Smart Global Holdings Inc (NASDAQ:SGH) was the recipient of a large drop in short interest in the month of December. As of December 29th, there was short interest totalling 145,704 shares, a drop of 77.2% from the December 15th total of 638,093 shares. Approximately 1.6% of the company’s shares are short sold. Based on an average daily volume of 815,622 shares, the short-interest ratio is currently 0.2 days.
In other news, VP Jack A. Pacheco sold 7,500 shares of the firm’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $38.64, for a total transaction of $289,800.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Alan Marten sold 25,000 shares of the firm’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $32.10, for a total transaction of $802,500.00. The disclosure for this sale can be found here. Insiders sold a total of 3,360,955 shares of company stock valued at $108,297,601 in the last ninety days. Company insiders own 6.90% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in Smart Global in the third quarter valued at about $103,000. Legal & General Group Plc acquired a new position in Smart Global in the third quarter valued at about $133,000. Acadian Asset Management LLC acquired a new position in Smart Global in the fourth quarter valued at about $193,000. Strs Ohio acquired a new position in Smart Global in the third quarter valued at about $158,000. Finally, Macquarie Group Ltd. acquired a new position in Smart Global in the third quarter valued at about $166,000. Hedge funds and other institutional investors own 91.79% of the company’s stock.
A number of research analysts have recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $46.00 price target on shares of Smart Global in a report on Thursday, January 18th. Stifel Nicolaus lifted their target price on shares of Smart Global from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Saturday, December 30th. Roth Capital lifted their target price on shares of Smart Global to $50.00 and gave the stock a “buy” rating in a report on Friday, December 22nd. Deutsche Bank lifted their target price on shares of Smart Global to $45.00 and gave the stock a “buy” rating in a report on Friday, December 22nd. Finally, Citigroup lifted their target price on shares of Smart Global to $35.00 and gave the stock a “buy” rating in a report on Tuesday, November 7th. They noted that the move was a valuation call. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Smart Global has an average rating of “Buy” and an average target price of $39.19.
Shares of Smart Global (SGH) traded down $1.34 during trading on Monday, hitting $31.23. 289,473 shares of the stock traded hands, compared to its average volume of 548,302. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.97 and a current ratio of 1.43. Smart Global has a 1-year low of $11.50 and a 1-year high of $43.15. The firm has a market cap of $679.28 and a price-to-earnings ratio of 56.78.
Smart Global (NASDAQ:SGH) last issued its earnings results on Thursday, December 21st. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.13. The business had revenue of $265.40 million for the quarter, compared to analyst estimates of $255.03 million. The company’s quarterly revenue was up 66.6% on a year-over-year basis. sell-side analysts predict that Smart Global will post 4.76 earnings per share for the current year.
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Smart Global Company Profile
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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