Needham & Company LLC Raises SMART Global (NASDAQ:SGH) Price Target to $35.00

SMART Global (NASDAQ:SGH) had its price objective lifted by Needham & Company LLC from $30.00 to $35.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other research firms also recently commented on SGH. Stifel Nicolaus reaffirmed a buy rating and issued a $27.50 price objective on shares of SMART Global in a research note on Wednesday, July 3rd. Barclays lifted their target price on SMART Global from $24.00 to $27.00 and gave the company an overweight rating in a research note on Wednesday, July 10th. Finally, Rosenblatt Securities reissued a buy rating and set a $35.00 target price on shares of SMART Global in a research note on Wednesday, July 3rd. Four equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of Buy and a consensus target price of $32.25.

SMART Global Price Performance

Shares of NASDAQ:SGH opened at $23.86 on Wednesday. The stock’s 50-day simple moving average is $22.56 and its two-hundred day simple moving average is $21.78. The company has a debt-to-equity ratio of 1.80, a current ratio of 3.30 and a quick ratio of 2.66. SMART Global has a 52-week low of $12.66 and a 52-week high of $29.81.

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

Insider Activity at SMART Global

In related news, insider Joseph Gates Clark sold 2,529 shares of SMART Global stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $17.94, for a total transaction of $45,370.26. Following the sale, the insider now owns 92,386 shares of the company’s stock, valued at approximately $1,657,404.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of SMART Global

Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC raised its holdings in shares of SMART Global by 75.6% during the 4th quarter. SG Americas Securities LLC now owns 234,927 shares of the company’s stock worth $4,447,000 after acquiring an additional 101,159 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of SMART Global by 46.3% during the 3rd quarter. Deutsche Bank AG now owns 482,967 shares of the company’s stock worth $11,760,000 after acquiring an additional 152,918 shares in the last quarter. Nomura Holdings Inc. raised its holdings in shares of SMART Global by 41.1% during the 4th quarter. Nomura Holdings Inc. now owns 234,662 shares of the company’s stock worth $4,442,000 after acquiring an additional 68,315 shares in the last quarter. Inspire Investing LLC raised its holdings in shares of SMART Global by 120.0% during the 1st quarter. Inspire Investing LLC now owns 49,151 shares of the company’s stock worth $1,294,000 after acquiring an additional 26,807 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of SMART Global by 42.3% during the 3rd quarter. American Century Companies Inc. now owns 292,916 shares of the company’s stock worth $7,133,000 after acquiring an additional 87,035 shares in the last quarter.

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.