+” rating in a research report on Monday, September 26th. Rosenblatt Securities cut their price target on shares of SMART Global from $45.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, October 5th. Barclays upped their price objective on shares of SMART Global from $15.00 to $20.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on SMART Global from $24.00 to $20.00 in a research report on Wednesday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $27.00.
Insider Activity
In other news, SVP Thierry Pellegrino sold 8,426 shares of the company’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $17.23, for a total transaction of $145,179.98. Following the completion of the transaction, the senior vice president now owns 85,729 shares of the company’s stock, valued at $1,477,110.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.70% of the stock is owned by company insiders.
Institutional Investors Weigh In On SMART Global
Institutional investors and hedge funds have recently bought and sold shares of the business. State of Alaska Department of Revenue lifted its stake in SMART Global by 9.5% during the second quarter. State of Alaska Department of Revenue now owns 35,741 shares of the company’s stock worth $585,000 after purchasing an additional 3,110 shares during the period. AlphaCrest Capital Management LLC increased its position in shares of SMART Global by 49.7% during the 2nd quarter. AlphaCrest Capital Management LLC now owns 103,320 shares of the company’s stock worth $1,691,000 after purchasing an additional 34,291 shares in the last quarter. Everence Capital Management Inc. bought a new position in SMART Global during the 3rd quarter valued at about $188,000. Alpha Paradigm Partners LLC acquired a new position in SMART Global in the second quarter valued at about $1,370,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in SMART Global during the second quarter worth about $31,000.
SMART Global Trading Up 4.4 %
The company’s fifty day moving average price is $15.82 and its two-hundred day moving average price is $16.94. The company has a quick ratio of 1.61, a current ratio of 2.23 and a debt-to-equity ratio of 1.56. The company has a market cap of $777.01 million, a price-to-earnings ratio of 12.14 and a beta of 1.32.
SMART Global Company Profile
SMART Global Holdings, Inc designs and manufactures specialty solutions for the computing, memory, and LED markets in the United States, Brazil, China, Europe, and internationally. It operates through three segments: Memory Solutions, Intelligent Platform Solutions, and LED Solutions. The company offers dynamic random access memory modules for desktops, notebooks, servers, and smartphones; embedded and removable flash memory products; and flash component products.