SMART Global (NASDAQ:SGH) Given New $30.00 Price Target at Needham & Company LLC

SMART Global (NASDAQ:SGH) had its target price hoisted by equities research analysts at Needham & Company LLC from $27.00 to $30.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 5.12% from the company’s previous close.

Several other equities research analysts also recently weighed in on the company. Rosenblatt Securities reissued a “buy” rating and issued a $35.00 price objective on shares of SMART Global in a report on Wednesday, July 3rd. Stifel Nicolaus reissued a “buy” rating and issued a $27.50 price objective on shares of SMART Global in a report on Wednesday, July 3rd. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $29.88.

SMART Global Stock Performance

Shares of SGH opened at $28.54 on Wednesday. The stock has a 50 day moving average price of $21.62 and a 200 day moving average price of $21.47. The company has a quick ratio of 2.66, a current ratio of 3.30 and a debt-to-equity ratio of 1.80. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -7.76 and a beta of 1.69. SMART Global has a 52-week low of $12.66 and a 52-week high of $29.58.

SMART Global (NASDAQ:SGH) last announced its quarterly earnings results on Tuesday, July 9th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.07. The firm had revenue of $300.58 million during the quarter, compared to the consensus estimate of $300.00 million. SMART Global had a positive return on equity of 11.82% and a negative net margin of 15.79%. The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 earnings per share. Research analysts predict that SMART Global will post 0.59 EPS for the current fiscal year.

Insider Transactions at SMART Global

In other news, insider Joseph Gates Clark sold 2,529 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $17.94, for a total transaction of $45,370.26. Following the completion of the sale, the insider now owns 92,386 shares in the company, valued at $1,657,404.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. GAMMA Investing LLC raised its position in SMART Global by 30.5% in the second quarter. GAMMA Investing LLC now owns 2,039 shares of the company’s stock worth $47,000 after acquiring an additional 476 shares in the last quarter. Boston Partners purchased a new position in shares of SMART Global in the first quarter valued at $5,198,000. Teachers Retirement System of The State of Kentucky increased its position in shares of SMART Global by 158.0% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 41,851 shares of the company’s stock valued at $1,102,000 after buying an additional 25,627 shares in the last quarter. Cetera Advisors LLC purchased a new position in shares of SMART Global in the first quarter valued at $469,000. Finally, Kennedy Capital Management LLC increased its position in shares of SMART Global by 33.3% in the first quarter. Kennedy Capital Management LLC now owns 480,037 shares of the company’s stock valued at $12,635,000 after buying an additional 120,033 shares in the last quarter.

SMART Global Company Profile

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.