Smart Global Holdings Inc (SGH) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Smart Global Holdings Inc (NYSE:SGH) from a buy rating to a hold rating in a research note published on Tuesday morning.

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According to Zacks, “Smart Global Holdings Inc. is a designer, manufacturer and supplier of electronic subsystems to OEMs. It engaged in the computer, industrial, networking, telecommunications, aerospace and defense markets. The company operates primarily in the U.S., Europe, Asia and Latin America. Smart Global Holdings Inc. is headquartered in Newark, California. “

Several other equities analysts also recently commented on the stock. Needham & Company LLC assumed coverage on shares of Smart Global Holdings in a research note on Monday, June 19th. They issued a strong-buy rating and a $20.00 price target for the company. Stifel Nicolaus assumed coverage on shares of Smart Global Holdings in a research note on Monday, June 19th. They issued a buy rating and a $27.00 price target for the company. Deutsche Bank AG assumed coverage on shares of Smart Global Holdings in a research note on Monday, June 19th. They issued a buy rating and a $18.00 price target for the company. Jefferies Group LLC restated a buy rating and issued a $23.00 price target (up previously from $21.00) on shares of Smart Global Holdings in a research note on Sunday, June 25th. Finally, Barclays PLC assumed coverage on shares of Smart Global Holdings in a research note on Monday, June 19th. They issued an overweight rating and a $19.00 price target for the company. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Smart Global Holdings currently has a consensus rating of Buy and an average target price of $21.83.

Smart Global Holdings (NYSE:SGH) traded down 0.22% on Tuesday, reaching $18.44. The company’s stock had a trading volume of 26,235 shares. The company’s 50 day moving average price is $17.36 and its 200-day moving average price is $16.31. Smart Global Holdings has a 12-month low of $11.50 and a 12-month high of $20.60. The stock has a market cap of $399.72 million and a PE ratio of 263.43.

Smart Global Holdings (NYSE:SGH) last posted its earnings results on Thursday, June 22nd. The company reported $0.54 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by $0.01. Smart Global Holdings had a net margin of 3.84% and a return on equity of 132.75%. The company had revenue of $206.97 million during the quarter, compared to analyst estimates of $202.87 million. The company’s revenue was up 38.3% on a year-over-year basis. On average, equities analysts expect that Smart Global Holdings will post $1.63 EPS for the current year.

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In other Smart Global Holdings news, major shareholder Lake Sumeru (Offshore) Silver purchased 1,500,000 shares of the company’s stock in a transaction on Tuesday, May 30th. The stock was acquired at an average price of $11.00 per share, for a total transaction of $16,500,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Several large investors have recently added to or reduced their stakes in SGH. Stifel Financial Corp purchased a new stake in Smart Global Holdings during the second quarter valued at about $169,000. Spark Investment Management LLC purchased a new stake in Smart Global Holdings during the second quarter valued at about $184,000. Laurion Capital Management LP purchased a new stake in Smart Global Holdings during the second quarter valued at about $324,000. Goldman Sachs Group Inc. purchased a new stake in Smart Global Holdings during the second quarter valued at about $429,000. Finally, Symphony Asset Management LLC purchased a new stake in Smart Global Holdings during the second quarter valued at about $1,286,000.

Smart Global Holdings 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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