SMART Global (NASDAQ:SGH) Releases Earnings Results, Beats Estimates By $0.07 EPS

SMART Global (NASDAQ:SGH) released its earnings results on Tuesday. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.07, Briefing.com reports. The firm had revenue of $300.58 million for the quarter, compared to analysts’ expectations of $300.00 million. SMART Global had a positive return on equity of 11.82% and a negative net margin of 15.79%. The company’s quarterly revenue was down 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.46 earnings per share. SMART Global updated its Q4 guidance to $0.25-0.55 EPS and its Q4 2024 guidance to 0.250-0.550 EPS.

SMART Global Price Performance

Shares of SGH stock traded down $0.72 during mid-day trading on Thursday, hitting $28.60. 1,620,001 shares of the stock were exchanged, compared to its average volume of 1,079,877. The firm has a fifty day moving average of $21.42 and a 200 day moving average of $21.42. The company has a quick ratio of 2.66, a current ratio of 3.30 and a debt-to-equity ratio of 1.80. SMART Global has a 52-week low of $12.66 and a 52-week high of $29.58. The company has a market cap of $1.50 billion, a PE ratio of -7.97 and a beta of 1.69.

Insider Transactions at SMART Global

In related news, insider Joseph Gates Clark sold 2,529 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $17.94, for a total value of $45,370.26. Following the transaction, the insider now directly owns 92,386 shares of the company’s stock, valued at approximately $1,657,404.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of SMART Global

A number of hedge funds and other institutional investors have recently made changes to their positions in SGH. GAMMA Investing LLC raised its position in SMART Global by 42.9% in the first quarter. GAMMA Investing LLC now owns 1,563 shares of the company’s stock valued at $41,000 after purchasing an additional 469 shares during the period. SummerHaven Investment Management LLC raised its position in SMART Global by 2.3% in the fourth quarter. SummerHaven Investment Management LLC now owns 26,624 shares of the company’s stock valued at $504,000 after purchasing an additional 588 shares during the period. Yousif Capital Management LLC raised its position in SMART Global by 2.8% in the fourth quarter. Yousif Capital Management LLC now owns 25,499 shares of the company’s stock valued at $483,000 after purchasing an additional 695 shares during the period. State of Alaska Department of Revenue raised its position in SMART Global by 2.5% in the fourth quarter. State of Alaska Department of Revenue now owns 31,940 shares of the company’s stock valued at $604,000 after purchasing an additional 767 shares during the period. Finally, Principal Financial Group Inc. raised its position in SMART Global by 0.3% in the fourth quarter. Principal Financial Group Inc. now owns 270,169 shares of the company’s stock valued at $5,114,000 after purchasing an additional 838 shares during the period.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Rosenblatt Securities reiterated a “buy” rating and issued a $35.00 price target on shares of SMART Global in a report on Wednesday, July 3rd. Stifel Nicolaus restated a “buy” rating and set a $27.50 target price on shares of SMART Global in a report on Wednesday, July 3rd. Barclays upped their target price on SMART Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Needham & Company LLC upped their target price on SMART Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday. Four investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $29.88.

About SMART Global

SMART Global Holdings, Inc, a memory-focused company, engages in the designing and development of enterprise solutions in the United States, China, Europe, and internationally. It operates through Memory Solutions, Intelligent Platform Solutions, and LED Solutions segments. The company offers dynamic random access memory modules, solid-state and flash storage, and other advanced memory solutions for networking and telecom, data analytics, artificial intelligence and machine learning applications; and supply chain services including procurement, logistics, inventory management, temporary warehousing, programming, kitting, and packaging services.