Needham & Company LLC Increases SMART Global (NASDAQ:SGH) Price Target to $85.00

SMART Global (NASDAQ:SGH) had its price objective increased by Needham & Company LLC from $75.00 to $85.00 in a report published on Wednesday morning, The Fly reports. They currently have a buy rating on the stock.

SGH has been the topic of several other reports. Deutsche Bank Aktiengesellschaft lifted their price target on SMART Global from $66.00 to $70.00 and gave the company a buy rating in a research report on Wednesday. TheStreet downgraded SMART Global from a b- rating to a c+ rating in a report on Tuesday, July 6th. Stifel Nicolaus boosted their target price on SMART Global from $62.50 to $66.00 and gave the stock a buy rating in a report on Wednesday, July 7th. They noted that the move was a valuation call. Zacks Investment Research raised SMART Global from a hold rating to a buy rating and set a $57.00 target price on the stock in a report on Tuesday, July 13th. Finally, Jefferies Financial Group boosted their target price on SMART Global from $65.00 to $72.00 and gave the stock a buy rating in a report on Wednesday, July 7th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, SMART Global presently has an average rating of Buy and an average price target of $66.43.

Shares of SMART Global stock opened at $51.72 on Wednesday. The stock has a market capitalization of $1.25 billion, a P/E ratio of 166.84 and a beta of 0.94. SMART Global has a one year low of $24.37 and a one year high of $58.39. The business’s 50 day simple moving average is $46.62 and its two-hundred day simple moving average is $47.73. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.64 and a quick ratio of 1.05.

SMART Global (NASDAQ:SGH) last released its quarterly earnings results on Monday, October 11th. The company reported $2.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.60 by $0.56. SMART Global had a return on equity of 25.39% and a net margin of 0.62%. The company had revenue of $467.71 million for the quarter, compared to analyst estimates of $461.00 million. During the same period in the previous year, the company posted $0.69 earnings per share. The firm’s revenue was up 57.5% on a year-over-year basis. Sell-side analysts expect that SMART Global will post 3.52 earnings per share for the current fiscal year.

In other news, COO Jack A. Pacheco sold 7,500 shares of the business’s stock in a transaction on Friday, August 20th. The stock was sold at an average price of $42.09, for a total value of $315,675.00. Following the completion of the transaction, the chief operating officer now owns 97,909 shares in the company, valued at $4,120,989.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ajay Shah sold 11,647 shares of the business’s stock in a transaction on Tuesday, July 27th. The stock was sold at an average price of $45.00, for a total value of $524,115.00. The disclosure for this sale can be found here. Insiders sold 26,647 shares of company stock valued at $1,192,140 in the last 90 days. Company insiders own 4.10% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Jefferies Group LLC increased its position in SMART Global by 1,598.9% during the second quarter. Jefferies Group LLC now owns 477,073 shares of the company’s stock valued at $22,747,000 after acquiring an additional 448,991 shares during the last quarter. Quadrature Capital Ltd bought a new stake in SMART Global during the first quarter valued at about $347,000. Kennedy Capital Management Inc. grew its holdings in SMART Global by 87.1% during the first quarter. Kennedy Capital Management Inc. now owns 140,362 shares of the company’s stock valued at $6,459,000 after purchasing an additional 65,362 shares during the period. Factorial Partners LLC grew its holdings in SMART Global by 1,531.1% during the first quarter. Factorial Partners LLC now owns 386,568 shares of the company’s stock valued at $8,400,000 after purchasing an additional 362,868 shares during the period. Finally, Prudential Financial Inc. grew its holdings in SMART Global by 2.2% during the first quarter. Prudential Financial Inc. now owns 16,965 shares of the company’s stock valued at $781,000 after purchasing an additional 360 shares during the period.

About SMART Global

SMART Global Holdings, Inc designs and manufactures electronic products focused in memory and computing technology areas. The company specializes in application specific product development and support for customers in enterprise, government and original equipment manufacturer, or OEM, markets. It operates through the following segments: Specialty Memory Products, Brazil Products and Specialty Compute and Storage Solutions (SCSS).

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