Smart Global (SGH) Shares Gap Up After Analyst Upgrade

Smart Global Holdings Inc (NASDAQ:SGH) gapped up prior to trading on Monday after Roth Capital raised their price target on the stock to $50.00. The stock had previously closed at $28.20, but opened at $31.11. Roth Capital currently has a buy rating on the stock. Smart Global shares last traded at $34.23, with a volume of 2444500 shares traded.

Other equities research analysts have also recently issued research reports about the stock. Deutsche Bank restated a “buy” rating and issued a $28.00 target price (up previously from $25.00) on shares of Smart Global in a report on Monday, October 2nd. Jefferies Group restated a “buy” rating and issued a $28.50 target price (up previously from $23.00) on shares of Smart Global in a report on Monday, October 2nd. Needham & Company LLC lifted their price target on shares of Smart Global from $23.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, October 2nd. Stifel Nicolaus reiterated a “buy” rating and set a $32.00 price target (up previously from $27.00) on shares of Smart Global in a research note on Thursday, September 28th. Finally, Citigroup lifted their price target on shares of Smart Global to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, November 7th. They noted that the move was a valuation call. Six research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $38.81.

In related news, CFO Jack A. Pacheco sold 7,500 shares of Smart Global stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $35.49, for a total transaction of $266,175.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Sandeep Nayyar sold 7,148 shares of Smart Global stock in a transaction on Monday, November 20th. The shares were sold at an average price of $35.20, for a total transaction of $251,609.60. The disclosure for this sale can be found here. Insiders have sold a total of 3,264,122 shares of company stock worth $104,818,100 in the last quarter.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SGH. Cubist Systematic Strategies LLC bought a new stake in Smart Global in the 3rd quarter valued at $379,000. California State Teachers Retirement System bought a new stake in Smart Global in the 3rd quarter valued at $868,000. OxFORD Asset Management LLP bought a new stake in Smart Global in the 3rd quarter valued at $304,000. Schwab Charles Investment Management Inc. bought a new stake in Smart Global in the 3rd quarter valued at $919,000. Finally, Citadel Advisors LLC bought a new stake in Smart Global in the 3rd quarter valued at $573,000. Institutional investors own 92.18% of the company’s stock.

The company has a current ratio of 1.45, a quick ratio of 0.92 and a debt-to-equity ratio of 1.87. The stock has a market capitalization of $745.40 and a price-to-earnings ratio of -64.58.

Smart Global (NASDAQ:SGH) last announced its quarterly earnings results on Thursday, December 21st. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.13. The company had revenue of $265.40 million during the quarter, compared to the consensus estimate of $255.03 million. The company’s quarterly revenue was up 66.6% on a year-over-year basis. analysts forecast that Smart Global Holdings Inc will post 3.59 earnings per share for the current fiscal year.

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About Smart Global

Smart Global Holdings Inc is a holding company. The Company through its subsidiaries provides specialty memory solutions. The Company manufactures memory for desktops, notebooks, servers and mobile memory for smartphones. The Company also serves original equipment manufacturer (OEM), customers to develop memory solutions.

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