SMART Global (NASDAQ:SGH) Releases Q3 Earnings Guidance

SMART Global (NASDAQ:SGH) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.15-0.45 for the period, compared to the consensus estimate of $0.28. The company issued revenue guidance of $275-325 million, compared to the consensus revenue estimate of $311.51 million. SMART Global also updated its Q3 2024 guidance to 0.150-0.450 EPS.

SMART Global Trading Down 1.2 %

Shares of SGH stock opened at $19.44 on Friday. SMART Global has a 12 month low of $12.66 and a 12 month high of $29.99. The company has a current ratio of 3.30, a quick ratio of 2.11 and a debt-to-equity ratio of 1.80. The company’s fifty day moving average price is $22.99 and its two-hundred day moving average price is $20.05.

SMART Global (NASDAQ:SGH) last released its earnings results on Tuesday, January 9th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.08. The company had revenue of $274.25 million during the quarter, compared to the consensus estimate of $275.00 million. SMART Global had a negative net margin of 15.79% and a positive return on equity of 11.82%. The company’s revenue was down 30.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.60 EPS. On average, research analysts anticipate that SMART Global will post 0.62 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SGH. Needham & Company LLC boosted their target price on shares of SMART Global from $24.00 to $27.00 and gave the stock a buy rating in a research report on Wednesday. Stifel Nicolaus boosted their target price on shares of SMART Global from $26.00 to $27.50 and gave the stock a buy rating in a research report on Wednesday.

Insider Activity

In other SMART Global news, Director Penny Herscher sold 2,525 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $22.62, for a total value of $57,115.50. Following the transaction, the director now owns 12,713 shares in the company, valued at approximately $287,568.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other SMART Global news, CEO Mark Adams purchased 10,000 shares of the company’s stock in a transaction dated Thursday, April 11th. The shares were bought at an average price of $18.79 per share, for a total transaction of $187,900.00. Following the purchase, the chief executive officer now directly owns 29,640 shares in the company, valued at approximately $556,935.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Penny Herscher sold 2,525 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $22.62, for a total transaction of $57,115.50. Following the transaction, the director now owns 12,713 shares in the company, valued at approximately $287,568.06. The disclosure for this sale can be found here. Insiders have sold 7,428 shares of company stock worth $167,147 over the last 90 days. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SGH. Public Employees Retirement System of Ohio boosted its holdings in shares of SMART Global by 65.4% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,621 shares of the company’s stock worth $26,000 after buying an additional 641 shares during the period. Point72 Middle East FZE bought a new stake in shares of SMART Global during the 4th quarter worth $32,000. Captrust Financial Advisors boosted its holdings in shares of SMART Global by 42.2% during the 2nd quarter. Captrust Financial Advisors now owns 2,849 shares of the company’s stock worth $47,000 after buying an additional 846 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of SMART Global by 93.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,434 shares of the company’s stock worth $55,000 after buying an additional 1,662 shares during the period. Finally, Point72 Hong Kong Ltd bought a new stake in shares of SMART Global during the 2nd quarter worth $64,000.

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.