Bank of America Corp DE raised its holdings in Smart Global Holdings Inc (NASDAQ:SGH) by 2,006.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 62,822 shares of the company’s stock after acquiring an additional 59,840 shares during the period. Bank of America Corp DE owned approximately 0.28% of Smart Global worth $2,002,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the business. NumerixS Investment Technologies Inc acquired a new stake in shares of Smart Global during the 2nd quarter worth approximately $256,000. Brown Advisory Inc. acquired a new stake in shares of Smart Global during the 1st quarter worth approximately $277,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Smart Global during the 2nd quarter worth approximately $285,000. Engineers Gate Manager LP increased its holdings in shares of Smart Global by 27.6% during the 2nd quarter. Engineers Gate Manager LP now owns 11,400 shares of the company’s stock worth $363,000 after buying an additional 2,465 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Smart Global by 43.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 7,475 shares of the company’s stock worth $372,000 after buying an additional 2,265 shares during the last quarter. Institutional investors own 84.60% of the company’s stock.
In related news, Director Iain Mackenzie sold 45,000 shares of Smart Global stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $29.25, for a total value of $1,316,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mukesh Patel sold 39,339 shares of Smart Global stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $31.86, for a total transaction of $1,253,340.54. The disclosure for this sale can be found here. Insiders sold a total of 175,959 shares of company stock valued at $5,500,902 in the last quarter. 6.90% of the stock is owned by insiders.
Smart Global stock opened at $30.03 on Friday. Smart Global Holdings Inc has a fifty-two week low of $25.84 and a fifty-two week high of $56.69. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.76 and a quick ratio of 1.02. The company has a market capitalization of $665.05 million, a P/E ratio of 4.99, a P/E/G ratio of 0.30 and a beta of 0.26.
Smart Global (NASDAQ:SGH) last posted its earnings results on Thursday, October 4th. The company reported $1.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.66 by $0.06. Smart Global had a net margin of 9.27% and a return on equity of 92.01%. The firm had revenue of $373.97 million during the quarter, compared to the consensus estimate of $368.51 million. During the same quarter last year, the firm earned $0.79 EPS. The firm’s revenue for the quarter was up 67.7% on a year-over-year basis. On average, sell-side analysts expect that Smart Global Holdings Inc will post 6.61 EPS for the current year.
A number of analysts have recently issued reports on SGH shares. BidaskClub downgraded shares of Smart Global from a “buy” rating to a “hold” rating in a report on Friday, September 7th. Stifel Nicolaus raised their price target on shares of Smart Global from $61.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, October 5th. Deutsche Bank cut their price target on shares of Smart Global from $60.00 to $50.00 and set a “buy” rating for the company in a report on Friday, October 5th. ValuEngine downgraded shares of Smart Global from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Finally, Zacks Investment Research downgraded shares of Smart Global from a “buy” rating to a “hold” rating in a report on Thursday, August 23rd. Two research analysts have rated the stock with a sell rating and six have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $53.17.
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About Smart Global
SMART Global Holdings, Inc designs, manufactures, and supplies specialty memory solutions worldwide. The company offers dynamic random access memory (DRAM) components, which are used to manufacture modules and other products; DRAM modules for desktop, notebook, and server applications, as well as for use in smartphones; and specialty DRAM modules for industrial, communications, and networking applications, as well as develops specialized memory module designs based on original equipment manufacturer (OEM) requirements.
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