SMART Global (NASDAQ:SGH) Updates Q3 2022 Earnings Guidance

SMART Global (NASDAQ:SGHGet Rating) issued an update on its third quarter 2022 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.670-$0.830 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.710. The company issued revenue guidance of $435 million-$475 million, compared to the consensus revenue estimate of $454.87 million.

Shares of SGH stock opened at $24.14 on Tuesday. The stock has a fifty day simple moving average of $26.06. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.49 and a current ratio of 2.12. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 37.43 and a beta of 1.14. SMART Global has a 12 month low of $20.30 and a 12 month high of $37.25.

SMART Global (NASDAQ:SGHGet Rating) last announced its quarterly earnings data on Tuesday, April 5th. The company reported $0.87 EPS for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.15. The business had revenue of $449.17 million for the quarter, compared to analyst estimates of $435.00 million. SMART Global had a net margin of 1.97% and a return on equity of 49.59%. The firm’s revenue for the quarter was up 47.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.33 earnings per share. As a group, equities analysts predict that SMART Global will post 2.92 EPS for the current year.

Several research firms have issued reports on SGH. Zacks Investment Research lowered shares of SMART Global from a buy rating to a hold rating in a research report on Tuesday, January 11th. Needham & Company LLC upped their price target on shares of SMART Global from $42.50 to $45.00 and gave the stock a buy rating in a research report on Wednesday, April 6th. Deutsche Bank Aktiengesellschaft upped their price target on shares of SMART Global from $35.00 to $40.00 in a research report on Wednesday, January 5th. Stifel Nicolaus upped their price target on shares of SMART Global from $35.00 to $45.00 in a research report on Monday, January 3rd. Finally, Stifel Europe upped their price target on shares of SMART Global from $35.00 to $45.00 in a research report on Monday, January 3rd. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, SMART Global presently has a consensus rating of Buy and an average price target of $42.69.

In other SMART Global news, CEO Mark Adams sold 7,223 shares of the stock in a transaction dated Thursday, January 20th. The shares were sold at an average price of $59.83, for a total transaction of $432,152.09. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Jack A. Pacheco sold 2,602 shares of the stock in a transaction dated Thursday, January 20th. The stock was sold at an average price of $61.06, for a total transaction of $158,878.12. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the business. Virtu Financial LLC bought a new position in shares of SMART Global in the fourth quarter worth about $364,000. LPL Financial LLC lifted its holdings in shares of SMART Global by 150.0% in the third quarter. LPL Financial LLC now owns 10,662 shares of the company’s stock worth $474,000 after acquiring an additional 6,398 shares during the last quarter. Stifel Financial Corp lifted its holdings in shares of SMART Global by 3.1% in the fourth quarter. Stifel Financial Corp now owns 19,204 shares of the company’s stock worth $1,363,000 after acquiring an additional 574 shares during the last quarter. UBS Group AG lifted its holdings in shares of SMART Global by 58.3% in the third quarter. UBS Group AG now owns 19,684 shares of the company’s stock worth $876,000 after acquiring an additional 7,251 shares during the last quarter. Finally, California State Teachers Retirement System lifted its holdings in shares of SMART Global by 2.0% in the fourth quarter. California State Teachers Retirement System now owns 27,956 shares of the company’s stock worth $1,985,000 after acquiring an additional 548 shares during the last quarter. Hedge funds and other institutional investors own 50.64% 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.

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