Smart Global (NASDAQ:SGH) Price Target Raised to $40.00 at Needham & Company LLC

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Smart Global (NASDAQ:SGH) had its target price hoisted by Needham & Company LLC to $40.00 in a research note published on Wednesday morning, The Fly reports. They currently have a buy rating on the stock.

Several other equities research analysts also recently issued reports on the company. TheStreet downgraded UDR from a b rating to a c rating in a report on Tuesday, April 30th. BidaskClub upgraded Xilinx from a hold rating to a buy rating in a report on Saturday, June 29th. Zacks Investment Research upgraded HB Fuller from a sell rating to a hold rating in a report on Wednesday, July 3rd. Deutsche Bank boosted their price objective on Welltower from $61.00 to $71.00 and gave the company a hold rating in a report on Friday, March 29th. Finally, Barclays boosted their price objective on Smart Global from $24.00 to $30.00 and gave the company an overweight rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $35.00.

Shares of SGH stock traded up $0.46 on Wednesday, hitting $30.39. The stock had a trading volume of 1,134,298 shares, compared to its average volume of 582,925. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.24 and a quick ratio of 1.66. The firm has a market capitalization of $690.81 million, a price-to-earnings ratio of 5.07, a P/E/G ratio of 0.56 and a beta of 1.20. Smart Global has a 1 year low of $16.94 and a 1 year high of $35.10. The firm has a 50 day moving average of $20.25.

Smart Global (NASDAQ:SGH) last posted its quarterly earnings data on Thursday, June 27th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.03). The firm had revenue of $235.70 million during the quarter, compared to analysts’ expectations of $264.98 million. Smart Global had a net margin of 5.77% and a return on equity of 40.99%. Smart Global’s quarterly revenue was down 29.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.84 EPS. Equities analysts forecast that Smart Global will post 2.88 earnings per share for the current fiscal year.

In other Smart Global news, Director Iain Mackenzie sold 10,000 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $21.31, for a total transaction of $213,100.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Bruce M. Goldberg sold 2,000 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $22.13, for a total value of $44,260.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,381 shares of company stock worth $301,147. 4.20% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. First Trust Advisors LP boosted its position in shares of Smart Global by 3.6% during the 1st 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. FMR LLC acquired a new position in shares of Smart Global during the 1st quarter worth about $7,757,000. Kennedy Capital Management Inc. boosted its position in shares of Smart Global by 106.0% during the 1st quarter. Kennedy Capital Management Inc. now owns 455,125 shares of the company’s stock worth $8,738,000 after acquiring an additional 234,183 shares in the last quarter. Yorktown Management & Research Co Inc boosted its position in shares of Smart Global by 7.6% during the 1st quarter. Yorktown Management & Research Co Inc now owns 18,050 shares of the company’s stock worth $347,000 after acquiring an additional 1,276 shares in the last quarter. Finally, Factorial Partners LLC acquired a new position in shares of Smart Global during the 1st quarter worth about $743,000. 97.83% of the stock is owned by institutional investors and hedge funds.

About Smart Global

SMART Global Holdings, Inc designs, manufactures, and supplies specialty memory solutions worldwide. The company offers dynamic random access memory (DRAM) components, which are used to manufacture modules and other products; DRAM modules for desktop, notebook, and server applications, as well as for use in smartphones; and specialty DRAM modules for industrial, communications, and networking applications, as well as develops specialized memory module designs based on original equipment manufacturer (OEM) requirements.

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