Point72 Asia Singapore Pte. Ltd. Raises Stake in SMART Global Holdings, Inc. (NASDAQ:SGH)

Point72 Asia Singapore Pte. Ltd. grew its stake in shares of SMART Global Holdings, Inc. (NASDAQ:SGH) by 5,593.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,384 shares of the company’s stock after purchasing an additional 4,307 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in SMART Global were worth $100,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. GAMMA Investing LLC lifted its stake in SMART Global by 42.9% in the first quarter. GAMMA Investing LLC now owns 1,563 shares of the company’s stock worth $41,000 after acquiring an additional 469 shares during the period. Ashton Thomas Private Wealth LLC purchased a new stake in SMART Global in the second quarter worth about $141,000. Mutual of America Capital Management LLC purchased a new stake in SMART Global in the first quarter worth about $235,000. ProShare Advisors LLC purchased a new stake in SMART Global in the first quarter worth about $274,000. Finally, Griffin Asset Management Inc. purchased a new stake in SMART Global in the first quarter worth about $279,000.

Insiders Place Their Bets

In other SMART Global news, COO Jack A. Pacheco sold 13,334 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $20.02, for a total value of $266,946.68. Following the sale, the chief operating officer now owns 211,896 shares in the company, valued at approximately $4,242,157.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, COO Jack A. Pacheco sold 13,333 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.14, for a total transaction of $281,859.62. Following the transaction, the chief operating officer now owns 211,896 shares in the company, valued at $4,479,481.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Jack A. Pacheco sold 13,334 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $20.02, for a total value of $266,946.68. Following the transaction, the chief operating officer now owns 211,896 shares in the company, valued at $4,242,157.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,527 shares of company stock worth $1,062,413. Corporate insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $35.00 price objective on shares of SMART Global in a research note on Wednesday, July 3rd. Stifel Nicolaus upped their price objective on shares of SMART Global from $27.50 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Barclays upped their price objective on shares of SMART Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Finally, Needham & Company LLC upped their price objective on shares of SMART Global from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Four analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $32.25.

SMART Global Stock Performance

Shares of SMART Global stock opened at $20.60 on Friday. The company has a market capitalization of $1.09 billion, a PE ratio of -6.69 and a beta of 1.67. The company has a debt-to-equity ratio of 1.80, a quick ratio of 2.66 and a current ratio of 3.30. The company has a 50-day simple moving average of $20.10 and a two-hundred day simple moving average of $21.46. SMART Global Holdings, Inc. has a one year low of $12.66 and a one year high of $29.81.

SMART Global (NASDAQ:SGH) last announced its earnings results on Tuesday, July 9th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.07. The business had revenue of $300.58 million during the quarter, compared to the consensus estimate of $300.00 million. SMART Global had a negative net margin of 14.35% and a positive return on equity of 8.86%. The firm’s revenue was down 12.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. Research analysts expect that SMART Global Holdings, Inc. will post 0.7 EPS for the current fiscal year.

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.