Smart Global (SGH) Rating Lowered to Hold at Zacks Investment Research
Smart Global (NASDAQ:SGH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Smart Global Holdings Inc. is a designer, manufacturer and supplier of electronic subsystems to OEMs. It engaged in the computer, industrial, networking, telecommunications, aerospace and defense markets. The company operates primarily in the U.S., Europe, Asia and Latin America. Smart Global Holdings Inc. is headquartered in Newark, California. “
A number of other research analysts have also commented on the stock. BidaskClub lowered shares of Smart Global from a “buy” rating to a “hold” rating in a research report on Friday, September 7th. Stifel Nicolaus upped their price objective on shares of Smart Global from $61.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, October 5th. Deutsche Bank cut their price objective on shares of Smart Global from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, October 5th. Roth Capital cut their price objective on shares of Smart Global from $70.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, October 5th. Finally, ValuEngine lowered shares of Smart Global from a “hold” rating to a “sell” rating in a research report on Wednesday, October 3rd. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $53.17.
Smart Global (NASDAQ:SGH) last announced its quarterly earnings data on Thursday, October 4th. The company reported $1.72 EPS for the quarter, beating the Zacks’ consensus estimate of $1.66 by $0.06. The business had revenue of $373.97 million during the quarter, compared to analyst estimates of $368.51 million. Smart Global had a net margin of 9.27% and a return on equity of 92.01%. The firm’s revenue for the quarter was up 67.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.79 earnings per share. Equities analysts forecast that Smart Global will post 6.61 earnings per share for the current fiscal year.
In related news, insider Alan Marten sold 8,800 shares of the company’s stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $29.33, for a total value of $258,104.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Iain Mackenzie sold 31,684 shares of the company’s stock in a transaction dated Friday, October 5th. The shares were sold at an average price of $35.01, for a total transaction of $1,109,256.84. The disclosure for this sale can be found here. Insiders have sold 312,460 shares of company stock valued at $9,889,722 in the last ninety days. 6.90% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP bought a new stake in Smart Global during the third quarter worth about $2,416,000. Vanguard Group Inc. grew its stake in Smart Global by 33.4% during the third quarter. Vanguard Group Inc. now owns 1,667,132 shares of the company’s stock worth $47,913,000 after buying an additional 417,170 shares during the last quarter. AQR Capital Management LLC grew its stake in Smart Global by 130.1% during the third quarter. AQR Capital Management LLC now owns 247,421 shares of the company’s stock worth $7,111,000 after buying an additional 139,910 shares during the last quarter. Paloma Partners Management Co bought a new stake in Smart Global during the third quarter worth about $211,000. Finally, Jane Street Group LLC bought a new stake in Smart Global during the third quarter worth about $789,000. 83.72% of the stock is currently owned by institutional investors and hedge funds.
About Smart Global
SMART Global Holdings, Inc designs, manufactures, and supplies specialty memory solutions worldwide. The company offers dynamic random access memory (DRAM) components, which are used to manufacture modules and other products; DRAM modules for desktop, notebook, and server applications, as well as for use in smartphones; and specialty DRAM modules for industrial, communications, and networking applications, as well as develops specialized memory module designs based on original equipment manufacturer (OEM) requirements.
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