Great Lakes Advisors LLC cut its holdings in SMART Global Holdings, Inc. (NASDAQ:SGH – Free Report) by 3.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 172,321 shares of the company’s stock after selling 6,764 shares during the period. Great Lakes Advisors LLC owned approximately 0.35% of SMART Global worth $2,971,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of SMART Global by 101.0% during the 1st quarter. Vanguard Group Inc. now owns 4,271,672 shares of the company’s stock valued at $110,338,000 after acquiring an additional 2,146,056 shares during the period. State Street Corp raised its holdings 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 position in shares of SMART Global by 323.3% during the 1st quarter. Clearbridge Investments LLC now owns 1,563,323 shares of the company’s stock worth $40,381,000 after purchasing an additional 1,194,012 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of SMART Global by 93.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,369,486 shares of the company’s stock valued at $35,375,000 after buying an additional 662,841 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in SMART Global by 97.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,062,370 shares of the company’s stock valued at $27,441,000 after buying an additional 525,616 shares in the last quarter.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on SGH. Barclays raised their price objective on SMART Global from $20.00 to $30.00 in a research note on Wednesday, June 14th. Rosenblatt Securities reissued a “buy” rating and issued a $35.00 price target on shares of SMART Global in a research report on Friday, June 30th. Stifel Nicolaus upped their price objective on shares of SMART Global from $27.00 to $32.00 in a report on Wednesday, June 28th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of SMART Global from $28.00 to $34.00 in a report on Friday, June 30th. Finally, Needham & Company LLC restated a “buy” rating and issued a $37.00 target price on shares of SMART Global in a report on Friday, July 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, SMART Global has an average rating of “Buy” and a consensus price target of $33.60.
SMART Global Price Performance
SGH opened at $23.24 on Friday. SMART Global Holdings, Inc. has a 1 year low of $12.04 and a 1 year high of $29.99. The company has a debt-to-equity ratio of 2.41, a current ratio of 2.44 and a quick ratio of 1.85. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -42.25 and a beta of 1.46. The firm’s fifty day moving average price is $26.25 and its two-hundred day moving average price is $20.59.
SMART Global (NASDAQ:SGH – Get Free Report) last released its quarterly earnings results on Thursday, June 29th. The company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.26. SMART Global had a negative net margin of 1.56% and a positive return on equity of 32.78%. The company had revenue of $383.33 million for the quarter, compared to analyst estimates of $375.08 million. During the same period last year, the firm earned $0.72 earnings per share. The firm’s revenue was down 17.1% on a year-over-year basis. As a group, analysts anticipate that SMART Global Holdings, Inc. will post 1.8 earnings per share for the current fiscal year.
Insider Activity
In related news, Director Sandeep Nayyar sold 12,356 shares of SMART Global stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $27.39, for a total transaction of $338,430.84. Following the sale, the director now directly owns 29,837 shares in the company, valued at $817,235.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Sandeep Nayyar sold 12,356 shares of the firm’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $27.39, for a total transaction of $338,430.84. Following the completion of the sale, the director now owns 29,837 shares in the company, valued at $817,235.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jack A. Pacheco sold 2,500 shares of the business’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $20.00, for a total transaction of $50,000.00. Following the completion of the transaction, the chief operating officer now owns 205,511 shares in the company, valued at $4,110,220. The disclosure for this sale can be found here. Insiders sold a total of 62,595 shares of company stock valued at $1,624,495 over the last three months. Corporate insiders own 3.70% of the company’s stock.
About SMART Global
SMART Global Holdings, Inc designs and manufactures specialty solutions for the computing, memory, and LED markets in the United States, Brazil, China, Europe, and internationally. It operates through three segments: Memory Solutions, Intelligent Platform Solutions, and LED Solutions. The company offers dynamic random access memory modules for desktops, notebooks, servers, and smartphones; embedded and removable flash memory products; and flash component products.
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