Pinnacle Associates Ltd. Decreases Stake in Smart Global Holdings Inc (NASDAQ:SGH)

Pinnacle Associates Ltd. reduced its holdings in Smart Global Holdings Inc (NASDAQ:SGH) by 36.9% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 97,712 shares of the company’s stock after selling 57,243 shares during the period. Pinnacle Associates Ltd.’s holdings in Smart Global were worth $2,246,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of SGH. BNP Paribas Arbitrage SA purchased a new position in shares of Smart Global in the first quarter worth about $47,000. First Quadrant L P CA acquired a new stake in Smart Global during the first quarter worth about $83,000. Aperio Group LLC acquired a new stake in Smart Global during the second quarter worth about $93,000. Meeder Asset Management Inc. increased its position in Smart Global by 54.0% during the first quarter. Meeder Asset Management Inc. now owns 5,557 shares of the company’s stock worth $108,000 after purchasing an additional 1,948 shares during the last quarter. Finally, New York State Teachers Retirement System increased its position in Smart Global by 36.3% during the first quarter. New York State Teachers Retirement System now owns 8,551 shares of the company’s stock worth $164,000 after purchasing an additional 2,276 shares during the last quarter. 96.09% of the stock is currently owned by hedge funds and other institutional investors.

Shares of SGH traded up $0.03 during trading on Thursday, reaching $27.88. 9,226 shares of the company traded hands, compared to its average volume of 215,806. Smart Global Holdings Inc has a twelve month low of $16.94 and a twelve month high of $35.10. The stock has a market cap of $647.89 million, a PE ratio of 4.65, a price-to-earnings-growth ratio of 0.64 and a beta of 1.24. The stock has a 50-day simple moving average of $29.18 and a 200-day simple moving average of $24.22. The company has a quick ratio of 1.66, a current ratio of 2.24 and a debt-to-equity ratio of 0.78.

Smart Global (NASDAQ:SGH) last announced its quarterly earnings results on Thursday, June 27th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.03). Smart Global had a net margin of 5.77% and a return on equity of 40.99%. The company had revenue of $235.70 million for the quarter, compared to analyst estimates of $264.98 million. During the same quarter in the prior year, the business earned $1.84 earnings per share. Smart Global’s revenue was down 29.7% on a year-over-year basis. On average, equities research analysts predict that Smart Global Holdings Inc will post 2.92 EPS for the current year.

SGH has been the subject of several recent analyst reports. Needham & Company LLC raised their price objective on shares of Smart Global to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Barclays raised their price objective on shares of Smart Global from $24.00 to $30.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Zacks Investment Research cut shares of Smart Global from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. ValuEngine upgraded shares of Smart Global from a “sell” rating to a “hold” rating in a research report on Thursday, July 11th. Finally, BidaskClub cut shares of Smart Global from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Smart Global has an average rating of “Buy” and a consensus price target of $38.33.

In related news, VP Bruce M. Goldberg sold 2,267 shares of Smart Global stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $31.75, for a total value of $71,977.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen C. Dow acquired 17,059 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was acquired at an average price of $31.49 per share, with a total value of $537,187.91. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 11,551 shares of company stock valued at $357,998. Company insiders own 4.20% of the company’s stock.

Smart Global Profile

SMART Global Holdings, Inc designs, manufactures, and supplies specialty memory solutions worldwide. The company offers dynamic random access memory (DRAM) components, which are used to manufacture modules and other products; DRAM modules for desktop, notebook, and server applications, as well as for use in smartphones; and specialty DRAM modules for industrial, communications, and networking applications, as well as develops specialized memory module designs based on original equipment manufacturer (OEM) requirements.

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

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