Shares of Smart Global Holdings Inc (NYSE:SGH) shot up 11.5% during mid-day trading on Wednesday after Roth Capital raised their price target on the stock from $30.00 to $42.00. Roth Capital currently has a buy rating on the stock. Smart Global Holdings traded as high as $37.11 and last traded at $36.93. 522,882 shares changed hands during mid-day trading, an increase of 109% from the average session volume of 249,802 shares. The stock had previously closed at $33.11.
Other analysts also recently issued research reports about the company. Stifel Nicolaus began coverage on Smart Global Holdings in a research report on Monday, June 19th. They issued a “buy” rating and a $27.00 target price on the stock. Barclays PLC began coverage on Smart Global Holdings in a research report on Monday, June 19th. They issued an “overweight” rating and a $19.00 target price on the stock. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $33.00 target price (up previously from $23.00) on shares of Smart Global Holdings in a research report on Friday, September 29th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $23.00 target price (up previously from $21.00) on shares of Smart Global Holdings in a research report on Sunday, June 25th. Finally, Zacks Investment Research downgraded Smart Global Holdings from a “buy” rating to a “hold” rating in a research report on Tuesday, August 22nd. Five research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $33.21.
A number of institutional investors have recently bought and sold shares of the stock. Crosslink Capital Inc. bought a new position in Smart Global Holdings during the second quarter worth about $2,358,000. Empyrean Capital Partners LP bought a new position in Smart Global Holdings during the second quarter worth about $1,741,000. Goldman Sachs Group Inc. bought a new position in Smart Global Holdings during the second quarter worth about $429,000. Stifel Financial Corp bought a new position in Smart Global Holdings during the second quarter worth about $169,000. Finally, FMR LLC bought a new position in Smart Global Holdings during the second quarter worth about $13,569,000.
The company has a 50-day moving average price of $24.26 and a 200-day moving average price of $19.10. The firm’s market capitalization is $745.47 million.
Smart Global Holdings (NYSE:SGH) last posted its quarterly earnings data on Thursday, September 28th. The company reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.15. The firm had revenue of $223.00 million during the quarter, compared to analyst estimates of $210.54 million. Smart Global Holdings had a net margin of 3.84% and a return on equity of 132.75%. The business’s revenue for the quarter was up 52.5% on a year-over-year basis. On average, equities analysts forecast that Smart Global Holdings Inc will post $3.21 EPS for the current fiscal year.
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About Smart Global Holdings
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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