Smart Global (NASDAQ:SGH) Lifted to “Buy” at Needham & Company LLC

Smart Global (NASDAQ:SGH) was upgraded by Needham & Company LLC from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, June 28th, Marketbeat.com reports. The firm currently has a $32.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 2.93% from the stock’s current price.

Other analysts also recently issued research reports about the company. Deutsche Bank boosted their price objective on Welltower from $61.00 to $71.00 and gave the stock a “hold” rating in a report on Friday, March 29th. Roth Capital cut their price objective on Smart Global from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, March 29th. TheStreet cut UDR from a “b” rating to a “c” rating in a research note on Tuesday, April 30th. ValuEngine raised Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, March 5th. Finally, Barclays set a GBX 6,800 ($88.85) target price on AstraZeneca and gave the company a “buy” rating in a research note on Friday, March 29th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $37.00.

Shares of NASDAQ SGH traded down $0.16 during midday trading on Friday, reaching $31.09. 324,199 shares of the company traded hands, compared to its average volume of 652,897. The company has a current ratio of 2.24, a quick ratio of 1.66 and a debt-to-equity ratio of 0.78. The stock’s 50-day moving average is $22.46. Smart Global has a 52 week low of $16.94 and a 52 week high of $35.10. The firm has a market capitalization of $721.29 million, a P/E ratio of 5.18, a price-to-earnings-growth ratio of 0.71 and a beta of 1.21.

Smart Global (NASDAQ:SGH) last issued its quarterly earnings results on Thursday, June 27th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.03). Smart Global had a return on equity of 40.99% and a net margin of 5.77%. The business had revenue of $235.70 million during the quarter, compared to the consensus estimate of $264.98 million. During the same quarter last year, the firm posted $1.84 earnings per share. Smart Global’s revenue was down 29.7% compared to the same quarter last year. As a group, equities analysts anticipate that Smart Global will post 2.92 earnings per share for the current fiscal year.

In other Smart Global news, VP Bruce M. Goldberg sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $22.13, for a total transaction of $44,260.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Bruce M. Goldberg sold 2,381 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $18.39, for a total value of $43,786.59. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

A number of institutional investors have recently made changes to their positions in SGH. Park West Asset Management LLC acquired a new position in shares of Smart Global during the fourth quarter worth approximately $59,400,000. BlackRock Inc. lifted its holdings in shares of Smart Global by 137.4% during the fourth quarter. BlackRock Inc. now owns 1,661,267 shares of the company’s stock worth $49,339,000 after buying an additional 961,590 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Smart Global by 26.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 535,401 shares of the company’s stock worth $15,902,000 after buying an additional 112,077 shares during the last quarter. Kennedy Capital Management Inc. lifted its holdings in shares of Smart Global by 106.0% during the first quarter. Kennedy Capital Management Inc. now owns 455,125 shares of the company’s stock worth $8,738,000 after buying an additional 234,183 shares during the last quarter. Finally, Brown Advisory Inc. acquired a new position in shares of Smart Global during the fourth quarter worth approximately $13,005,000. 97.15% of the stock is owned by hedge funds and other institutional investors.

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.

Featured Article: What does a market perform rating mean?

Analyst Recommendations for Smart Global (NASDAQ:SGH)

Receive News & Ratings for Smart Global Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Smart Global and related companies with MarketBeat.com's FREE daily email newsletter.