Clearbridge Investments LLC Cuts Stock Holdings in SMART Global Holdings, Inc. (NASDAQ:SGH)

Clearbridge Investments LLC reduced its position in SMART Global Holdings, Inc. (NASDAQ:SGH) by 2.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 693,309 shares of the company’s stock after selling 14,379 shares during the period. Clearbridge Investments LLC owned about 1.31% of SMART Global worth $15,856,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in SGH. Point72 Asset Management L.P. acquired a new position in shares of SMART Global in the second quarter worth about $366,000. Pacific Ridge Capital Partners LLC raised its holdings in SMART Global by 85.2% in the 2nd quarter. Pacific Ridge Capital Partners LLC now owns 36,062 shares of the company’s stock worth $825,000 after purchasing an additional 16,595 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in SMART Global during the second quarter worth approximately $424,000. The Manufacturers Life Insurance Company grew its holdings in SMART Global by 5.3% in the second quarter. The Manufacturers Life Insurance Company now owns 26,274 shares of the company’s stock valued at $601,000 after purchasing an additional 1,333 shares during the period. Finally, Millennium Management LLC increased its position in shares of SMART Global by 384.5% in the second quarter. Millennium Management LLC now owns 156,793 shares of the company’s stock valued at $3,586,000 after buying an additional 124,429 shares in the last quarter.

SMART Global Price Performance

Shares of NASDAQ SGH opened at $20.60 on Friday. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -6.69 and a beta of 1.67. SMART Global Holdings, Inc. has a 52 week low of $12.66 and a 52 week high of $29.81. The firm has a 50-day simple moving average of $20.10 and a 200-day simple moving average of $21.46. 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 (NASDAQ:SGH) last released its earnings results on Tuesday, July 9th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.07. The business had revenue of $300.58 million for the quarter, compared to analyst estimates of $300.00 million. SMART Global had a negative net margin of 14.35% and a positive return on equity of 8.86%. The business’s revenue was down 12.7% on a year-over-year basis. During the same period last year, the company posted $0.46 EPS. On average, equities analysts predict that SMART Global Holdings, Inc. will post 0.7 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SGH. Rosenblatt Securities reiterated a “buy” rating and set a $35.00 target price on shares of SMART Global in a research report on Wednesday, July 3rd. Stifel Nicolaus lifted their target price on shares of SMART Global from $27.50 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Needham & Company LLC upped their price target on shares of SMART Global from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Finally, Barclays boosted their price objective on SMART Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Four 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 target price of $32.25.

Insider Activity at SMART Global

In other news, insider Joseph Gates Clark sold 2,527 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $23.67, for a total value of $59,814.09. Following the completion of the sale, the insider now owns 82,518 shares of the company’s stock, valued at $1,953,201.06. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, COO Jack A. Pacheco sold 13,333 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.14, for a total value of $281,859.62. Following the sale, the chief operating officer now directly owns 211,896 shares in the company, valued at approximately $4,479,481.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Gates Clark sold 2,527 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $23.67, for a total transaction of $59,814.09. Following the transaction, the insider now directly owns 82,518 shares of the company’s stock, valued at approximately $1,953,201.06. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,527 shares of company stock valued at $1,062,413. 2.30% of the stock is owned by company insiders.

SMART Global Profile

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.