SMART Global (NASDAQ:SGH) Hits New 1-Year High After Better-Than-Expected Earnings

SMART Global Holdings, Inc. (NASDAQ:SGH) reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $51.30 and last traded at $49.78, with a volume of 11163 shares traded. The stock had previously closed at $49.48.

The company reported $0.87 EPS for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.07. SMART Global had a return on equity of 16.65% and a net margin of 0.06%. The company had revenue of $304.00 million during the quarter, compared to the consensus estimate of $295.57 million. During the same quarter last year, the company earned $0.52 EPS. The company’s quarterly revenue was up 11.8% on a year-over-year basis.

A number of analysts have commented on the company. TheStreet upgraded SMART Global from a “c+” rating to a “b-” rating in a research report on Tuesday. Rosenblatt Securities raised their price objective on SMART Global from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, January 5th. Stifel Nicolaus raised their price objective on SMART Global from $55.00 to $62.50 and gave the stock a “buy” rating in a research report on Wednesday. Zacks Investment Research upgraded SMART Global from a “sell” rating to a “hold” rating in a research report on Wednesday, March 10th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on SMART Global from $48.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $54.58.

In other news, CFO Jack A. Pacheco sold 3,750 shares of SMART Global stock in a transaction on Monday, March 22nd. The stock was sold at an average price of $46.25, for a total value of $173,437.50. Following the completion of the sale, the chief financial officer now directly owns 95,206 shares of the company’s stock, valued at approximately $4,403,277.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Alan Marten sold 2,800 shares of SMART Global stock in a transaction on Tuesday, January 19th. The stock was sold at an average price of $40.00, for a total value of $112,000.00. Following the sale, the senior vice president now directly owns 118,466 shares of the company’s stock, valued at $4,738,640. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,792 shares of company stock valued at $1,554,692. Corporate insiders own 4.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in SGH. FMR LLC bought a new position in SMART Global during the first quarter worth about $7,757,000. First Trust Advisors LP lifted its holdings in SMART Global by 3.6% during the first quarter. First Trust Advisors LP now owns 23,209 shares of the company’s stock worth $446,000 after acquiring an additional 798 shares in the last quarter. California Public Employees Retirement System lifted its holdings in SMART Global by 3.5% during the third quarter. California Public Employees Retirement System now owns 33,339 shares of the company’s stock worth $911,000 after acquiring an additional 1,122 shares in the last quarter. ArrowMark Colorado Holdings LLC bought a new position in SMART Global during the third quarter worth about $4,648,000. Finally, ExodusPoint Capital Management LP bought a new position in SMART Global during the third quarter worth about $201,000.

The company has a fifty day simple moving average of $46.57 and a two-hundred day simple moving average of $36.27. The company has a quick ratio of 1.46, a current ratio of 1.98 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $1.35 billion, a P/E ratio of 30.14 and a beta of 0.97.

About SMART Global (NASDAQ:SGH)

SMART Global Holdings, Inc designs and manufactures electronic products focused in memory and computing technology areas. It offers dynamic random access memory (DRAM) modules for desktops, notebooks, and servers; and embedded and removable flash memory products; and flash component products, such as embedded multimedia controllers, and embedded and removal products in USB, CompactFlash and SD/microSD card configurations.

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