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

SMART Global (NASDAQ:SGH) announced its quarterly earnings data 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. SMART Global had a positive return on equity of 11.82% and a negative net margin of 15.79%. The firm had revenue of $300.58 million during the quarter, compared to the consensus estimate of $300.00 million. During the same period in the prior year, the business earned $0.46 EPS. The business’s revenue for the quarter 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 Price Performance

NASDAQ SGH opened at $29.32 on Thursday. 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 stock has a market capitalization of $1.53 billion, a PE ratio of -7.97 and a beta of 1.69. SMART Global has a 12-month low of $12.66 and a 12-month high of $29.35. The company has a 50 day moving average price of $21.42 and a two-hundred day moving average price of $21.42.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Stifel Nicolaus restated a “buy” rating and set a $27.50 price target on shares of SMART Global in a 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 note on Wednesday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $35.00 price target on shares of SMART Global in a research note on Wednesday, July 3rd. Finally, Needham & Company LLC increased their price objective on SMART Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday. Four research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $29.88.

Insider Transactions at SMART Global

In other SMART Global news, insider Joseph Gates Clark sold 2,529 shares of the stock in a transaction 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 transaction, the insider now directly owns 92,386 shares of the company’s stock, valued at $1,657,404.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SMART Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UBS Group AG increased its position in SMART Global by 7,076.7% in the 4th quarter. UBS Group AG now owns 862,786 shares of the company’s stock worth $16,333,000 after buying an additional 850,764 shares during the period. Vanguard Group Inc. increased its position in SMART Global by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 6,835,008 shares of the company’s stock worth $129,387,000 after acquiring an additional 810,022 shares during the period. 1492 Capital Management LLC acquired a new position in SMART Global during the 4th quarter valued at $4,153,000. Russell Investments Group Ltd. boosted its holdings in SMART Global by 331.9% in the 1st quarter. Russell Investments Group Ltd. now owns 259,711 shares of the company’s stock valued at $6,836,000 after purchasing an additional 199,585 shares during the period. Finally, Boston Partners acquired a new position in shares of SMART Global during the first quarter valued at about $5,198,000.

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.