SMART Global (NASDAQ:SGH) Trading 5.7% Higher After Analyst Upgrade

Posted by Defense World Staff on Jun 15th, 2023

SMART Global Holdings, Inc. (NASDAQ:SGH – Get Rating)’s share price rose 5.7% during mid-day trading on Wednesday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $20.00 to $28.00. The stock traded as high as $27.17 and last traded at $27.12. Approximately 920,481 shares changed hands during trading, an increase of 43% from the average daily volume of 643,338 shares. The stock had previously closed at $25.66.

Several other research firms have also recently issued reports on SGH. Stifel Nicolaus decreased their price target on SMART Global from $28.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday, April 5th. Rosenblatt Securities reissued a “buy” rating and issued a $35.00 target price on shares of SMART Global in a research note on Wednesday, April 5th. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price objective on shares of SMART Global in a report on Wednesday, April 5th. Finally, Barclays lifted their price target on shares of SMART Global from $20.00 to $30.00 in a research note on Wednesday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, SMART Global presently has an average rating of “Buy” and a consensus target price of $29.00.

Insider Activity

In other SMART Global news, COO Jack A. Pacheco sold 5,000 shares of the firm’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the transaction, the chief operating officer now directly owns 205,511 shares of the company’s stock, valued at approximately $4,110,220. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, SVP Thierry Pellegrino sold 2,764 shares of the company’s stock in a transaction on Thursday, April 20th. The shares were sold at an average price of $15.98, for a total transaction of $44,168.72. Following the completion of the sale, the senior vice president now directly owns 74,951 shares in the company, valued at approximately $1,197,716.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jack A. Pacheco sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the transaction, the chief operating officer now directly owns 205,511 shares of the company’s stock, valued at approximately $4,110,220. The disclosure for this sale can be found here. Insiders sold 10,264 shares of company stock valued at $194,169 in the last three months. Company insiders own 3.70% of the company’s stock.

Institutional Trading of SMART Global

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in SMART Global by 101.0% in the first quarter. Vanguard Group Inc. now owns 4,271,672 shares of the company’s stock worth $110,338,000 after acquiring an additional 2,146,056 shares in the last quarter. State Street Corp boosted its stake in shares of SMART Global by 103.3% during the first quarter. State Street Corp now owns 2,723,420 shares of the company’s stock valued at $70,346,000 after purchasing an additional 1,383,982 shares during the period. Clearbridge Investments LLC boosted its holdings in shares of SMART Global by 323.3% in the first quarter. Clearbridge Investments LLC now owns 1,563,323 shares of the company’s stock valued at $40,381,000 after purchasing an additional 1,194,012 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of SMART Global by 93.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,369,486 shares of the company’s stock valued at $35,375,000 after purchasing an additional 662,841 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of SMART Global by 97.9% in the first quarter. The Manufacturers Life Insurance Company now owns 1,062,370 shares of the company’s stock valued at $27,441,000 after purchasing an additional 525,616 shares during the period.

SMART Global Trading Up 4.4 %

The stock’s 50 day moving average is $18.76 and its two-hundred day moving average is $17.32. The company has a market capitalization of $1.31 billion, a PE ratio of 68.69 and a beta of 1.41. The company has a quick ratio of 1.63, a current ratio of 2.33 and a debt-to-equity ratio of 2.38.

SMART Global (NASDAQ:SGH – Get Rating) last posted its earnings results on Tuesday, April 4th. The company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.18. The company had revenue of $429.17 million during the quarter, compared to analyst estimates of $435.01 million. SMART Global had a return on equity of 35.07% and a net margin of 1.22%. As a group, sell-side analysts predict that SMART Global Holdings, Inc. will post 1.52 EPS for the current fiscal year.

About SMART Global

(Get Rating)

SMART Global Holdings, Inc designs and manufactures specialty solutions for the computing, memory, and LED markets. The company specializes in application specific product development and support for customers in enterprise, government and original equipment manufacturer, or OEM, markets. It operates through the following segments: Memory Solutions, Intelligent Platform Solutions (IPS), and LED Solutions.