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

SMART Global (NASDAQ:SGH) posted its earnings results on Tuesday. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.30 by $0.07, Briefing.com reports. The business had revenue of $300.58 million during the quarter, compared to the consensus estimate of $300.00 million. SMART Global had a positive return on equity of 11.82% and a negative net margin of 15.79%. SMART Global’s revenue was down 12.7% on a year-over-year basis. During the same quarter last year, the company earned $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 SMART Global stock traded down $0.78 during trading on Thursday, reaching $28.54. 2,086,295 shares of the company were exchanged, compared to its average volume of 1,084,915. The company has a quick ratio of 2.66, a current ratio of 3.30 and a debt-to-equity ratio of 1.80. SMART Global has a twelve month low of $12.66 and a twelve month high of $29.58. The business has a 50-day moving average price of $21.42 and a 200-day moving average price of $21.42. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -7.97 and a beta of 1.69.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SGH shares. Barclays raised their price target on SMART Global from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday. Needham & Company LLC lifted their target price on SMART Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday. Rosenblatt Securities reissued a “buy” rating and issued a $35.00 target price 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 target price on shares of SMART Global in a research note on Wednesday, July 3rd. Four analysts have rated the stock with a buy rating, According to MarketBeat, the company currently 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 SMART Global stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $17.94, for a total transaction of $45,370.26. Following the completion of the sale, the insider now directly owns 92,386 shares of the company’s stock, valued at $1,657,404.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its holdings in shares of 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 in the last quarter. TFO Wealth Partners LLC lifted its holdings in shares of SMART Global by 32,469.2% in the fourth quarter. TFO Wealth Partners LLC now owns 4,234 shares of the company’s stock valued at $80,000 after purchasing an additional 4,221 shares in the last quarter. Mutual of America Capital Management LLC bought a new stake in shares of SMART Global in the first quarter valued at about $235,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of SMART Global by 48.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,963 shares of the company’s stock valued at $245,000 after purchasing an additional 4,253 shares in the last quarter. Finally, ProShare Advisors LLC bought a new stake in shares of SMART Global in the first quarter valued at about $274,000.

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.