Smart Global Holdings Inc (NASDAQ:SGH) was the recipient of a large decrease in short interest during the month of December. As of December 29th, there was short interest totalling 145,704 shares, a decrease of 77.2% from the December 15th total of 638,093 shares. Currently, 1.6% of the shares of the company are sold short. Based on an average daily volume of 815,622 shares, the days-to-cover ratio is presently 0.2 days.
In related news, VP Bruce M. Goldberg sold 2,500 shares of the company’s stock in a transaction on Friday, January 5th. The shares were sold at an average price of $35.76, for a total transaction of $89,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jack A. Pacheco sold 7,500 shares of the company’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $31.06, for a total transaction of $232,950.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,319,457 shares of company stock valued at $106,789,483. Corporate insiders own 6.90% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC bought a new stake in Smart Global in the 3rd quarter valued at $103,000. Legal & General Group Plc bought a new stake in Smart Global in the 3rd quarter valued at $133,000. Strs Ohio bought a new stake in Smart Global in the 3rd quarter valued at $158,000. Macquarie Group Ltd. bought a new stake in Smart Global in the 3rd quarter valued at $166,000. Finally, Nationwide Fund Advisors bought a new stake in Smart Global in the 3rd quarter valued at $268,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Smart Global (NASDAQ SGH) opened at $34.63 on Friday. The stock has a market cap of $753.23 and a price-to-earnings ratio of 62.96. The company has a quick ratio of 0.97, a current ratio of 1.43 and a debt-to-equity ratio of 1.50. Smart Global has a fifty-two week low of $11.50 and a fifty-two week high of $43.15.
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 the Thomson Reuters’ consensus estimate of $0.92 by $0.13. The business had revenue of $265.40 million during the quarter, compared to the consensus estimate of $255.03 million. Smart Global’s revenue was up 66.6% on a year-over-year basis. equities research analysts forecast that Smart Global will post 4.76 earnings per share for the current fiscal year.
Several equities analysts recently commented on SGH shares. Deutsche Bank reiterated a “buy” rating and set a $35.00 target price on shares of Smart Global in a research note on Tuesday, November 7th. Needham & Company LLC reiterated a “strong-buy” rating and set a $43.00 target price (up from $40.00) on shares of Smart Global in a research note on Thursday, November 16th. Roth Capital upped their target price on shares of Smart Global from $30.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, October 11th. Zacks Investment Research upgraded shares of Smart Global from a “hold” rating to a “strong-buy” rating and set a $34.00 target price for the company in a research note on Thursday, October 5th. Finally, Stifel Nicolaus upped their target price on shares of Smart Global from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, November 16th. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Smart Global presently has an average rating of “Buy” and a consensus target price of $39.19.
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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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