Arizona State Retirement System Increases Stake in SMART Global Holdings, Inc. (NASDAQ:SGH)

Arizona State Retirement System increased its position in shares of SMART Global Holdings, Inc. (NASDAQ:SGHGet Rating) by 101.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,861 shares of the company’s stock after buying an additional 5,984 shares during the period. Arizona State Retirement System’s holdings in SMART Global were worth $306,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. State Street Corp increased its stake in shares of SMART Global by 4.5% during the fourth quarter. State Street Corp now owns 1,339,438 shares of the company’s stock valued at $95,087,000 after buying an additional 57,953 shares during the period. Peregrine Capital Management LLC boosted its position in SMART Global by 127.7% during the first quarter. Peregrine Capital Management LLC now owns 628,936 shares of the company’s stock valued at $16,245,000 after purchasing an additional 352,734 shares in the last quarter. Renaissance Technologies LLC boosted its position in SMART Global by 237.2% during the fourth quarter. Renaissance Technologies LLC now owns 501,986 shares of the company’s stock valued at $35,636,000 after purchasing an additional 353,100 shares in the last quarter. Kennedy Capital Management Inc. boosted its position in SMART Global by 12.6% during the fourth quarter. Kennedy Capital Management Inc. now owns 496,643 shares of the company’s stock valued at $35,257,000 after purchasing an additional 55,628 shares in the last quarter. Finally, Clark Capital Management Group Inc. boosted its position in SMART Global by 1,423.4% during the fourth quarter. Clark Capital Management Group Inc. now owns 496,051 shares of the company’s stock valued at $35,215,000 after purchasing an additional 463,488 shares in the last quarter. Hedge funds and other institutional investors own 52.61% of the company’s stock.

SMART Global Stock Performance

Shares of NASDAQ SGH opened at $19.98 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.53 and a current ratio of 2.22. The firm has a market capitalization of $998.84 million, a P/E ratio of 16.18 and a beta of 1.37. The business has a 50-day simple moving average of $19.98. SMART Global Holdings, Inc. has a fifty-two week low of $15.10 and a fifty-two week high of $37.25.

SMART Global (NASDAQ:SGHGet Rating) last issued its quarterly earnings results on Wednesday, June 29th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.12. SMART Global had a return on equity of 48.23% and a net margin of 3.64%. The business had revenue of $462.54 million during the quarter, compared to the consensus estimate of $455.02 million. During the same quarter last year, the company earned $0.54 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. On average, sell-side analysts predict that SMART Global Holdings, Inc. will post 2.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SGH shares. Rosenblatt Securities dropped their price objective on SMART Global from $60.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, June 30th. Stifel Nicolaus dropped their price objective on SMART Global from $45.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, June 30th. Barclays dropped their price objective on SMART Global from $30.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, June 30th. Needham & Company LLC dropped their price objective on SMART Global from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, June 30th. Finally, TheStreet raised SMART Global from a “c+” rating to a “b-” rating in a report on Thursday, June 30th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, SMART Global presently has an average rating of “Buy” and an average price target of $36.00.

Insider Buying and Selling

In other news, CEO Mark Adams bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was purchased at an average price of $18.10 per share, with a total value of $181,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 915,255 shares of the company’s stock, valued at approximately $16,566,115.50. The purchase was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Mark Adams bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was purchased at an average price of $18.10 per share, with a total value of $181,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 915,255 shares of the company’s stock, valued at approximately $16,566,115.50. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Ken Rizvi bought 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were purchased at an average cost of $17.85 per share, with a total value of $75,862.50. Following the acquisition, the chief financial officer now directly owns 125,348 shares of the company’s stock, valued at $2,237,461.80. The disclosure for this purchase can be found here. Corporate insiders own 2.60% of the company’s stock.

About SMART Global

(Get Rating)

SMART Global Holdings, Inc designs and manufactures specialty solutions for the computing, memory, and LED markets in the United states, Brazil, China, Europe, and internationally. It operates through Memory Solutions, Intelligent Platforms Solutions, and LED Solutions segments. The company offers dynamic random access memory modules for desktops, notebooks, servers, and smartphones; embedded and removable flash memory products; and flash component products.

Further Reading

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Institutional Ownership by Quarter for SMART Global (NASDAQ:SGH)

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