Zacks Investment Research Lowers Smart Global (NASDAQ:SGH) to Hold
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. “
SGH has been the subject of a number of other research reports. Needham & Company LLC increased their price objective on shares of Smart Global to $40.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. BidaskClub cut Smart Global from a “buy” rating to a “hold” rating in a report on Friday, August 9th. Barclays upped their price target on Smart Global from $24.00 to $30.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Roth Capital upped their price target on Smart Global from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, ValuEngine raised Smart Global from a “sell” rating to a “hold” rating in a report on Thursday, July 11th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $37.67.
Smart Global (NASDAQ:SGH) last posted its quarterly earnings results on Thursday, June 27th. The company reported $0.19 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.03). The business had revenue of $235.70 million during the quarter, compared to analysts’ expectations of $264.98 million. Smart Global had a return on equity of 40.99% and a net margin of 5.77%. The business’s quarterly revenue was down 29.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.84 earnings per share. As a group, research analysts predict that Smart Global will post 2.92 EPS for the current year.
In other news, VP Bruce M. Goldberg sold 2,200 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $27.71, for a total transaction of $60,962.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen C. Dow purchased 17,059 shares of Smart Global stock in a transaction dated Wednesday, July 17th. The shares were purchased at an average cost of $31.49 per share, for a total transaction of $537,187.91. The disclosure for this purchase can be found here. In the last three months, insiders have sold 11,551 shares of company stock worth $357,998. Corporate insiders own 4.20% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Meadow Creek Investment Management LLC boosted its stake in Smart Global by 45.6% during the second quarter. Meadow Creek Investment Management LLC now owns 2,400 shares of the company’s stock worth $55,000 after buying an additional 752 shares during the period. BNP Paribas Arbitrage SA purchased a new stake in shares of Smart Global in the 1st quarter valued at approximately $47,000. Neuburgh Advisers LLC raised its stake in shares of Smart Global by 45.6% in the 2nd quarter. Neuburgh Advisers LLC now owns 3,300 shares of the company’s stock valued at $76,000 after acquiring an additional 1,034 shares during the period. Aperio Group LLC acquired a new position in shares of Smart Global in the 2nd quarter worth approximately $93,000. Finally, Tyers Asset Management LLC lifted its holdings in shares of Smart Global by 45.6% in the 2nd quarter. Tyers Asset Management LLC now owns 4,200 shares of the company’s stock worth $97,000 after acquiring an additional 1,316 shares during the last quarter. Hedge funds and other institutional investors own 94.69% of the company’s stock.
Smart Global Company Profile
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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