SMART Global (NASDAQ:SGH) Posts Quarterly Earnings Results, Beats Estimates By $0.07 EPS

SMART Global (NASDAQ:SGH) released its quarterly earnings data on Tuesday. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.07, Briefing.com reports. SMART Global had a positive return on equity of 11.82% and a negative net margin of 15.79%. The business had revenue of $300.58 million during the quarter, compared to analyst estimates of $300.00 million. During the same quarter last year, the business posted $0.46 EPS. The company’s revenue was down 12.7% on a year-over-year basis. 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 Stock Performance

Shares of SMART Global stock opened at $29.32 on Thursday. The business’s fifty day simple moving average is $21.42 and its 200-day simple moving average is $21.42. The company has a quick ratio of 2.66, a current ratio of 3.30 and a debt-to-equity ratio of 1.80. The firm has a market cap of $1.53 billion, a PE ratio of -7.97 and a beta of 1.69. SMART Global has a 52 week low of $12.66 and a 52 week high of $29.35.

Insider Activity at SMART Global

In other news, insider Joseph Gates Clark sold 2,529 shares of the company’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 value of $45,370.26. Following the transaction, the insider now directly owns 92,386 shares in the company, valued at approximately $1,657,404.84. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Trading of SMART Global

Several hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC boosted its holdings in SMART Global by 42.9% in the first quarter. GAMMA Investing LLC now owns 1,563 shares of the company’s stock valued at $41,000 after purchasing an additional 469 shares during the period. SummerHaven Investment Management LLC boosted its stake in shares of SMART Global by 2.3% in the 4th quarter. SummerHaven Investment Management LLC now owns 26,624 shares of the company’s stock valued at $504,000 after buying an additional 588 shares during the period. Yousif Capital Management LLC grew its position in shares of SMART Global by 2.8% during the fourth quarter. Yousif Capital Management LLC now owns 25,499 shares of the company’s stock worth $483,000 after buying an additional 695 shares in the last quarter. State of Alaska Department of Revenue increased its stake in shares of SMART Global by 2.5% during the fourth quarter. State of Alaska Department of Revenue now owns 31,940 shares of the company’s stock worth $604,000 after buying an additional 767 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in SMART Global by 0.3% in the fourth quarter. Principal Financial Group Inc. now owns 270,169 shares of the company’s stock valued at $5,114,000 after acquiring an additional 838 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Needham & Company LLC upped their price target on SMART Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday. Barclays upped their target price on SMART Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday. Rosenblatt Securities reissued a “buy” rating and issued a $35.00 price target on shares of SMART Global in a research note on Wednesday, July 3rd. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $27.50 price target on shares of SMART Global in a report on Wednesday, July 3rd. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $29.88.

About SMART Global

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.