SMART Global (NASDAQ:SGH) Trading Down 3.7%

SMART Global Holdings, Inc. (NASDAQ:SGH) was down 3.7% during mid-day trading on Tuesday . The company traded as low as $27.75 and last traded at $28.27. Approximately 378,523 shares were traded during trading, a decline of 65% from the average daily volume of 1,082,797 shares. The stock had previously closed at $29.35.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Stifel Nicolaus restated a “buy” rating and issued a $27.50 target price on shares of SMART Global in a research note on Wednesday, July 3rd. Needham & Company LLC raised their target price on shares of SMART Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Rosenblatt Securities reiterated a “buy” rating and issued a $35.00 target price on shares of SMART Global in a research report on Wednesday, July 3rd. Finally, Barclays lifted their target price on shares of SMART Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Four equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $29.88.

SMART Global Stock Performance

The firm’s 50 day moving average is $22.04 and its two-hundred day moving average is $21.64. The stock has a market capitalization of $1.45 billion, a PE ratio of -8.96 and a beta of 1.69. The company has a debt-to-equity ratio of 1.80, a quick ratio of 2.66 and a current ratio of 3.30.

SMART Global (NASDAQ:SGH) last announced its earnings results on Tuesday, July 9th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.07. SMART Global had a negative net margin of 14.35% and a positive return on equity of 8.86%. The firm had revenue of $300.58 million for the quarter, compared to the consensus estimate of $300.00 million. During the same period in the prior year, the firm earned $0.46 EPS. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. As a group, research analysts predict that SMART Global Holdings, Inc. will post 0.7 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Joseph Gates Clark sold 5,000 shares of the stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $29.00, for a total value of $145,000.00. Following the completion of the transaction, the insider now owns 87,386 shares in the company, valued at approximately $2,534,194. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC grew its position in shares of SMART Global by 75.6% during the fourth quarter. SG Americas Securities LLC now owns 234,927 shares of the company’s stock worth $4,447,000 after buying an additional 101,159 shares in the last quarter. Deutsche Bank AG boosted its holdings in SMART Global by 46.3% in the third quarter. Deutsche Bank AG now owns 482,967 shares of the company’s stock worth $11,760,000 after purchasing an additional 152,918 shares during the period. Nomura Holdings Inc. boosted its holdings in SMART Global by 41.1% in the fourth quarter. Nomura Holdings Inc. now owns 234,662 shares of the company’s stock worth $4,442,000 after purchasing an additional 68,315 shares during the period. American Century Companies Inc. boosted its holdings in SMART Global by 42.3% in the third quarter. American Century Companies Inc. now owns 292,916 shares of the company’s stock worth $7,133,000 after purchasing an additional 87,035 shares during the period. Finally, LSV Asset Management boosted its holdings in SMART Global by 26.3% in the first quarter. LSV Asset Management now owns 874,300 shares of the company’s stock worth $23,012,000 after purchasing an additional 182,200 shares during the period.

SMART Global Company Profile

SMART Global Holdings, Inc, a memory-focused company, engages in the designing and development of enterprise solutions in the United States, China, Europe, and internationally. It operates through Memory Solutions, Intelligent Platform Solutions, and LED Solutions segments. The company offers dynamic random access memory modules, solid-state and flash storage, and other advanced memory solutions for networking and telecom, data analytics, artificial intelligence and machine learning applications; and supply chain services including procurement, logistics, inventory management, temporary warehousing, programming, kitting, and packaging services.