SMART Global (NASDAQ:SGH) Announces Quarterly Earnings Results

SMART Global (NASDAQ:SGH) posted its quarterly earnings results on Tuesday. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.07, Briefing.com reports. The company had revenue of $300.58 million for the quarter, compared to analyst estimates of $300.00 million. SMART Global had a negative net margin of 15.79% and a positive return on equity of 11.82%. The business’s quarterly revenue was down 12.7% on a year-over-year basis. During the same period last year, the business posted $0.46 EPS. SMART Global updated its Q4 guidance to $0.25-0.55 EPS and its Q4 2024 guidance to 0.250-0.550 EPS.

SMART Global Trading Down 2.7 %

Shares of SGH traded down $0.78 on Thursday, reaching $28.54. 2,085,889 shares of the company’s stock were exchanged, compared to its average volume of 1,082,348. The company has a current ratio of 3.30, a quick ratio of 2.66 and a debt-to-equity ratio of 1.80. The stock has a market capitalization of $1.49 billion, a P/E ratio of -7.97 and a beta of 1.69. The business has a 50 day moving average price of $21.42 and a two-hundred day moving average price of $21.42. SMART Global has a 12 month low of $12.66 and a 12 month high of $29.58.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Stifel Nicolaus restated a “buy” rating and issued a $27.50 price target on shares of SMART Global in a research report on Wednesday, July 3rd. Rosenblatt Securities reiterated a “buy” rating and set a $35.00 target price on shares of SMART Global in a research report on Wednesday, July 3rd. Barclays lifted their target price on shares of SMART Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Needham & Company LLC lifted their target price on shares of SMART Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday. Four analysts have rated the stock with a buy rating, According to MarketBeat.com, SMART Global presently has an average rating of “Buy” and an average price target of $29.88.

Insider Buying and Selling

In related news, insider Joseph Gates Clark sold 2,529 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $17.94, for a total transaction of $45,370.26. Following the completion of the transaction, the insider now owns 92,386 shares in the company, valued at $1,657,404.84. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC boosted its holdings in shares of SMART Global by 75.6% in the fourth quarter. SG Americas Securities LLC now owns 234,927 shares of the company’s stock valued at $4,447,000 after buying an additional 101,159 shares during the period. Deutsche Bank AG boosted its holdings in shares of SMART Global by 46.3% in the third quarter. Deutsche Bank AG now owns 482,967 shares of the company’s stock valued at $11,760,000 after buying an additional 152,918 shares during the period. Nomura Holdings Inc. boosted its holdings in shares of SMART Global by 41.1% in the fourth quarter. Nomura Holdings Inc. now owns 234,662 shares of the company’s stock valued at $4,442,000 after buying an additional 68,315 shares during the period. American Century Companies Inc. boosted its holdings in shares of SMART Global by 42.3% in the third quarter. American Century Companies Inc. now owns 292,916 shares of the company’s stock valued at $7,133,000 after buying an additional 87,035 shares during the period. Finally, Griffin Asset Management Inc. acquired a new position in shares of SMART Global in the first quarter valued at approximately $279,000.

SMART Global Company Profile

SMART Global Holdings, Inc, a memory-focused company, engages in the designing and development of enterprise solutions in the United States, China, Europe, and internationally. It operates through Memory Solutions, Intelligent Platform Solutions, and LED Solutions segments. The company offers dynamic random access memory modules, solid-state and flash storage, and other advanced memory solutions for networking and telecom, data analytics, artificial intelligence and machine learning applications; and supply chain services including procurement, logistics, inventory management, temporary warehousing, programming, kitting, and packaging services.